Johan Van Overtveldt· ECR

Nuanced

Non-bank financial institutions currently account for almost a third of outstanding credit volumes

Omissions

• The data specifically refers to credit to non-financial corporations (NFCs) in the euro area, not total outstanding credit volumes across all sectors
• The 'almost a third' figure refers to the share of non-bank credit relative to total credit (bank + non-bank) to euro area NFCs, not the entire EU economy
• The ESRB report was published in September 2025, but contains data from 2024 which is within the reference period before the session date of 2026-01-19
• The metric tracks investment funds and other financial institutions (OFIs) as the non-bank providers of credit

Sources

• PrimaryESRB - EU Non-bank Financial Intermediation Risk Monitor 2025Non-bank credit reflects the relative share of investment funds and OFIs in providing debt financing to euro area NFCs, with the share approaching one-third of total credit
• PrimaryESRB - EU Non-bank Financial Intermediation Risk Monitor 2024Tracks the growing share of non-bank financial intermediation in credit provision to the euro area economy