The European Systemic Risk Board (ESRB) has published the EU Non-bank Financial Intermediation Risk Monitor 2021 (NBFI Monitor). This is the sixth issue in an annual series monitoring non-bank financial intermediation, an area which has grown in recent years and now accounts for around 40% of the EU financial system.

This issue of the NBFI Monitor focuses on data up to end-2020 and includes three special features on the following topics:

1. the vulnerabilities of commercial real estate (CRE) funds; leverage and liquidity of real estate funds in view of the outbreak of the coronavirus (COVID- 19) pandemic;
2. the role of insurers in credit intermediation, interconnectedness with funds and the derivatives they hold;
3. the NBFI Monitor also identifies cyclical risks and structural risks and vulnerabilities. These risks and vulnerabilities are assessed with the help of an entity-based monitoring framework and complemented by an activity-based assessment.

See also:

Non-Bank Financial Intermediation in Malta; Law and Financial Markets Review, Volume 14, 2020 - Issue 3; by MFSA’s researchers Christopher P. Buttigieg, Mariana Gkoutse & Theresa Fenech