Non-bank financial intermediation: Canada’s submission to the 2025 global monitoring report

The global non-bank financial intermediation (NBFI) sector has grown significantly since the 2008–09 global financial crisis. Because of this growth, the Financial Stability Board (FSB) established in 2016 the Non-bank Monitoring Experts Group, which collects data annually from 29 jurisdictions and produces the Global Monitoring Report on Non-Bank Financial Intermediation (GMR) (Financial Stability Board 2024). The GMR summarizes growth in the NBFI sector and key subsectors in each jurisdiction.

The Bank of Canada works closely with Statistics Canada, the Ontario Securities Commission and the Office of the Superintendent of Financial Institutions to compile Canadian data for the GMR.

We share insights from data from 2002 to 2024 that the Bank has collected and submitted to the FSB for inclusion in the GMR. Although we provide context for recent developments, we do not present the Bank’s overall assessment of vulnerabilities related to either Canadian NBFI entities or more general activity in core financial markets. The Bank’s Financial Stability Report—2026 contains the most recent assessment of vulnerabilities associated with the NBFI sector