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Overview of offshore banking units (February 2008)

Central Bank of the Republic of China (Taiwan)
PRESS RELEASE Release Date: April 8, 2008

Overview of offshore banking units (February 2008)
At the end of February 2008, there were 65 offshore banking units (OBUs) including 38 domestic banks and 27 foreign banks. The combined assets of all OBUs amounted to US$96.122 billion at the end of February 2008, a new record, and an increase of US$20.133 billion or 26.49% compared to the same period of the previous year. Domestic bank OBUs accounted for US$68.173 billion or 71% of these combined assets, and foreign bank OBUs accounted for US$27.949 billion or 29% of the total.
The turnover of foreign exchange trading by all OBUs in February 2008 was US$9.744 billion consisting of (1) spot transactions for US$5.385 billion, (2) outright forwards for US$2.703 billion, and (3) foreign exchange swaps for US$1.656 billion.
Based on balance sheet analysis, the OBUs main sources of funds were due to related offices and deposits by financial institutions, which accounted for 63% of total liabilities including (1) due to related offices for 55%, (2) deposits by financial institutions situated locally for 5%, (3) inter-OBU deposits for 2%, and (4) deposits by financial institutions located overseas for 1%. The other sources of funds included deposits by non-financial institutions accounting for 29% of total liabilities, and other liabilities plus the equity of head office for 8%. In terms of the area of origin, Asia accounted for 70%, followed by America for 21%, Europe for 8%, and other areas for 1%.
The main uses for funds were due from related offices and deposits with financial institutions, which accounted for 53% of total assets including (1) due from related offices for 32%, (2) deposits overseas for 16%, (3) deposits with other domestic financial institutions for 3 %, and (4) deposits with domestic OBUs for 2%. The other uses of funds included (1) loans for 27%, (2) security investments for 13%, and (3) other assets for 7%. Asia was the main destination for funds, accounting for 57%, followed by America for 24%, Europe for 17%, and other areas for 2%.
The total value of all outstanding loans made by OBUs at the end of February 2008 was US$25.831 billion, of which 97% was extended to overseas clients, including long-term loans for US$15.115 billion and short-term loans for US$9.865 billion. The remaining 3% was extended to local clients for US$851 million.
The volume of export related banking business of all OBUs in February 2008 was US$16.478 billion including (1) export collection, export remittance, and accounts receivable factoring for US$15.278 billion and (2) export negotiation for US$1.200 billion. The volume of import related banking business of all OBUs was US$15.795 billion.
The turnover of other derivative products trading by all OBUs in February 2008 was US$26.180 billion including (1) financial futures for US$17.007 billion, (2) options for US$8.699 billion, (3) foreign currency interest rate swaps for US$209 million, (4) credit derivatives for US$140 million, (5) margin account trading for US$121 million, (6) commodity swaps for 2 million, and (7) cross currency swaps (not involving the NT dollar) for 2 million.

Note: The next dissemination will be made at 16:20 p.m. on May l 2, 2008.
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