Bank lending to the $1.6tn private credit industry may pose systemic risks to the US financial system during an economic downturn, the Federal Reserve’s Boston branch warned on Wednesday.
Boston Fed economists said in a paper that US lenders were exposing themselves to a new channel of risks by offering finance to non-bank groups that specialise in making loans directly to companies.
The report underscores how the booming private credit industry, led by groups such as Blackstone, Apollo and Ares, is forging increasingly close links with the much more tightly regulated traditional banking sector.
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