Paul Taylor spoke on the role of shadow banking. He looked at examples of structures that developed before the crisis, such as money market mutual funds, Structured Investment Vehicles, prime brokerage services and repo-financing of mortgage-backed securities. He said authorities should accept alternative structures that offer deposit and monetary services and bring them into the banking world, but cautioned that not all activities sometimes described as “shadow banking” are in fact banking. (Source: News Release and Speech: Shadow banking, capital markets and financial stability)