So, it looks like the newly appointed chair of the Financial Stability Board (FSB) Mark Carney has brought shadow banking amongst the plethora of cliches into the light.
Well, he has.
According to a report in the Financial Times, Bank of Canada governor Carney, who was appointed as chair of the FSB in November 2011:
... has been given a number of tasks by the leaders of the Group of 20 large economies. The aim is to prevent a repeat of the 2008 financial crisis. Top of his agenda is making large global banks safer and expanding the regulatory net to include 'shadow' participants, such as investment funds and special vehicles, which compete with banks to extend credit.
Shadow banking is an area of finance that Euromoney has closely centred on during recent weeks. As the European bank-funding crisis pushes banks to fund themselves ever shorter-term, concerns are growing that collateral, the lifeblood of all secured borrowing, is running out.
Euromoney asked whether the shadow banking system will ride to the rescue?