Extracts from the press conference by Michel Barnier on Green Paper on Shadow Banking
On 19 March 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, held a press conference on shadow banking.
He announced that the European Commission is launching a public consultation in the form of a Green Paper inviting comments on the risks related to shadow banking and on possible measures to address these risks. It will aim to define what shadow banking actually is and what entities it covers. Shadow banking covers financial institutions which are not banks but which may be involved in bank-like activities, e.g. providing credit. Some shadow banking activities may be covered by existing legislation but others are not. PHOTOSHOTLISTLINK