Paul Tucker, a deputy governor at the Bank of England, discussed how to approach the regulation of ‘shadow banking', an area that had received a lot of attention as a result of the financial crisis.

The deputy governor defined shadow banking as "those instruments, structures, firms or markets which, alone or in combination, and to a greater or lesser extent, replicate the core features of commercial banks: liquidity services, maturity mismatch and leverage."

"In that spirit," he said, "I will