FSB: Global Monitoring Report on Nonbank Financial Intermediation 2025

FSB’s report sets out enhanced data on nonbanks’ use of wholesale funding and finance companies’ loan assets, including mortgage loans.  It includes a case study on bank-NBFI interconnectedness, which highlights three main forms of linkages: funding and deposit relationships, where non-banks place deposits with banks; lending, repo and other credit exposures from banks to non-banks; and holdings of bank-issued securities by investment funds, insurers and pension funds.