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Shadow banking not well covered by global prudential policy toolkit, BIS says

( June 29, 2021, 12:00 GMT | Official Statement) -- MLex Summary: The global prudential policy toolkit is “not fully fit for purpose” as regulators do not have many tools available to oversee shadow banking institutions such as asset managers, the Bank for International Settlements has said. Current measures are not well suited to addressing vulnerabilities in the non-bank world, including asset managers and leveraged funds, the BIS said in its annual economic report, published today. These institutions saw central bank action in March 2020 following a widespread “dash for cash” at the height of the Covid-19 pandemic. International standard setters are discussing potential policy to address these vulnerabilities, but the near-term challenge will be to ensure banks and clearinghouses remain shielded from these risks, the BIS said. Statement follows. Report attached....

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