Moreover as we move towards capital markets union, which is likely to further increase the importance of market-based finance in the euro area, the relevant EU and national authorities 19 5/6  BIS central bankers' speeches  should be endowed with tools to address risks arising from non-bank financial intermediation.
Not many entities of that time are still in existence today. Our major banks, of course, have a long history, in some cases dating back to the early convict era. But a great many financial institutions of the 19th century, particularly Victorian building societies, succumbed to one or other of the busts that occurred in the 1890s, the 1930s and the 1990s.