← Depreciating CollateralEren Kahraman · November 2026

Figure 6.2. The double exposure of financial institutions

1. Dependence as users, Description: Models, cloud and data centre services (third-party and operational risk). 2. Exposure as creditors, Description: Bonds, private credit, ABS, SPV debt (credit and market risk).

1. Dependence as usersModels, cloud and data centre services (third-party and operational risk)2. Exposure as creditorsBonds, private credit, ABS, SPV debt (credit and market risk)Same counterpartiesFinancial institutionsBanks, insurers, pension fundsThird-party risk oversightCredit risk monitoringAI providersHyperscalers, AI developers, neoclouds
1. Dependence as usersModels, cloud and data centreservices (third-party andoperational risk)2. Exposure as creditorsBonds, private credit, ABS,SPV debt (credit and marketrisk)Same counterpartiesFinancial institutionsBanks, insurers, pension fundsThird-party risk oversightCredit risk monitoringAI providersHyperscalers, AI developers,neoclouds

Source: Author’s analysis, based on OECD (2026b) and ECB practice.

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Figure 6.2. The double exposure of financial institutions: data
ConnectionDescription
1. Dependence as usersModels, cloud and data centre services (third-party and operational risk)
2. Exposure as creditorsBonds, private credit, ABS, SPV debt (credit and market risk)
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)