Global Monitoring Report on Non-Bank Financial Intermediation 2025

What it contains

The report, published on 16 December 2025, presents the results of the FSB’s 15th annual global monitoring exercise on non-bank financial intermediation (NBFI) for the year ending 31 December 2024, covering 29 jurisdictions that account for more than 90% of world GDP. In 2024 the NBFI sector grew 9.4%, twice as fast as the banking sector, and its assets (US$256.8 trillion) represented 51.0% of global financial assets, the second highest share recorded and similar to pre-pandemic levels. All subsectors grew; “other financial intermediaries” grew the most (11.3%), driven by investment funds (14.5%).

The “narrow measure”, the subset of activities most likely to give rise to bank-like vulnerabilities (because of funding models susceptible to runs or reliant on short-term wholesale funding), rose 12.7% to US$76.3 trillion, 15.4% of total financial assets (14.5% in 2023), and funds susceptible to runs account for 76.1% of that measure. For the first time more granular data were collected on the wholesale funding of other financial intermediaries (21.3% of their assets). Borrowings by non-bank entities grew faster than those of banks (6.9% against 4.3%) and most vulnerability metrics stayed stable, with high liquidity transformation in fixed income and mixed funds and high leverage in finance companies, broker-dealers and structured finance vehicles.

This year’s case study examines bank-NBFI interconnectedness and distinguishes three forms of linkage: deposits and funding relationships, loans and repos from banks to non-banks, and holdings of bank-issued securities. The report highlights data limitations for private credit: there is no standard definition in statistical and regulatory reports, so jurisdictions used proxies to identify entities that may engage in private finance activities, and most of those entities are not part of the narrow measure. In Latin American jurisdictions, interlinkages are predominantly domestic and funding-based.

Summary prepared by the Dominican Republic Risk Management Club from a reading of the original document, with the source verified on 12 October 2026. It does not replace reading the official text and is not advice.

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