There are now over 3,500 smaller institutions, with many of them channelling money to the shadow banking activities, including through trust companies in exchange for ‘participation’ or ‘beneficiary’ rights. They have been more active participants in the shadow banking industry because their thinner deposit base did not allow for a big increase in traditional loans.
Graph 14  So it is a complex web of interconnections that has been built. New institutions have also emerged and a lot of this has been in the shadows, outside of the regulatory net. It's worth recalling that we saw a similar process here in Australia in the 1970s.