Non-bank financial institutions continued to experience a contraction in their balance sheets, with their assets falling to just under 4 percent of the total assets of the financial system in June 2012 compared with a share of 12 percent in 2008. Credit quality in the non-bank sector deteriorated in 2012, as a few institutions which extended loans to the luxury real estate, hospitality and tourism sectors were negatively affected by the continued fallout from the global macroeconomic environment.
However, the release of the SCAP results helped to calm markets during the crisis by reducing uncertainty about firm solvency. Indeed, only one of the 10 firms deemed to have a capital shortfall was unable to close the identified gap on the private markets.