So, it looks like the newly appointed chair of the Financial Stability Board (FSB) Mark Carney has brought shadow banking – amongst the plethora of cliches – into the light.
Well, he has.
According to a report in the Financial Times, Bank of Canada governor Carney, who was appointed as chair of the FSB in November 2011:
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Shadow banking is an area of finance that Euromoney has closely centred on during recent weeks. As the European bank-funding crisis pushes banks to fund themselves ever shorter-term, concerns are growing that collateral, the lifeblood of all secured borrowing, is running out.
Euromoney asked whether the shadow banking system will ride to the rescue?