It is likely to rise further as the decline in gross national income caused by the drop in oil prices works its way through the system. On the surface, lower interest rates would be expected to promote more borrowing, which would increase this vulnerability.
Furthermore, although we do not directly monitor finance companies, since large finance companies are owned by banks, we monitor them by monitoring the banks. It is then crucial to cross-check the information gathered. Chart 9 illustrates the point. In this regard, it is important to monitor banks as counterparties of shadow banking entities. This is because bank activities are interconnected with shadow banking activities.