The International Monetary Fund warned this week of “vulnerabilities” among so-called non-bank financial institutions, saying global financial stability could hinge on their resilience. The Bank of England called attention to the same issue last month.
Since non-banks do not take deposits from customers, they are mostly exempt from the strict requirements for loss-absorbing capital and liquidity imposed on banks. And most are not subject to regular tests by regulators to ensure they can cope in a range of adverse scenarios. In a report in February, S&P Global Ratings pointed out another alarming feature of many non-banks.
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