Non-Banks Face Corporate Debt Risk, ECB Says

By Irene Madongo (November 17, 2021, 4:52 PM GMT) -- Investment funds, insurers and pension funds continue to increase their exposure to lower-rated corporate debt and a stronger regulatory framework is needed for the non-bank sector as protection against risk, the European Central Bank warned Wednesday.

The central bank for the eurozone noted some positive developments — profits at firms in the euro area recovered as the economy rebounded in the first half of the year and corporate insolvencies remained below pre-pandemic levels — but cautioned that concerns remain.

"Risks from the pandemic have not disappeared entirely," Luis de Guindos, vice president of the central bank, said as it published its...

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