1. Summary of the financial intermediation system 1 General Public Companies Government Savers Investors Provide funds Pay returns on those funds

2. Summary of the financial intermediation system 2 General Public Companies Government Savers Investors Direct funding Provide funds Pay returns on those funds

3. Summary of the financial intermediation system 3 General Public Banks Companies Government Bank accountsLoans Savers Investors Direct funding Provide funds Pay returns on those funds

4. Summary of the financial intermediation system 4 General Public Banks Companies Government Bank accountsLoans Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans

5. Summary of the financial intermediation system 5 General Public Banks Companies Institutional investors Government Bank accounts Pension, mutual fund & insurance contributions Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans

6. Summary of the financial intermediation system 6 General Public Banks Companies Institutional investors Government Bank accounts Pension, mutual fund & insurance contributions Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans PE, VC & HFs

7. Summary of the financial intermediation system 7 General Public Banks Companies Institutional investors Shadow banking institutions Government Bank accounts Pension, mutual fund & insurance contributions Other savings Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans PE, VC & HFs

8. Summary of the financial intermediation system 8 General Public Banks Companies Institutional investors Shadow banking institutions Government Bank accounts Pension, mutual fund & insurance contributions Other savings Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans PE, VC & HFs Short term: money markets Long term: capital markets

9. Summary of the financial intermediation system 9 General Public Banks Companies Institutional investors Shadow banking institutions Government Bank accounts Pension, mutual fund & insurance contributions Other savings Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Mortgages & consumer loans PE, VC & HFs

10. Summary of the financial intermediation system 10 General Public Banks Companies Institutional investors Shadow banking institutions Government Bank accounts Pension, mutual fund & insurance contributions Other savings Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Retail financial services Mortgages & consumer loans PE, VC & HFs

11. Summary of the financial intermediation system 11 General Public Banks Companies Institutional investors Shadow banking institutions Government Bank accounts Pension, mutual fund & insurance contributions Other savings Loans Securities markets Savers Investors Direct funding Provide funds Pay returns on those funds Retail financial services Wholesale financial services Mortgages & consumer loans PE, VC & HFs