ASR in FT Unhedged: The debt markets see no evil
Beth McCann
14th JUN. 2023
Rob Armstrong noted in his 5 June column: "…even for US investors, the ECB’s financial stability report, and in particular the section on shadow bank risks, is worth reading."
In discussion with the FT, Ian Harnett observed that…
“essentially all the growth in financial asset holdings since the crisis has happened outside of the banking system. Non-banks now hold well over half of Euro area financial assets. This makes the ECB report ‘uneasy reading’.”
Armstrong concludes: “The next European financial mess is unlikely to start at a bank.”
To read the full column in FT Unhedged, see HERE (FT subscription may be required)
Clients can read more on the implications of the ECB Focus on NBFI ‘Funding’ not ‘Credit’ Risks
To receive a pdf of this note as part of a free trial, kindly reply HERE
