[News Bulletin]
[English News Bulletin]
Private Credit Boom Raises Financial Stability Concerns
A new report highlights growing alarm over the rapid, unregulated expansion of the private credit market, with global values estimated to have surged to $US3 trillion. Often described as the alter ego of private equity, private credit involves non-bank lenders providing loans to borrowers who do not meet traditional banking standards. This sector, which operates with little transparency, quadrupled in the decade to 2023. Warnings are intensifying, with figures like JP Morgan Chase CEO Jamie Dimon comparing emerging troubles to “seeing one cockroach,” suggesting more problems are hidden. The Australian Securities and Investments Commission (ASIC) has expressed particular concern, especially as Australian super funds, including self-managed funds, are increasingly drawn to the sector’s outsized returns. A recent ASIC investigation into the sector uncovered practices reminiscent of past financial debacles, including conflicts of interest, fee gouging, and loans with inadequate security. With a significant portion of Australian private credit funding commercial real estate, experts fear that a downturn could trigger a crisis, acting as a catalyst to shift market sentiment from greed to fear.
[中文新闻简报]
私人信贷繁荣引发金融稳定担忧
一份新报告强调了对私人信贷市场快速、不受监管扩张的日益增长的警觉，其全球估值估计已飙升至3万亿美元。私人信贷通常被描述为私人股本的另一个自我，涉及非银行贷款机构向不符合传统银行标准的借款人提供贷款。这个缺乏透明度的行业在截至2023年的十年间规模翻了两番。警告声日益强烈，摩根大通首席执行官杰米·戴蒙等人物将出现的问题比作”看到一只蟑螂”，暗示还有更多问题被隐藏。澳大利亚证券和投资委员会（ASIC）表示特别关注，尤其是在澳大利亚养老基金（包括自我管理基金）日益被该行业的高回报所吸引的情况下。ASIC最近对该行业的一项调查发现了让人联想到过去金融灾难的做法，包括利益冲突、收费过高以及抵押品不足的贷款。由于澳大利亚很大一部分私人信贷资金流向了商业房地产，专家担心经济下滑可能引发危机，成为将市场情绪从贪婪转向恐惧的催化剂。
Original Article Link: https://www.abc.net.au/news/2025-10-21/could-private-credit-spark-the-next-financial-market-meltdown/105912494