International Banking Developments
According to data released by the Bank for International Settlements (BIS), 1997:IIIQ saw a sharp decline in U.S. banks’ external assets. BIS-reporting banks as a whole have been decreasing their external asset position since 1997:IQ. Liabilities, however, have been increasing for international banking facilities (IBFs), but decreasing for other U.S. banks. (The Federal Reserve System made IBFs possible in December 1981 to enable U.S. banks to conduct Euro-currency business at home without being subject to various domestic banking regulations.) Overall, external liabilities for BIS-reporting banks have decreased sharply since 1997:IIQ.
Suggested citation: “International Banking Developments,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-04, pp. 17, 04.01.1998.