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Nonbank financial intermediation in Austria – an update

Author

Listed:
  • Alexandra Schober-Rhomberg

    (Oesterreichische Nationalbank)

  • Alexander Trachta

    (Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division)

  • Matthias Wicho

Abstract

Nonbank finance, which complements bank finance, increases competition in the supply of financing and supports economic activity. It may, however, also give rise to systemic risk, both directly and indirectly through interconnections with the banking system. The latter may be the case when nonbank finance involves activities that are typically performed by banks, such as maturity or liquidity transformation and the creation of leverage. Worldwide, and also in the EU, the relative importance of nonbank finance has increased noticeably since the great financial crisis. In Austria, the financial system is still dominated by the bank finance model, however. Since 2018, the relative composition of the nonbank finance sector has remained unchanged in Austria. Neither the structure nor the size of nonbank financial intermediation in Austria is currently considered to pose a threat to the stability of the Austrian financial market.

Suggested Citation

  • Alexandra Schober-Rhomberg & Alexander Trachta & Matthias Wicho, 2021. "Nonbank financial intermediation in Austria – an update," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 42, pages 57-70.
    • Handle: RePEc:onb:oenbfs:y:2021:i:42:b:4
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    File URL: https://www.oenb.at/dam/jcr:858d1ff7-b793-434d-b914-46c2abf7708e/07_PB_FSR_42_Nonbank_financial_intermediation_in_Austria.pdf
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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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