Investor Presentaiton

Some Important Features of US Shadow Banking MMFS and securitization had been increasing even after interest rate liberalization Size is large: 20-25 trillion US$ in 2008 (MMFs: 4 Trillion, Repos: 8-10 Trillion, Loan securitization: 8-11 trillion) Funding mostly from wholesale capital market Shadow banking exists parallel to banks No deposit insurance De jure central bank is not the lender of last resort for shadow banking system

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