NBFI Risk Monitor

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NBFI Risk Monitor

The ESRB publishes reports on potential non-bank financial intermediation (NBFI) risks in the EU. The NBFI Risk Monitor covers a range of systemic risks and vulnerabilities related to NBFI, including those related to interconnectedness, liquidity and leverage.

2025

at a glance

Structural vulnerabilities in NBFIs could amplify cyclical risks to the stability of the EU financial system due to ongoing macroeconomic challenges and heightened market volatility.

See a summary of key developments

Three special features investigate leverage in alternative investment funds, undertakings for collective investment in transferable securities (UCITS) funds and global hedge funds. Two more delve into interconnectedness between banks and real estate investment funds and between captured financial institutions and private equity and real estate markets.

Read the special features

This section explores the involvement of non-banks in derivatives, securities financing transactions, securitisation and crypto-assets and examines the growing importance of private finance.

See the activity monitoring