The Financial Stability Board reported that in 2013, non-bank financial intermediation worldwide—so-called “shadow banking”—increased by US $5 trillion or 7% over the prior year to reach US $75 trillion. The increase was more pronounced in emerging countries, however. There, non-bank financial intermediation grew over 10% from 2012. According to FSB, “[i]ntermediating credit through non-bank channels can have important advantages and contributes to the financing of the real economy; but such channels can also become a source of systemic risk, especially when they are structured to perform bank-like functions (e.g., maturity and liquidity transformation, and leverage) and when their interconnectedness with the regular banking system is strong.”