Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-400-750"
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"en.20121120.28.2-400-750"2
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A shadow banking system is essentially understood to mean a system of credit intermediation that exists outside the regular banking system. This mainly concerns hedge funds and money market funds, but also special purpose vehicles, that is institutions that are known for risky transactions. The problem here is that their transactions are not subject to financial market regulation. The Financial Stability Board’s annual report states that in 2011 shadow banks had a turnover of USD 67 trillion (EUR 52.6 trillion). This means that their turnover was up EUR 5 trillion on 2010. For its report the FSB monitored its 24 member jurisdictions and Chile. The 25 countries monitored account for 90 % of global financial system assets. The FSB concluded that last year shadow banks had a 25 % share of total financial intermediation. In 2007 the corresponding figure was 27 %, according to the report. I voted in favour of the report, as I agree with the rapporteur that some of the companies and activities described by the FSB as shadow banking have clear advantages for the regular economy and could promote economic growth. However, instruments should be created that ensure full transparency."@en1
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