Need to monitor 'shadow banking' in India: FSB
FSB said that the size of global shadow banking system, on a conservative basis, grew rapidly before the crisis, rising from USD 26 trillion in 2002 to USD 62 trillion in 2007.
The size of the total system declined slightly in 2008 but increased subsequently to reach USD 67 trillion in 2011 (equivalent to 111 per cent of the aggregated GDP of all jurisdictions).
GLobally, the US has the largest shadow banking system (USD 23 trillion), followed by the Euro area (USD 22 trillion) and the UK (USD nine trillion).
Compared to last year¿s estimate, expanding the coverage of the monitoring exercise has increased the global estimate for the size of the shadow banking system by some USD 5 to USD 6 trillion.
On an worldwide basis, the aggregate size of the shadow banking system is around half the size of banking system assets.
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