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International lending shows smallest growth in 13 years: BIS

19 march 2013, 11:10
0
Bank of International Settlements. ©REUTERS/Christian Hartmann
Bank of International Settlements. ©REUTERS/Christian Hartmann
Cross-border lending saw its smallest growth in 13 years in the third quarter of 2012, AFP reports according to a report published Sunday by the Bank for International Settlements (BIS).

Between June and September last year, the cross-border lending of banks that report to BIS rose by just $33 billion, or 0.1 percent, from the previous quarter.

The BIS, which is sometimes dubbed the central bank of central banks, explained in its quarterly report that the modest increase was driven by lending to non-banks, especially in dollars, British pounds and non-major currencies, which rose by $153 billion, or 1.4 percent.

That positive development was however countered by a fall of $120 billion, or 0.7 percent, in cross-border lending to banks.

"Claims denominated in euros fell the most, by $127 billion," or 3.6 percent, BIS said.

In its report, the BIS meanwhile noted that cross-border lending had picked up slightly in developed economies, after three consecutive years of contracting.

Britain and the non-banking sector in the United States saw the biggest boost, while international lending shrank in nearly every country within the crisis-hit eurozone.

The BIS also pointed out in a statement that "strong demand from foreign investors led to a surge of activity in emerging corporate bond markets in 2012 and early 2013."

It said that statistics on international debt securities showed that the stock of both financial and non-financial companies headquartered in emerging economies ran to more than $1.6 trillion by the end of last year.

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