Australia's universe of "shadow banks" is small beer in the context of total domestic financial system assets, even if some investors have lost savings, the Reserve Bank of Australia concludes in its latest Financial Stability Review.The RBA said that there are currently more than 300 "registered financial corporations", comprising money market corporations and finance companies.It noted that "they are not prudentially regulated by APRA, but they intermediate between lenders and borrowers like banks, and some of them engage in investment bank-like activities.""But, in aggregate, their share of total domestic financial system assets is small and has been declining over time." This is because of the "more difficult funding conditions faced since the 2008/09 crisis period.""The RFC sector in Australia poses limited risks to financial stability because of its small size, heterogeneity and minimal credit and funding links to the regulated banking system," said the RBA."For example, RFCs' overall borrowing from, and lending to, banks… [is] equivalent to less than one per cent of banking system assets."