Shadow Banking in México

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Presentation transcript:

Shadow Banking in México Jaime González Aguadé President of the CNBV ASBA. Lima, Perú.

SHADOW BANKING DEFINITION "Financial intermediaries or activities involved in credit intermediation outside the regular banking system, and therefore lacking a formal safety net.“- FSB, 2014. “A new definition of shadow banking based on nontraditional(noncore) funding in this “activity” concept, financing of banks and nonbank financial institutions through noncore liabilities constitutes shadow banking, regardless of the entity that carries it out. For example, according to this definition, securitization is shadow banking; whether it is conducted directly on balance sheet by a bank or indirectly through a special purpose vehicle (SPV) ultimately does not matter under the activity view” - IMF, 2014.

ASSETS AND DATA Conventional Credit 75% Shadow Banking assets represent about 25% of worldwide financial assets**. The estimated amount of this non-bank financial intermediation is $75 trillion in 2013. US represents about a third of global shadow banking assets. Share of Shadow banking assets and geographic distribution Shadow Banking 25% Conventional Credit 75% 3% 34% 12% 3% *2% 34% 33% 4% 1% 1% * ** Based on Monitoring Universe of Non-Bank Financial Intermediation (MUNFI) measure, comprising the financial assets of the Other Financial Intermediaries (OFIs). Source: FSB

CREDIT IN MEXICO BY REGULATED AND DEREGULATED ENTITIES * 979,985 mill; (75 US billion) 13,995,582 mill; (1,071 US billion) 224,790 mill; (14 US billion) 5,388,671 mill; (322 US billion) Source: CNBV $Constant Mx, Pesos (k) * Latest data refers to net amount as of September 2014. Previous data are accumulated flows. *Share % Shadow Banking share has grown from 3.75% to 6.93% in 13 years. CKD’s and FIBRA´s have had a strong growth since its adoption.

SHADOW BANKING ASSETS AND RANKING IN MEXICO BBVA Bancomer Average non-bank bank 1 Santander Banorte-IXE Bajio Average bank 262 Deutsche Bank Banamex HSBC Afirme Multiva A. Inbursa Scotiabank Banco Azteca

MARKET SHARE BY SECTOR OF A SAMPLE OF REPRESENTATIVE NON-BANK BANKS

RISK PREVENTION MEASURES ADOPTED BY MEXICO Amongst others… Modifications to the Retirement Funds Law regarding risk of portfolio. Opacity Leverage bylaws for FIBRAS and CKDs. Leverage and procyclicality Non-bank banks regulation of entitites related to commercial banks. Agency Problems Savings account funding regulation. Run-Risk

REGULATORY PANORAMA IN MEXICO 1994 Impact on Macroprudential Philosophy Soundness and stability Current Financial Reform