It has expressed concern over fiscal and financial risks for some time. This is part of a bigger change, which is the relative decline of banks and rise of non-bank financial intermediaries within global holdings of financial assets. Non-bank financial intermediaries are a heterogeneous group. In addition, there is concern about the risk-bearing capacity of – and balance-sheet constraints on – non-bank financial intermediaries. Some suggest, wrongly, that the answer is to let banks replace non-bank financial intermediaries yet again.

Source: The Irish Times December 06, 2025 14:00 UTC