Policymakers should strengthen their oversight of hedge funds, private equity and credit funds, which could amplify any downturn in financial markets and transmit stress to the banking system, the IMF has warned.
The growth of financing activity outside of the traditional banking sector is adding an extra source of risk to the financial system, the IMF said, after finding many large lenders had increasingly high exposure to hedge funds and other non-bank institutions, which are more lightly regulated.
Banks in the US and Europe have $4.5tn of exposures to hedge funds, private credit groups and other non-bank financial institutions — accounting for on average about 9 per cent of total loan books, the fund said.
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