Light or shade? The future of bank-intermediated credit

As the implications of the slew of financial services regulation targeting the banking sector becomes clear, governments and regulators around the world are turning their attention to shadow banking.

This is an incredibly complicated subject which regulators themselves still do not know how to tackle but which has some fundamental implications for the future provision of credit.

If you compete in the financial services industry (including providing services to financial institutions) it is unlikely to have escaped your notice that "shadow banking" has become a topic of major importance. In recent months, it has been the subject of keynote lectures and presentations by senior industry figures ranging from Adair Turner, Andrew Haldane and Paul Tucker, not to mention gaining attention from global institutions such as the FSB, the New York Federal Reserve Bank and the European Union.

Shadow banking goes to the heart of current policy and social agendas - read further to uncover the key issues and implications in this complex area.