Report on Vulnerabilities in Private Credit
Private credit has grown into a $1.5–2.0 trillion market, expanding well beyond its traditional focus on mid-sized businesses and institutional investors like pension funds and insurers. It is now financing larger companies and increasingly reaching retail investors — but this growth is bringing new risks into focus. The Financial Stability Board’s (FSB) latest report warns […]
The Supervision of Credit Intermediation Undertaken by Non-Banks
TC Notes: Practical Leadership and Guidance from Toronto Centre Non-bank lenders are increasingly providing more private credit in emerging market and developing economies, which introduces new risks and supervisory challenges. This Toronto Centre Note brings together the winning essays and contributions from the 2025 competition, and discusses the supervisory and policy responses to mitigate those […]
Private Credit Market Analysis in Spain
Financial Stability Review. Issue 49. Autumn 2025 The private credit market has experienced notable growth in recent years, positioning itself as an alternative to traditional bank financing. Although it still represents a small fraction of total corporate credit—particularly in Spain—its evolution reflects increasing sophistication and diversification, which has drawn the attention of supervisors, who are […]