Overview of offshore banking units (April 2009)
PRESS RELEASE Release Date: June 9, 2009
Overview of offshore banking units (April 2009)
At the end of April 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$101.440 billion at the end of April 2009, an increase of US$7.110 billion or 7.54% compared to the same period of the previous year. Domestic bank OBUs accounted for US$74.281 billion or 73% of these combined assets, and foreign bank OBUs accounted for US$27.159 billion or 27% of the total.
The turnover of foreign exchange trading by all OBUs in April 2009 was US$13.058 billion consisting of (1) spot transactions for US$7.739 billion, (2) outright forwards for US$3.035 billion, and (3) foreign exchange swaps for US2.284 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 54%, (2) inter-OBU deposits for 3%, (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 54% of total assets including (1) due from related offices for 33%, (2) deposits overseas for 16%, (3) deposits with domestic OBUs for 3%, and (4) deposits with other domestic financial institutions for 2%. The other uses of funds included (1) loans for 30%, (2) security investments for 11%, and (3) other assets for 5%. Asia was the main destination for funds, accounting for 59%, followed by America for 25%, Europe for 14%, and other areas for 2%.
The total value of all outstanding loans made by OBUs at the end of April 2009 was US$30.069 billion, of which 97% was extended to overseas clients, including long-term loans for US$19.755 billion and short-term loans for US$9.429 billion. The remaining 3% was extended to local clients for US$885 million.
The volume of export related banking business of all OBUs in April 2009 was US$18.972 billion including (1) export collection, export remittance, and accounts receivable factoring for US$17.848 billion and (2) export negotiation for US$1.124 billion. The volume of import related banking business of all OBUs was US$17.194 billion.
The turnover of other derivative products trading by all OBUs in April 2009 was US$24.496 billion including (1) financial futures for US$17.273 billion, (2) options for US$6.711 billion, (3) foreign currency interest rate swaps for US$302 million, (4) credit derivatives for US$110 million, (5) margin account trading for US$72 million, (6) commodity forward contracts for US$20 million, and (7) commodity swaps for US$8 million.
Note: The next dissemination will be made at 16:20 p.m. on July 8, 2009.