Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-399-968"
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"en.20121120.28.2-399-968"2
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".
Shadow banking as such takes place via entities or financial contracts generating a combination of bank-like functions but outside the regulatory perimeter or under a regulatory regime which is either light or addresses issues other than systemic risks, and without access to a central bank liquidity facility or public sector credit guarantees. Entities such as special purpose vehicles, conduits, special investment vehicles, money market funds, exchange traded funds and investment funds are possibly seen as shadow banking entities. Amongst shadow bank activities, the EC distinguishes repo transactions, security lending and securitisation. It is obvious that shadow banking does not exist on its own. During the crisis, banks were seriously affected not only by the overall market dislocation, but also by their exposure to the shadow banking system. As underlined by the Commission’s Green Paper, different measures have already been taken to tackle the systemic risks caused by shadow banking. The market has also reacted, and since the start of the crisis some of the practices of shadow banking have vanished. However, the innovative nature of the shadow banking system may lead to new developments that may pose a source of systemic risk, which should be tackled. To do this adequately, the necessary monitoring tools should be created to get a concrete view on the whole system of credit intermediation."@en1
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