TABLE OF CONTENTS -- Abstract -- Acknowledgments -- Acronyms -- 1. Introduction -- 2. The Importance of Non-bank Financial Institutions and Capital Markets -- 3. NBFIs and Capital Markets in Accession Countries: Current Status and Key Challenges -- The Role of Further Banking System Development -- Insurance -- Pension Funds -- Mutual Funds -- Leasing -- Factoring -- Venture Capital -- Equity Markets -- Fixed Income Markets -- 4. Conclusions and Recommendations -- Annex -- EU 8 and EU 15 Financial Sector Details -- Bibliography -- TABLES -- Table 1: EU 8 and EU 15 Total Financial Sector Assets (US Million) -- Table 2: EU 8 Bank Credit to the Private Sector (as a percent of GDP) -- Table 3: EU 8 Insurance Market Indicators -- Table 4: Private Pension Funds in the EU 8 -- Table 5: Mutual Funds in the EU 8 -- Table 6: Leasing in the EU 8 -- Table 7: Factoring in the EU 8 -- Table 8: Venture Capital in the EU 8 -- Table 9: Equity Markets in the EU 8 -- Table 10: Fixed Income Markets in the EU 8 -- FIGURES -- Figure 1: Financial System Assets as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 2: Banking Assets as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 3: Financial System Assets in EU 8 Countries -- Figure 4: Insurance Assets as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 5: Insurance Assets as a Percentage of GDP in EU 8 Countries -- Figure 6: Number of Insurance Companies in EU 15 and EU 8 Countries -- Figure 7: Private Pension Assets as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 8: Private Pension Assets as a Percentage of GDP in EU 8 Countries -- Figure 9: Mutual Fund Assets as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 10: Mutual Fund Assets as a Percentage of GDP in EU 8 Countries -- Figure 11: Leasing Assets as a Percentage of GDP in EU 15 and EU 8 Countries.

Figure 12: Leasing Assets as a Percentage of GDP in EU 8 Countries -- Figure 13: Factoring Volume as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 14: Factoring Volume as a Percentage of GDP in EU 8 Countries -- Figure 15: Venture Capital Investments as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 16: Venture Capital Investments as a Percentage of GDP in EU 8 Countries -- Figure 17: Stock Market Capitalization as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 18: Stock Market Capitalization as a Percentage of GDP in EU 8 Countries -- Figure 19: Number of Listed Companies in EU 15 and EU 8 Countries -- Figure 20: Traded Non-public Debt as a Percentage of GDP in EU 15 and EU 8 Countries -- Figure 21: Traded Non-public Debt as a Percentage of GDP in EU 8 Countries.