Central banks need new surveillance and liquidity provision tools to address the increasingly important non-bank sector, the Bank of England (BoE) governor has said.

Speaking at the Bloomberg Regulatory Forum in New York on October 22, Andrew Bailey noted that there had been a shift in financial intermediation towards non-banks. This, he said, was partly a result of the increased scrutiny of traditional banking following the global financial crisis.

He emphasised that regulation alone would not be