Some two years after the so-called shadow banking system ruptured amid the turmoil induced by the sub-prime mortgage crisis, an important part of the system has been showing its resilience although it is far from functioning as it did in the boom times.

The asset-backed commercial paper market, a core pillar of the system that banks used to finance assets off-balance sheet and fuel lending growth, was severely impaired by the turmoil, but in the past year it has re-invented itself and investors have slowly returned.