The BIS released today provisional data for the end of the third quarter of 2007 for both its locational and consolidated banking statistics together with a short commentary.
The locational banking statistics shows that the expansion of BIS reporting banks’ external claims continued slow for a second consecutive quarter. The contraction in new credit affected mainly non-banks, while there were compensating shifts in claims on banks between some financial centres.
The stock of BIS reporting banks’ consolidated worldwide foreign claims on an immediate borrower basis increased by $1.6 trillion in the third quarter of 2007. As in the case of the locational data, these numbers overstate underlying growth due to the foreign exchange valuation during the quarter of outstanding credits denominated in euros and yen, implying that the underlying increase in bank credit during the quarter was closer to 3%.
Revised data, together with a detailed commentary, will be made available in the next BIS Quarterly Review to be published on 3 March.
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© Graham Bishop
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