November 28, 2019 / 7:38 AM / 3 months ago

ECB's Villeroy says non-bank financials one weak part of global financial system

FILE PHOTO: Bank of France Governor Francois Villeroy de Galhau arrives for the G20 meeting during the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, October 18, 2019. REUTERS/Mike Theiler

TOKYO (Reuters) - Global non-bank financials have not seen as much progress on regulation over the past decade as banks and insurers, French central bank Governor Francois Villeroy de Galhau said on Thursday.

“We made significant progress in the last 10 years about the regulation of banks and insurers,” Villeroy, who also sits on the European Central Bank’s rate-setting Governing Council, said at a university lecture in Tokyo.

“There was a significant strengthening of their resilience,” he added. “We didn’t have the same regulation for non-banks, and this is one weak part of the financial global system.”

Reporting by Daniel Leussink; Editing by Shri Navaratnam

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