See Annex 1 for a summary of material exclusions from the narrow measure of shade banking, and where differences occurred across jurisdictions 2.2 Global perspective Global assets of financial entities classified as shadow banking under the economic functions approach in 26 jurisdictions continued their upward trend, increasing $1. 1 trillion in 2014 and reaching $36 trillion(Exhibit 2).22 Based on this measure aggregate global shadow banking assets in these jurisdictions have increased on average by $1. 3 trillion each year since 2011.23 This number differs from that reported in previous reports as the narrow measure of shadow banking in several ways and therefore cannot be compared Assets of financial intermediaries 26 jurisdictions Exhibit 2 Size in 2014 Growth in 2014 Average annual growth (S trillion) (year-over-year, percent) (2011-2014, percent) OFs Shadow Banking 36 10.1 6.3 Note: Growth rates adjusted for exchange rate effects. Sources: National financial accounts: other national sources fSB calculations By way of comparison, a broader category of non-bank financial intermediation based on OFIS, whose calculation methodology remains broadly unchanged compared to previous years'reports, increased $1. 4 trillion in 2014, reaching $68 trillion for 26 jurisdictions. Using the slightly different sample of 20 jurisdictions and the euro area as a whole, the new total amounted to $80 trillion in 2014, up by $1. 6 trillion The growth in shadow banking assets globally in 2014 occurred against the backdrop of a slight decline in global banking system assets. After increasing significantly in 2011 and 2012, global banking system assets in 26 jurisdictions remained roughly stable in 2013 and decreased slightly in 2014, reaching $135 trillion 2 Measures of growth throughout this report are based on time series data included in jurisdictions'2015 submission, going 2014 back to 2002. This report, however, focuses mainly on estimates of growth and trends from 2011 forward, because jurisdiction-year data gaps were relatively few between 2011 and 2013, with no such gaps for 2014 Note that, in some cases, in particular prior to 2010, increases of aggregated time series may also reflect improvements in the availability of data over time on a jurisdiction level9 See Annex 1 for a summary of material exclusions from the narrow measure of shadow banking, and where differences occurred across jurisdictions. 2.2 Global perspective Global assets of financial entities classified as shadow banking under the economic functions approach in 26 jurisdictions continued their upward trend, increasing $1.1 trillion in 2014 and reaching $36 trillion (Exhibit 2).22 Based on this measure, aggregate global shadow banking assets in these jurisdictions have increased on average by $1.3 trillion each year since 2011. 23 This number differs from that reported in previous reports as the narrow measure of shadow banking in several ways and therefore cannot be compared. By way of comparison, a broader category of non-bank financial intermediation based on OFIs, whose calculation methodology remains broadly unchanged compared to previous years’ reports, increased $1.4 trillion in 2014, reaching $68 trillion for 26 jurisdictions. Using the slightly different sample of 20 jurisdictions and the euro area as a whole, the new total amounted to $80 trillion in 2014, up by $1.6 trillion. The growth in shadow banking assets globally in 2014 occurred against the backdrop of a slight decline in global banking system assets. After increasing significantly in 2011 and 2012, global banking system assets in 26 jurisdictions remained roughly stable in 2013 and decreased slightly in 2014, reaching $135 trillion. 22 Measures of growth throughout this report are based on time series data included in jurisdictions’ 2015 submission, going 2014 back to 2002. This report, however, focuses mainly on estimates of growth and trends from 2011 forward, because jurisdiction-year data gaps were relatively few between 2011 and 2013, with no such gaps for 2014. 23 Note that, in some cases, in particular prior to 2010, increases of aggregated time series may also reflect improvements in the availability of data over time on a jurisdiction level. Assets of financial intermediaries 26 jurisdictions Exhibit 2 Size in 2014 ($ trillion) Growth in 2014 (year-over-year, percent) Average annual growth (2011-2014, percent) Banks 135 6.4 5.6 OFIs 68 9.0 6.3 Shadow Banking 36 10.1 6.3 Note: Growth rates adjusted for exchange rate effects. Sources: National financial accounts; other national sources; FSB calculations