Global non-bank finance has made economy vulnerable, says Central Bank

Substantial growth of sector over last decade has altered financial system, according to regulator

Daniel Murray

Political Correspondent @danieltmurray
15th December, 2019
Global non-bank finance has made economy vulnerable, says Central Bank
Gabriel Makhlouf, governor of the Central Bank

The structure of the Irish financial system has been fundamentally altered over the last decade by international non-bank finance, and economic vulnerabilities now need to be urgently assessed, according to the Central Bank.

The substantial growth of the “market-based finance sector”, also known as “shadow banking”, has led the Irish financial system from being “broadly balanced between bank and non-bank financial activities” a decade ago, to now being dominated by non-bank financial institutions....

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