Which of the following is the central theme of the passage?

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1. Passage focus: The passage defines "shadow bank", gives examples, and documents rapid growth (e.g., investment funds made loans of $97\,$billion in 2013 and the sector serviced about $80\,$trillion in 2014), showing the phenomenon's scale.

2. Benefits emphasized: It notes practical advantages — shadow banks provide credit where formal banking is expensive or absent and relieve banks' maturity mismatches.

3. Risks highlighted: The passage stresses key dangers — off-balance-sheet structures, reliance on investor cash and short-term credit, and vulnerability to sudden withdrawals, making them high-risk.

4. Regulatory action: It reports regulators are beginning to act (disclosure of structured vehicles, leverage limits), implying the need for oversight.

5. Conclusion: The combined presentation of usefulness, substantial risks, and emerging regulation supports the central theme that shadow banks can be useful but are high-risk alternatives to traditional banks and therefore need regulation.

FINAL_ANSWER: d

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