In the euro area, total assets held by non-banks have almost doubled over the last ten years, growing from € trillion in 2008 to € trillion in 2018.
While the size of the banking sector stagnated over this period, non-banks currently account for around 55% of the euro area financial sector.13 The fast growth of non-banks reflects their increasing role in financing the euro area real economy. Whereas ten years ago, non-banks accounted for 14% of the euro area financial sector’s loans to non-financial corporations, they now account for twice that share.