shadow banking system
Definition from Wiktionary, the free dictionary
Attributed to Paul McCulley of PIMCO .
- (pejorative, banking, finance, economics) Non-bank financial institutions, that, like banks, borrow short and in liquid forms and lend or invest long in more illiquid assets.
- ^ http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/ Beware our shadow banking system, Bill Gross, November 28 2007