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Nonbank financial intermediation in Austria – developments since 2008

Author

Listed:
  • Thomas Pöchel
  • Alexandra Schober-Rhomberg

    (Oesterreichische Nationalbank)

  • Alexander Trachta

    (Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division)

  • Matthias Wicho

Abstract

Nonbank finance is an alternative to bank finance that fosters competition in the supply of financing and supports economic activity. However, nonbank finance may also become a source of systemic risk, both directly and through its interconnectedness with the banking system, if it involves activities that are typically performed by banks, such as maturity or liquidity transformation and the creation of leverage. While in the EU, the relative importance of nonbank finance vis-à-vis traditional banking has increased noticeably in the past decade, the Austrian financial system is still dominated by the bank finance model. Overall, the fractional growth of nonbank finance assets is not seen as a concern in itself, as the risks from nonbank financial intermediation seem contained. Neither the structure nor the size of nonbank financial intermediation in Austria are currently considered to pose a threat to financial stability.

Suggested Citation

  • Thomas Pöchel & Alexandra Schober-Rhomberg & Alexander Trachta & Matthias Wicho, 2019. "Nonbank financial intermediation in Austria – developments since 2008," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 38, pages 74-86.
    • Handle: RePEc:onb:oenbfs:y:2019:i:38:b:4
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    File URL: https://www.oenb.at/dam/jcr:5ed332d9-31ea-4197-941d-41318645fdb7/08_FSR_38_Nonbank_financial_intermediation_Austria.pdf
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    References listed on IDEAS

    as
    1. Carmassi, Jacopo & Corrias, Renzo & Parisi, Laura, 2019. "Is taxpayers’ money better protected now? An assessment of banking regulatory reforms ten years after the global financial crisis," Macroprudential Bulletin, European Central Bank, vol. 7.
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    Cited by:

    1. Andreas Breitenfellner & Susanne Hasenhüttl & Georg Lehmann & Andreas Tschulik, 2020. "Green finance – opportunities for the Austrian financial sector," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 40.

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      More about this item

      Keywords

      nonbank finance; nonbank financial intermediation; nonbank financial institutions; investment funds; insurance corporations; pension funds; other financial institutions; finance leasing; systemic risk; financial stability;
      All these keywords.

      JEL classification:

      • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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