Overview of offshore banking units (February 2009)
PRESS RELEASE Release Date: April 13, 2009
Overview of offshore banking units (February 2009)
At the end of February 2009, there were 63 offshore banking units (OBUs) including 36 domestic banks and 27 foreign banks. The combined assets of all OBUs amounted to US$99.803 billion at the end of February 2009, an increase of US$3.681 billion or 3.83% compared to the same period of the previous year. Domestic bank OBUs accounted for US$73.242 billion or 73% of these combined assets, and foreign bank OBUs accounted for US$26.561 billion or 27% of the total.
The turnover of foreign exchange trading by all OBUs in February 2009 was US$9.472 billion consisting of (1) spot transactions for US$5.902 billion, (2) outright forwards for US$1.817 billion, and (3) foreign exchange swaps for US1.753 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 61% of total liabilities including (1) due to related offices for 53%, (2) inter-OBU deposits for 4%, (3) deposits by financial institutions situated locally for 3%, and (4) deposits by financial institutions located overseas for 1%. The other sources of funds included deposits by non-financial institutions accounting for 32% of total liabilities, and other liabilities plus the equity of head office for 7%. In terms of the area of origin, Asia accounted for 71%, followed by America for 22%, Europe for 5%, and other areas for 2%.
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 15%, (3) deposits with domestic OBUs for 4%, and (4) deposits with other domestic financial institutions for 2%. The other uses of funds included (1) loans for 31%, (2) security investments for 11%, and (3) other assets for 5%. Asia was the main destination for funds, accounting for 61%, followed by America for 24%, Europe for 13%, and other areas for 2%.
The total value of all outstanding loans made by OBUs at the end of February 2009 was US$31.228 billion, of which 96% was extended to overseas clients, including long-term loans for US$20.030 billion and short-term loans for US$10.094 billion. The remaining 4% was extended to local clients for US$1.104 billion.
The volume of export related banking business of all OBUs in February 2009 was US$20.938 billion including (1) export collection, export remittance, and accounts receivable factoring for US$19.879 billion and (2) export negotiation for US$1.059 billion. The volume of import related banking business of all OBUs was US$16.201 billion.
The turnover of other derivative products trading by all OBUs in February 2009 was US$28.161 billion including (1) financial futures for US$20.555 billion, (2) options for US$7.278 billion, (3) foreign currency interest rate swaps for US$121 million, (4) credit derivatives for US$108 million, (5) margin account trading for US$87 million, and (6) commodity forward contracts for US$12 million
Note: The next dissemination will be made at 16:20 p.m. on May 12, 2009.