Overview of offshore banking units (January 2010)
PRESS RELEASE Release Date: March 10, 2010
Overview of offshore banking units (January 2010)
At the end of January 2010, there were 63 offshore banking units (OBUs) including 36 domestic banks and 27 foreign banks. The combined assets of all OBUs amounted to US$102.000 billion at the end of January 2010, an increase of US$7.211 billion or 7.61% compared to the same period of the previous year. Domestic bank OBUs accounted for US$82.282 billion or 81% of these combined assets, and foreign bank OBUs accounted for US$19.718 billion or 19% of the total.
The turnover of foreign exchange trading by all OBUs in January 2010 was US$16.139 billion consisting of (1) spot transactions for US$7.479 billion, (2) outright forwards for US$5.309 billion, and (3) foreign exchange swaps for US$3.351 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) deposits by financial institutions situated locally for 3%, (2) deposits by financial institutions located overseas for 2%, (3) inter-OBU deposits for 8%, and (4) due to related offices for 48%. The other sources of funds included deposits by non-financial institutions accounting for 31% of total liabilities, and other liabilities plus the equity of head office for 8%. In terms of the area of origin, Asia accounted for 74%, followed by America for 20%, Europe for 4%, and other areas for 2%.
The main uses for funds were due from related offices and deposits with financial institutions, which accounted for 49% of total assets including (1) deposits with other domestic financial institutions for 2%, (2) deposits overseas for 15%, (3) deposits with domestic OBUs for 8%, and (4) due from related offices for 24%. The other uses of funds included (1) loans for 31%, (2) security investments for 14%, and (3) other assets for 6%. Asia was the main destination for funds, accounting for 60%, followed by America for 24%, Europe for 13%, and other areas for 3%.
The total value of all outstanding loans made by OBUs at the end of January 2010 was US$31.675 billion, of which 98% was extended to overseas clients, including long-term loans for US$20.247 billion and short-term loans for US$10.685 billion. The remaining 2% was extended to local clients for US$743 million.
The volume of export related banking business of all OBUs in January 2010 was US$25.364 billion including (1) export collection, export remittance, and accounts receivable factoring for US$24.236 billion and (2) export negotiation for US$1.128 billion. The volume of import related banking business of all OBUs was US$25.113 billion.
The turnover of other derivative products trading by all OBUs in January 2010 was US$32.106 billion including (1) financial futures for US$20.103 billion, (2) options for US$10.049 billion, (3) credit derivatives for US$1.302 billion, (4) foreign currency interest rate swaps for US$559 million, (5) margin account trading for US$60 million, (6) commodity forward contracts for US$24 million, and (7) commodity swaps for US$9 million.
Note: The next dissemination will be made at 16:20 p.m. on April 6, 2010.