Systemic risks in linkages between banks and the non-bank financial sector

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<title>Systemic risks in linkages between banks and the non-bank financial sector</title>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20250006775">
<namePart>Bochmann, Paul </namePart>
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<namePart>European Central Bank</namePart>
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<placeTerm type="text">Frankfurt</placeTerm>
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<publisher>European Central Bank</publisher>
<dateIssued>2025</dateIssued>
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<extent>21 p.</extent>
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<abstract displayLabel="Summary">The docuemnt analyzes how interconnectedness between euro area banks and non-bank financial intermediaries (NBFIs) can create systemic vulnerabilities. It identifies two main channels of risk: liquidity risks from short-term liabilities to NBFIs, which are concentrated and volatile, and credit risks from banks' provision of leverage to NBFIs, particularly hedge funds and real estate funds using highly leveraged strategies. These exposures, often collateralized and short-term, reduce direct credit risk but amplify counterparty and rollover risks, especially during market stress. The report also highlights banks' role as intermediaries in repo and derivatives markets, where concentrated relationships with leveraged NBFIs could trigger procyclical deleveraging and asset fire sales under stress. While aggregate exposures appear moderate, their concentration in a few global systemically important banks (G-SIBs) poses substitutability concerns, making their loss-absorbing capacity critical for financial stability</abstract>
<tableOfContents displayLabel="Contents">Redemption and rollover risks in bank liabilities to NBFI entities -- Credit risk arising from interconnections between banks and NBFI entities -- Risks from banks' role as intermediaries in financial markets</tableOfContents>
<note type="statement of responsibility">Paul Bochmann... [et al.]</note>
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<topic>Entidades financieras</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080619695">
<topic>Intermediarios financieros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20100016923">
<topic>Riesgo sistémico</topic>
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<topic>Gerencia de riesgos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080547967">
<topic>Liquidez</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080546694">
<topic>Créditos</topic>
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<topic>Productos derivados</topic>
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<topic>Volatilidad en los mercados</topic>
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<topic>Estabilidad financiera</topic>
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<url displayLabel="electronic resource" usage="primary display">https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202511_02~e2f82a64bf.en.html</url>
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