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A financial intermediary is an entity that connects surplus and deficit agents. Financial intermediaries consist of (i) central bank; (ii) deposit-taking corporations other than central bank (e.g. banks); (iii) money market funds; (iv) investment funds other than money market funds; (v) other financial intermediaries, except insurance companies and pension funds; (vi) insurance corporations and (vii) pension funds. However, for the purposes of excluding debt between related financial intermediaries, insurance corporations and pension funds are not considered “financial intermediaries”.