The scale of shadow banking relative to the overall economy is closing in on its pre-crisis peak even as mainstream lenders’ share of business declines, according to official figures that highlight the heft of alternative finance.
The broadest measure of shadow banking assets tracked by the Basel-based Financial Stability Board grew by $5tn to surpass $75tn last year in 20 countries plus the euro area. That represented 120 per cent of the region’s gross domestic product -- approaching the high of 123.4 per cent recorded in 2007.
The strongest growth among large economies was seen in China, which according to a more targeted gauge from the FSB is now the world’s third-biggest shadow banking sector after the US and UK.
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