shadow bank

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shadow bank (plural shadow banks)

  1. (banking, pejorative) An entity that illegally performs banking functions.
    • 1991 July 23, “A Slam Heard 'Round the World; Closing of BCCI's Doors Leaves...”, in Washington Post:
      Regulators have said there was an entire shadow bank within the official BCCI with separate books.
  2. (banking, economics, finance, pejorative) An entity not subject to banking regulation that performs banking functions.

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