This puts the size of the German shadow banking system – definitions are naturally difficult here, I will nevertheless make a cautious estimate subject to the usual reservations – at around 17% of the assets of the banking sector. However, this includes investment funds in general; excluding them, the figure would be less than 4%.
Our Working Group comprises representatives of the central banks of all the major FX centres in both advanced and emerging economies, drawing on the  1  http://www.bis.org/press/p150511.htm. BIS central bankers’ speeches  1  membership of the Markets Committee which is comprised of heads of the market operations areas of the 15 major currency areas.