- • Non-securitisation special purpose entities might be excluded if they are not part of a credit intermediation chain • The FSB excludes entities prudentially-consolidated within banking groups from the narrow perimeter of the shadow banking • The main reason why ESRB measures do not exclude consolidated entities is the lack of reliable data Rubric www.ecb.europa.eu ESRB approach: Macro measurement (4/4) • Broad measure comprises the OFI sector plus IFs • Total assets amount in Q3 2016 • EU-wide to € 39 trillion • Euro area to € 30 trillion • Outstanding amounts grew 300% over the past decade; upward trend is clear • Share is 37% of EU financial sector assets • ESRB decided not to apply FSB criterion for narrowing down focus on risks Chart: Broad measure of EU and euro area shadow banking (investment funds and other financial institutions) (€ trillions and annual growth rates; last observation: Q3 2016) Source: ECB and ECB calculations.
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Agresti A, Patrizia B and Poloni (2008): “The ECB and IMF indicators for the macro-prudential analysis of the banking sector: a comparison of the two approachesâ€.
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Bakk-Simon, K, Borgioli, S, Giron, C, Hempell, H, Maddaloni, A., Recine, F and Rosati, S (2012): “Shadow banking in the euro area: an overviewâ€, ECB Occasional Paper Series, No. 133.
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Claessens, S. and Ratnovski, L. (2014): “What is Shadow Banking?â€, IMF Working Paper, No. 14/25.
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- ECB (2011): “The financial crisis in the light of the euro area accounts: a flow-of-funds perspectiveâ€, Monthly Bulletin, October, pp. 99-120.
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Errico, L, Harutyunyan, A, Loukoianova, E, Walton, R, Korniyenko, Y, Amidžic, G, AbuShanab, H, and Shin, H, S (2014): “Mapping the Shadow Banking System Through a Global Flow of Funds Analysisâ€, IMF Working Paper, No. 14/10.
- ESRB (2016), Occasional Paper: “Shedding light on dark markets: First insights from the new EU-wide derivatives datasetâ€.
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- ESRB (2016a): “ESRB Macroprudential policy beyond banking: an ESRB strategy paper†July 2016.
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- ESRB (2016b): “Assessing shadow banking – non-bank financial intermediation in Europe†No 10/ July 2016.
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- ESRB (2017): “Second ESRB EU Shadow Banking Monitorâ€.
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- FSB (2011a): “Shadow Banking: Scoping the Issues. A Background Note of the Financial Stability Boardâ€, 12 April.
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- FSB (2013a), Strengthening Oversight and Regulation of Shadow Banking. Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities, 29 August.
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- FSB (2014a), Consultative Document: Assessment Methodologies for Identifying Non-Bank NonInsurer Global Systemically Important Financial Institutions, 8 January.
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- FSB (2014c), Standards and processes for global securities financing data collection and aggregation, 13 November.
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Godfrey, B, and Golden, B, (2012): “Measuring Shadow Banking in Ireland using Granular Dataâ€, Central Bank of Ireland Quarterly Bulletin, October, pp. 82-96.
Harutyunyan, A., Massara, A., Ugazio, G., Amidzic, G., Walton R. (2015): “Shedding Light on Shadow Bankingâ€, IMF Working Paper, No. 15/1.
- IFC-National Bank of Belgium Workshop on "Data needs and Statistics compilation for macroprudential analysis" Brussels, Belgium, 18-19 May 2017 Statistical work on shadow banking: development of new datasets and indicators for shadow banking1 Anna Maria Agresti and Rok Brence, European Central Bank This presentation was prepared for the meeting. The views expressed are those of the authors and do not necessarily reflect the views of the BIS, the IFC or the central banks and other institutions represented at the meeting.
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- IMF (2013): “Global Financial Stability Report 2013â€, October.
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Pozsar, Z, (2014): “Shadow banking: The Money Viewâ€, Office of Financial Research Working Paper, No. 14/4.
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Pozsar, Z, and Singh, M (2011): “The nonbank-bank nexus and the shadow banking systemâ€, IMF Working Paper, No. 11/289.
- Statistical work on Shadow banking: Development of new datasets and indicators for shadow banking 19 FSB (2011b), “Shadow Banking: Strengthening Oversight and Regulation. Recommendations of the Financial Stability Boardâ€, 27 October.
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- Tarullo, D,K, (2013): “Shadow Banking and Systemic Risk Regulationâ€.
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