May 19, 2020 / 1:57 PM / 17 days ago

IMF's Georgieva eyes stress testing of non-banking financial institutions

FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli/File Photo

WASHINGTON (Reuters) - Stress testing of major banks begun after the global financial crisis of 2008-2009 paid off “big time”, but attention should turn now to more supervision of non-banking financial institutions, the head of the International Monetary Fund said on Tuesday.

Managing Director Kristalina Georgieva told an event hosted by the Asia Society that the global lender had begun discussing the issue with the Financial Stability Board even before the new coronavirus pandemic.

“The attention is, and rightly so, focused on, can we bring more and more supervision to the non banking financial institutions, where risk taking, has been elevated,” she said.

Reporting by Andrea Shalal; Editing by Chizu Nomiyama

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