Shadow banks grew net repo claims to record $2.1trn in 2021 – FSB

Non-bank intermediaries, led by money market funds, tapped Fed’s reverse repo window as rates began their ascent

Non-bank financial institutions (NBFIs) built up outsized repo exposures after the Federal Reserve took its first liquidity-draining efforts 18 months ago, data from the Financial Stability Board (FSB) shows – preluding to yet more take-up as the Fed further tightens its monetary policy.

Net repo positions by financial intermediaries other than central and commercial banks, insurers, pension funds and financial auxiliaries rose from $400 billion to $2.1 trillion over the course of 2021, with

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