Foreign Banking Organizations
The impact of financial markets’ increasing globalization is evident in the U.S. banking industry. The numbers clearly indicate that foreign banks are becoming an increasingly important part of the U.S. banking system. Total U.S. banking assets held by foreign banks rose steadily from $61 billion in 1976 to nearly $1,305 billion in 2001. This means that the share of assets held by foreign banking organizations more than tripled - from 5.8% to 19.3% - over that period.
Suggested citation: "Foreign Banking Organizations," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-02, pp. 16, 02.01.2002.