{"id":25413,"date":"2026-05-06T09:00:00","date_gmt":"2026-05-06T13:00:00","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=25413"},"modified":"2026-10-11T20:07:52","modified_gmt":"2026-10-12T00:07:52","slug":"fsb-vulnerabilities-in-private-credit","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/fsb-vulnerabilities-in-private-credit\/","title":{"rendered":"Report on Vulnerabilities in Private Credit"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" 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.cgp-cover.cgp-doc{aspect-ratio:4\/3}#cgr-pub .cgp-head{grid-template-columns:minmax(0,1fr);gap:26px}#cgr-pub .cgp-body{grid-template-columns:minmax(0,1fr);gap:30px}#cgr-pub .cgp-side{position:static}}\n@media(max-width:520px){#cgr-pub{font-size:16px}#cgr-pub .cgp-facts{grid-template-columns:minmax(0,1fr)}#cgr-pub .cgp-btn{width:100%;justify-content:center}}\n<\/style>\n<div id=\"cgr-pub\">\n<header class=\"cgp-head\">\n<figure class=\"cgp-cover cgp-doc\"><i style=\"background-image:url(https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsb-vulnerabilities-in-private-credit-1.jpg?v=1791455316)\"><\/i><img fetchpriority=\"high\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsb-vulnerabilities-in-private-credit-1.jpg?v=1791455316\" width=\"720\" height=\"1018\" alt=\"Primera p\u00e1gina del documento: Report on Vulnerabilities in Private Credit\" loading=\"eager\" decoding=\"async\"><\/figure>\n<div class=\"cgp-intro\">\n<p class=\"cgp-kind\">Report \u00b7 International body<\/p>\n<h2 class=\"cgp-title\">Report on Vulnerabilities in Private Credit<\/h2>\n<p class=\"cgp-lead\">Private credit is growing fast, supports mid-sized companies and remains untested in a prolonged downturn.<\/p>\n<dl class=\"cgp-facts\"><div><dt>Organization<\/dt><dd>Financial Stability Board (FSB)<\/dd><\/div><div><dt>Document date<\/dt><dd>6 May 2026<\/dd><\/div><div><dt>Type<\/dt><dd>Report<\/dd><\/div><div><dt>Language<\/dt><dd>English<\/dd><\/div><div><dt>Scope<\/dt><dd>International<\/dd><\/div><div><dt>Length<\/dt><dd>50 pages<\/dd><\/div><\/dl>\n<div class=\"cgp-actions\"><a class=\"cgp-btn\" href=\"https:\/\/www.fsb.org\/2026\/05\/report-on-vulnerabilities-in-private-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M14 4h6v6\"\/><path d=\"M20 4l-9 9\"\/><path d=\"M18 14v5a1 1 0 0 1-1 1H5a1 1 0 0 1-1-1V7a1 1 0 0 1 1-1h5\"\/><\/svg>See the official source<\/a><a class=\"cgp-btn alt\" href=\"https:\/\/www.fsb.org\/uploads\/P060526.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M7 3h7l5 5v12a1 1 0 0 1-1 1H7a1 1 0 0 1-1-1V4a1 1 0 0 1 1-1z\"\/><path d=\"M14 3v5h5\"\/><path d=\"M9 14h6\"\/><path d=\"M9 17h4\"\/><\/svg>PDF document<\/a><\/div>\n<\/div>\n<\/header>\n<div class=\"cgp-body\">\n<div class=\"cgp-main\">\n<h3>What it contains<\/h3>\n<p>The report defines private credit as direct lending by nonbank entities to mid-sized companies, negotiated bilaterally, and estimates it at US$1.5 to 2 trillion at the end of 2024. The United States is the largest market, followed by the euro area and the United Kingdom, where it has grown the most. It acknowledges that private credit can support economic activity with tailored financing and diversify credit in the system, but warns that it has not faced a prolonged downturn and deserves close attention.<\/p><p>On links with banks, direct exposure is concentrated in credit lines: data from FSB members add up to about US$220 billion of drawn and undrawn lines, and commercial estimates could be more than double, still a small share of banks\u2019 assets and CET1 capital. The report identifies other channels that could raise vulnerability: fund portfolio financing (a type of securitised lending that lets funds take on leverage), revolving lines to companies that also borrow from private credit funds, and partnerships between banks and asset managers.<\/p><p>On borrowers, it notes that those with an external rating sit around B- and tend to have more leverage than the syndicated loan market; that certain practices can hide true leverage; and that defaults are low but rising if selective defaults and distressed exchanges are counted, together with greater use of payment-in-kind loans. Valuations are less frequent and more discretionary. Other vulnerabilities it mentions are links with insurers, layers of leverage in the ecosystem and liquidity mismatches in vehicles with redemption options. It concludes that available data are limited, among other reasons because of the lack of harmonised definitions.<\/p>\n<section class=\"cgp-importa\"><h3>Why it matters for risk management<\/h3><p>Although the analysis focuses on advanced markets, it illustrates how banks can be indirectly exposed to nonbank financing through lines to funds, partnerships and sector concentrations. For Dominican institutions it is background reading on credit risk and contagion; it does not describe the local market.<\/p><\/section>\n<p class=\"cgp-note\">Summary prepared by the Dominican Republic Risk Management Club from a reading of the original document, with the source verified on 7 October 2026. It does not replace reading the official text and is not advice.<\/p>\n<p class=\"cgp-back\"><a href=\"\/en\/publicaciones\/\">See all publications<\/a><\/p>\n<\/div>\n<aside class=\"cgp-side\">\n<section class=\"cgp-card\"><h3>Key points<\/h3><ul class=\"cgp-points\"><li>Estimated market of US$1.5 to 2 trillion at the end of 2024, led by the United States, the euro area and the United Kingdom.<\/li><li>Direct bank exposure: about US$220 billion in credit lines according to FSB members; commercial sources suggest more than double.<\/li><li>Other contagion channels: fund portfolio financing, revolving lines to companies with private credit, and bank-asset manager partnerships.<\/li><li>Infrequent valuations, ratings from smaller agencies and leverage in several layers.<\/li><li>Data gap: harmonised definitions are missing; authorities are encouraged to close gaps and improve monitoring metrics.<\/li><\/ul><\/section>\n<section class=\"cgp-card\"><h3>How to cite it<\/h3><p class=\"cgp-cite\">Financial Stability Board (2026). Report on Vulnerabilities in Private Credit. Basel: FSB, 6 May 2026.<\/p><\/section>\n<section class=\"cgp-card\"><h3>Topics<\/h3><ul class=\"cgp-chips\"><li><a href=\"\/en\/publicaciones\/?tema=riesgo-de-credito-y-contraparte\">Credit and counterparty risk<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=estabilidad-financiera\">Financial stability<\/a><\/li><\/ul><\/section>\n<\/aside>\n<\/div>\n<\/div><link rel=\"stylesheet\" href=\"https:\/\/fonts.googleapis.com\/css2?family=Zilla+Slab:wght@500;600&display=swap\">\n<footer id=\"cgr-foot\" aria-label=\"Footer of the Risk Management Club\">\n<style>\n#main{padding-bottom:0!important}\n.fusion-fullwidth:has(#cgr-foot),.fusion-layout-column:has(#cgr-foot){padding-bottom:0!important;margin-bottom:0!important}\n#cgr-foot{--navy:#0E3351;--blue:#186392;--web:#1A80B6;--red:#E22A3A;--ink:#1C2632;--slate:#5B6775;--line:#D9E1EA;--mist:#F2F5F8;\n  position:relative;margin:96px 0 0;padding:0;background:var(--mist);box-shadow:0 0 0 100vmax var(--mist);clip-path:inset(0 -100vmax);\n  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Av. Tiradentes at the corner of Presidente Gonz\u00e1lez, Ensanche Naco, Santo Domingo<\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M5 4h4l2 5-2.5 1.5a11 11 0 0 0 5 5L15 13l5 2v4a2 2 0 0 1-2 2A16 16 0 0 1 3 6a2 2 0 0 1 2-2\"\/><\/svg><span><a href=\"tel:+18097453289\">809-745-3289<\/a><br><a href=\"tel:+18494774959\">849-477-4959<\/a><a class=\"cgf-wa\" href=\"https:\/\/wa.me\/18494774959\" target=\"_blank\" rel=\"noopener\" aria-label=\"Escribir por WhatsApp al 849-477-4959 (se abre en una pesta\u00f1a nueva)\" title=\"WhatsApp\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M17.472 14.382c-.297-.149-1.758-.867-2.03-.967-.273-.099-.471-.148-.67.15-.197.297-.767.966-.94 1.164-.173.199-.347.223-.644.075-.297-.15-1.255-.463-2.39-1.475-.883-.788-1.48-1.761-1.653-2.059-.173-.297-.018-.458.13-.606.134-.133.298-.347.446-.52.149-.174.198-.298.298-.497.099-.198.05-.371-.025-.52-.075-.149-.669-1.612-.916-2.207-.242-.579-.487-.5-.669-.51-.173-.008-.371-.01-.57-.01-.198 0-.52.074-.792.372-.272.297-1.04 1.016-1.04 2.479 0 1.462 1.065 2.875 1.213 3.074.149.198 2.096 3.2 5.077 4.487.709.306 1.262.489 1.694.625.712.227 1.36.195 1.871.118.571-.085 1.758-.719 2.006-1.413.248-.694.248-1.289.173-1.413-.074-.124-.272-.198-.57-.347m-5.421 7.403h-.004a9.87 9.87 0 01-5.031-1.378l-.361-.214-3.741.982.998-3.648-.235-.374a9.86 9.86 0 01-1.51-5.26c.001-5.45 4.436-9.884 9.888-9.884 2.64 0 5.122 1.03 6.988 2.898a9.825 9.825 0 012.893 6.994c-.003 5.45-4.437 9.884-9.885 9.884m8.413-18.297A11.815 11.815 0 0012.05 0C5.495 0 .16 5.335.157 11.892c0 2.096.547 4.142 1.588 5.945L.057 24l6.305-1.654a11.882 11.882 0 005.683 1.448h.005c6.554 0 11.89-5.335 11.893-11.893a11.821 11.821 0 00-3.48-8.413Z\"\/><\/svg><\/a><\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><a href=\"mailto:info@gestionderiesgo.org\">info@gestionderiesgo.org<\/a><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/svg><span>Monday to Thursday, 8:30 a.m. to 5:30 p.m.<br>Friday, 8:30 a.m. to 5:00 p.m.<\/span><\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<div class=\"cgf-bar\">\n  <div class=\"cgf-legal\"><img decoding=\"async\" class=\"cgf-pay\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2023\/01\/Verified.png\" alt=\"Verified by Visa y Mastercard ID Check\" width=\"101\" height=\"34\" loading=\"lazy\"><p>\u00a9 2026 Gesti\u00f3n de Riesgo RD, SRL. All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and Conditions<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Delivery and refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n\n<style>#cgr-foot .cgf-ct li a.cgf-wa{display:inline-flex;vertical-align:middle;margin-left:8px}#cgr-foot .cgf-ct li a.cgf-wa svg{width:18px;height:18px;margin:0;fill:#25D366;stroke:none}<\/style><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The FSB estimates private credit at US$1.5 to 2 trillion and analyzes its links with banks, borrower quality, valuations and the data gaps in monitoring it.<\/p>","protected":false},"author":1,"featured_media":25539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"cgp_org":"Consejo de Estabilidad Financiera","cgp_siglas":"FSB","cgp_tipo":"Informe","cgp_fecha":"2026-05-06","cgp_url":"https:\/\/www.fsb.org\/2026\/05\/report-on-vulnerabilities-in-private-credit\/","cgp_pdf":"https:\/\/www.fsb.org\/uploads\/P060526.pdf","cgp_idioma":"Ingl\u00e9s","cgp_pais":"Internacional","cgp_temas":"Riesgo de cr\u00e9dito y contraparte,Estabilidad financiera","cgp_portada":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsb-vulnerabilities-in-private-credit-1.jpg","cgp_verificado":"2026-10-07","cgp_origen":"nueva","cgp_fuente":"Organismo internacional","cgp_paginas":"50","cgp_autores":"","cgp_fecha_texto":"","cgp_portada_tipo":"doc","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-25413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publicaciones-del-sector"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsb-vulnerabilities-in-private-credit-1.jpg","_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=25413"}],"version-history":[{"count":4,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25413\/revisions"}],"predecessor-version":[{"id":26228,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25413\/revisions\/26228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media\/25539"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=25413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=25413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=25413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}