FSB, G20 put shadow banking at $80,000 billion in 2014

12th November 2015, Comments 0 comments

The value of unregulated "shadow banking" rose to some $80,000 billion (74,120 billion euros) last year, according to a report by the Financial Stability Board (FSB), which advises G20 states on banking reform.

The report, issued ahead of the upcoming G20s summit in Antalya, said shadow banking transactions not subject to regulatory oversight grew by $2,000 billion across 2014.

The FSB, which advises G20 countries on banking reform and was set up six years ago after the implosion of Lehman Brothers, publishes annual reports into the parallel banking system under its remit to promote international financial stability.

The Switzerland-based body, chaired by chairman Mark Carney, governor of the Bank of England, is also tasked with identifying potential weakpoints in the global financial system.

© 2015 AFP

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