Highlights of the BIS international statistics

The aggregate cross-border claims of BIS reporting banks rose during the first quarter of 2011, mainly because of increased lending to US residents.

BIS reporting banks increased their cross-border claims on residents of emerging market economies by the largest amount since the global financial crisis. The $178 billion (6.3%) expansion was primarily due to a rise in interbank claims, which increased by $147 billion (10%). Cross-border claims on Asia-Pacific grew by an unprecedented $126 billion (12%) in the first quarter, largely reflecting a surge in claims on China ($80 billion or 24%). Cross-border claims on residents in the other emerging market regions also increased.

The political turmoil in North Africa and the Middle East led to outflows of funds from several countries in the region. Internationally active banks reported the largest single-quarter increase in liabilities to residents of Egypt ($6.4 billion or 20%). Liabilities to residents of Libya also increased considerably ($2.2 billion or 3.5%).

More bilateral netting and higher collateralisation have reduced counterparty credit exposures in the OTC derivatives market. BIS statistics show that the amount of bilateral netting in this market has gone up since late 2007, as has the degree of collateralisation.