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Home > Statistics > Explanatory Notes - External business of monetary financial institutions operating in the UK: by region, country, currency and sector
 

Explanatory Notes - External business of monetary financial institutions operating in the UK: by region, country, currency and sector

Overview
This dataset covers the claims and liabilities of all Monetary Financial Institutions including the Bank of England located in the United Kingdom vis-a-vis all other countries. Monetary Financial Institutions comprise banks, including the Bank of England and building societies. The dataset can therefore provide a picture of financial flows between UK MFIs and the rest of the world. The amounts shown in these series are reported to the Bank of England in sterling terms and translated into US dollars.
Following the transition of building societies statistical reporting from the then Financial Services Authority to the Bank of England on 1st January 2008, this dataset includes data reported by building societies from Q1 2009 onwards.
The amounts outstanding are reported to the Bank of England in sterling, figures are then translated into US dollars at the end quarter exchange rate.
Availability
Data are collected and made available on a quarterly basis, with a lag of approximately one quarter. The data are available in the form of a Statistical Release, in addition to their availability on the Bank’s Statistical Interactive Database (IADB) from Q3 1986 and their publication in the following Bankstats (Monetary and Financial Statistics) tables:
·         C3.1 – Changes to the external business of monetary financial institutions operating in the UK: Analysis by region and nationality
·         C3.2 – External business of monetary financial institutions operating in the UK: Analysis by region and country
·         C3.3 – External business of monetary financial institutions operating in the UK: Analysis by currency and sector
·         C3.4 – External business of monetary financial institutions operating in the UK: Analysis by region and sector
From June 2015 additional information by counterpart region and sector is available in Bankstats table C3.4, with amounts outstanding and changes data available on the IADB from Q1 2014 and Q2 2014 respectively. Further information can be found in a Bankstats article titled ‘Enhancements to the International Banking Statistics’ of 2 June 2015.
From December 2015 Bankstats table C3.2 includes additional counterpart country information (available from Q3 2015) and Bankstats table C3.3 includes new subsector information (available from Q1 2014 for amounts outstanding and from Q2 2014 for changes data). Further details can be found in a Bankstats article titled ‘Publication of additional information on the locational and consolidated international banking statistics’ of 30 November 2015.
The published schedule of releases is available on the Statistical Release Calendar.
These data are provided to the Bank of International Settlements (BIS), which combines them with the statistics of other reporting countries to produce a worldwide view of locational claims. These data are available for all reporting countries on the BIS website at www.bis.org/statistics/bankstats.htm.
Sources
Total claims and liabilities vis-à-vis non-residents are sourced from Bank of England statistical form BT (balance sheet), which is a quarterly census of all UK resident monetary financial institutions.
Counterparty country data are sourced from Bank of England statistical forms CC (country analysis of external claims) and CL (country analysis of external liabilities). The reporting population of each form is independent of the other, covering all monetary financial institutions with non-resident business in excess of £300 million on the relevant side of the balance sheet.
Revisions
All data are subject to revision if and when new data become available. For more information on revisions practices see the Explanatory Note on revisions.
Definitions
Amounts outstanding comprise gross liabilities to, and claims on non-residents as recorded in the reporting institutions' books at the close of business on the last working day of each calendar quarter. A large part of these assets and liabilities are denominated in US dollars, and in order to reduce distortion in comparisons caused by fluctuations in exchange rates between reporting dates, all figures are shown in US dollars rather than sterling. For changes data, adjustments to remove the effects of exchange rate movements have been made.
The data include liabilities and claims denominated in sterling as well as those denominated in foreign currencies.
 
UK liabilities
These comprise deposits and advances received by reporting institutions from non-residents, liabilities under sale and repurchase agreements from non-residents and custodial holdings of certificates of deposit issued by UK MFIs. Counterpart country and sector information, as well as a currency breakdown, are collected for these data via form CL.
‘Unallocated liabilities’ includes reporting population differences and estimates of: commercial paper and  unallocated certificates of deposits issued, the holders of which are unknown but are presumed to be non-residents; net non-euro foreign currency items in suspense; and,  balances awaiting settlement of securities transactions.  A further adjustment is made to correct the misidentification of liabilities to, and claims on, non-residents which is reflected in an imbalance in intra-banking sector claims. While intra-banking sector liabilities should in theory equal intra-banking sector claims, in practice the figures do differ. International issues of securities (e.g. an estimate of sterling, euro and foreign currency bonds and FRNs issued by banks) are shown separately in Bankstats table C3.2, but are included in ‘unallocated liabilities’ in tables C3.1, C3.3 and C3.4. 
 
UK claims
These comprise the reporting institutions' loans and advances to non-residents; balances with non-residents, claims under sale and repurchase agreements to non-residents; commercial bills and other negotiable paper drawn on non-residents; lending under export finance schemes, including amounts refinanced; sterling acceptances given on behalf of non-residents; and assets leased out under finance leases and holdings of certain investments outside the UK with an original maturity of one year or more. These investments include securities with contractually defined repayment dates issued by non-resident governments, non-resident institutions such as the World Bank, and corporate bodies resident abroad. Investments in the share and loan capital of reporting institutions' non-resident subsidiaries and in securities without contractually defined repayment dates (e.g. equities) are excluded. Counterpart country and sector information are collected for these data via form CC.
‘Unallocated claims' includes net non-euro foreign currency items in suspense and balances awaiting settlement of securities transactions.  
Sector breakdown
Bankstats tables C3.3 and C3.4 present the following expanded sectoral breakdown which is available from Q1 2014 for amounts outstanding and Q2 2014 for changes: intra-group deposit-taking corporations; central monetary institutions; other deposit-taking corporations; other financial corporations; non-financial corporations; general government; households; and, amounts unallocated by sector.
 
Deposit-taking corporations refers to non-resident banks and other non-resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than deposit-taking corporations and to grant credit and/or make investments in securities. Non-resident deposit-taking corporations include central monetary institutions but exclude money market funds. Non-resident deposit-taking corporations are classified according to ‘home country’ definition (i.e. how the entity is classified in the country where it is resident).
 
‘Intra-group deposit-taking corporations’ refers to business with non-resident deposit-taking corporations that are part of the same group as the reporting institution.
 
‘Other deposit-taking corporations’ comprises non-resident deposit-taking corporations that are neither intra-group nor central monetary institutions.
 
‘Other financial corporations’ comprises all non-resident financial corporations other than deposit-taking corporations. Included here are all non-resident money market funds, non-money market fund collective investment schemes, factoring companies and discounters, insurance companies and pension funds, leasing companies, securities, financial auxiliaries, other financial institutions and banking international organisations.
 
‘General government’ includes central government, state government, local government and social security funds.
 
‘Non-financial corporations’ comprise privately- and publicly-owned corporations as well as unincorporated enterprises that function as if they were corporations, such as partnerships and the branches of foreign corporations.
 
‘Households’ includes individuals, families, non-quasi-corporations or enterprises owned by household members and non-profit institutions serving households (NPISHs) such as charities, religious institutions, trade unions and consumer associations.
 
Liabilities broken down by currency and sector in table C3.3, and by region and sector in table C3.4, are sourced from form CL. Custodial holdings of certificates of deposit issued  by UK MFIs, where  the sectoral breakdown is limited to non-resident deposit taking corporations and other non-residents, are allocated to other deposit-taking corporations and unallocated by sector respectively.  
 
Claims broken down by currency and sector in table C3.3, and by region and sector in table C3.4, are sourced from form CC. Acceptances given on behalf of non-residents, where information on the expanded sectors are not collected, are included in unallocated by sector.
 
Prior to 4 December 2015, sectoral data published in Bankstats table C3.3 (by currency and sector) included items where the counterpart sector was unknown but presumed to relate to a particular sector. Similarly, sectoral data for central monetary institutions were previously derived using data reported on form CA (currency analysis of foreign non-euro currencies) which has a smaller reporting population than forms CC and CL. From 4 December 2015, the sectoral information published in Bankstats table C3.3 is sourced solely from counterpart sector data reported on forms CC and CL.
 
Valuation
Assets contained within the reporting institution’s trading book are reported at market value.
Assets within the banking book are generally reported at market value as well. However, where this is impractical the Bank accepts such assets being reported at book value (i.e. the value standing in the institution’s own books).
Loans are always reported at the value recorded in the institution's books (gross of provisions).
In the case of asset-backed securities, due to the possibility of early partial redemption of principal, the market value may not be the same as the original face value revalued at end period market prices.
Region and country details 
Some figures for individual countries are omitted (indicated by ..) either because data is not available or for reasons of confidentiality. In cases where figures are excluded for reasons of confidentiality, the amounts, which are generally small, are wherever possible included in the area totals. With effect from 1997 Q4, individual data for Guernsey, Jersey and the Isle of Man were collected and shown separately, having previously being classified as UK. The country groups are the same as those used by the Bank for International Settlements.
Regions - 1999 Q1 onwards
Developed European countries includes Andorra, Austria, Belgium, Cyprus, Denmark, Estonia, Faeroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Portugal, San Marino, Republic of Slovakia, Slovenia, Spain, Sweden, Switzerland and Vatican City State.
 
Total developed countries includes developed European countries, Australia, Canada, Japan, New Zealand and United States.
 
Offshore centres includes Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, Curacao, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Lebanon, Macao, Mauritius, Netherlands Antilles (until Q2 2011), Panama, Samoa, Singapore, Sint Maarten, West Indies UK and Vanuatu.
 
Developing Europe includes Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Former Czechoslovakia (to Q1 2004), Czech Republic, Hungary, Macedonia, Moldova, Montenegro (from Q2 2007), Poland, Romania, Russia, Serbia (from Q2 2007), Serbia & Montenegro (from Q2 2004 to Q1 2007), Turkey, Ukraine, Former Soviet Union (to Q1 2004) and Former Yugoslavia (to Q1 2004).
 
Latin America and the Caribbean includes Argentina, Belize, Bolivia, Bonaire St Eustatius and Saba, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Paraguay, Peru, Saint Lucia, St Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, Uruguay and Venezuela.
 
Africa and Middle East includes Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Iran, Iraq, Israel, Ivory Coast, Jordan, Kenya, Kuwait, Liberia, Libya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Oman, Palestinian Autonomy, Qatar, Rwanda, Sao Tome and Principe, Saudi Arabia, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, St Helena, Sudan (From Q2 2012 excludes South Sudan), South Sudan (From Q2 2012), Swaziland, Syria, Tanzania, Togo, Tunisia, Uganda, United Arab Emirates, Western Sahara, Republic of Yemen, Zaire, Zambia and Zimbabwe.
 
Asia and Pacific includes Afghanistan, Armenia, Azerbaijan, Bangladesh, Bhutan, British Overseas Territories, Brunei, Cambodia, Canton and Enderbury Islands, People's Republic of China, East Timor, Fiji, French Polynesia, Georgia, India, Indonesia, Kazakhstan, Kyrgyzstan, Kiribati, Democratic People's Republic of Korea, Republic of Korea, People's Democratic Republic of Lao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Palau, Pakistan, Papua New Guinea, Philippines, Solomon Islands, Sri Lanka, Taiwan, Tajikistan, Thailand, Tonga, Turkmenistan, Tuvalu, US Trust Territories in the Pacific, Uzbekistan, Socialist Republic of Vietnam and Wallis and Fortuna Islands. 
 
Regions - Pre-1999
BIS Industrial area includes Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Luxembourg, Netherlands, Norway, Republic of Ireland, Spain, Sweden, Switzerland and United States.
 
Reporting offshore centres includes Bahamas, Bahrain, Cayman Islands, Hong Kong, Netherlands Antilles and Singapore.
 
Non-reporting offshore centres includes Anguilla, Antigua, Barbados, Bermuda, British Virgin Islands, Dominica, Grenada, Lebanon, Liberia, Montserrat, Panama, St Kitts-Nevis, Saint Lucia, St Vincent and the Grenadines, Turks and Caicos Islands and Vanuatu.
 
Total BIS area includes BIS Industrial area, Reporting offshore centres and non-reporting offshore centres.
 
Other developed Europe includes Andorra, Cyprus, Gibraltar, Greece, Guernsey (1997 Q3 onwards), Iceland, Isle of Man (1997 Q3 onwards), Jersey (1997 Q3 onwards), Liechtenstein, Malta, Monaco, Portugal, Republic of Slovakia, Turkey, Vatican City State and Former Yugoslavia.
 
Other developed countries outside Europe includes Australia and New Zealand.
 
Eastern Europe includes Albania, Bulgaria, Former Czechoslovakia, Czech Republic, Estonia, German Democratic Republic (until 1990 Q3), Hungary, Latvia, Lithuania, Poland, Romania, Russia, Republic of Slovakia and Other Former Soviet Union.
 
Latin America and the Caribbean includes Argentina, Aruba, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Falkland Islands, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Paraguay, Peru, Suriname, Trinidad and Tobago, Uruguay and Venezuela.
 
Middle East includes Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Libya, Oman, Palestinian Autonomy (from 1998 Q1), Qatar, Saudi Arabia, Syria, United Arab Emirates and Republic of Yemen.
 
Africa includes Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo (from 1998 Q2), Djibouti, Ethiopia, Eritrea (from 1998 Q2), Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, St Helena, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zaire, Zambia and Zimbabwe.
 
Asia includes Afghanistan, Bangladesh, Bhutan, British Overseas Territories, Brunei, Cambodia, Canton and Enderbury Islands, People's Republic of China, Fiji, French Polynesia, French Southern and Antarctic Territories, India, Indonesia, Kiribati, Democratic People's Republic of Korea, Republic of Korea, People's Democratic Republic of Lao, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Pakistan, Papua New Guinea, Philippines, Solomon Islands, Sri Lanka, Taiwan, Thailand, Tonga, Tuvalu, US Trust Territories in the Pacific, Socialist Republic of Vietnam and Wallis and Fortuna Islands.
 
Countries
British Overseas Territories includes British Antarctic Territory, British Indian Ocean Territory and Pitcairn Islands.
 
Denmark includes Faeroe Islands and Greenland until 1998 Q4.
France includes French Guiana (1999 Q1 onwards), French Southern Territories (1999 Q1 onwards), Guadeloupe, Martinique, Mayotte (2003 Q4 onwards), Monaco (1999 Q1 onwards), Reunion and St Pierre and Miquelon.
 
Other Former Soviet Union (pre-1999) includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
 
United Arab Emirates includes Abu Dhabi, Dubai and Other United Arab Emirates.
 
United States includes US Virgin Islands.
 
West Indies UK includes Anguilla, Antigua and Barbuda, British Virgin Islands, Montserrat and St Christopher/St Kitts-Nevis.
 
Please note that any claims on, or liabilities to the Bank for International Settlements (BIS) are included within the bank sector in Switzerland, and any claims on, or liabilities to the European Central Bank (ECB) are included within the bank sector in Germany.
'Former' countries
Claims and liabilities against Former Czechoslovakia and Former Soviet Union are no longer collected. Any data that was previously reported against these countries is now reallocated to the appropriate successor country or to unallocated.
Claims and liabilities against Former Yugoslavia are no longer collected. Any remaining data that was previously reported against Former Yugoslavia is now reallocated to the appropriate successor country or to unallocated. Serbia & Montenegro, which accounted for a large proportion of Former Yugoslavia figures, is shown separately from Q2 2004 until Q1 2007; thereafter Serbia is shown separately, while Montenegro is included in ‘Other’ within Developing Europe.
 
From Q2 2011, business previously reported against the Netherlands Antilles is reported separately against Curacao, Sint Maarten and the islands group Bonaire, St. Eustatius and Saba. Curacao is listed separately in the Offshore Centres regional grouping. Bonaire, St. Eustatius and Saba is included within `Other' Latin America & Caribbean. Sint Maarten is included within `Other' Offshore Centres.
 
Countries not separately shown 
Countries not identified will be grouped by region as "countries not separately identified". These groups will also include any data suppressed for confidentiality within the separately identified countries within that region. The countries within each group are:
 
African and Middle East countries not separately identified (2015Q3 onwards) includes Benin, Central African Republic, Comoros, Eritrea, Guinea-Bissau, Niger, Somalia, South Sudan and Western Sahara.
African and Middle East countries not separately identified (from 1999 Q1to 2015 Q2) includes Benin, Burkina Faso, Burundi, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Gabon, Gambia, Guinea, Guinea-Bissau, Lesotho, Madagascar, Mauritania, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, St Helena, South Sudan, Swaziland, Togo and Western Sahara.
African countries not separately identified (pre 1999) includes Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo (from 1998 Q2), Djibouti, Eritrea (from 1998 Q2), Equatorial Guinea, Gabon, Gambia, Guinea, Guinea-Bissau, Lesotho, Madagascar, Mali, Mauritania, Mozambique, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, St Helena, Togo, Western Sahara and Zaire.
Asian and Pacific countries not separately identified (2015 Q3 onwards) includes Bhutan, French Polynesia, Myanmar, New Caledonia, Kiribati, Democratic People’s Republic of Korea, Micronesia, Nauru, Palau, Tajikistan, Tonga, Tuvalu and Wallis and Futuna Islands.
Asian and Pacific countries not separately identified (from 1999 Q1to 2015 Q2) includes Bhutan, Canton and Enderbury Islands, East Timor, Fiji, French Polynesia, Georgia, Kyrgyzstan, Kiribati, Democratic People's Republic of Korea, People's Democratic Republic of Lao, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, New Caledonia, Palau, Papua New Guinea, Solomon Islands, Tajikistan, Tonga, Tuvalu, US Trust Territories in the Pacific and Wallis and Fortuna Islands.
Asian countries not separately identified (pre 1999) includes Bhutan, British Overseas Territories, Cambodia, Canton and Enderbury Islands, Fiji, French Polynesia, French Southern and Antarctic Territories, Kiribati, People's Democratic Republic of Lao, Maldives, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, US Trust Territories in the Pacific and Wallis and Fortuna Islands.
Developed European countries not separately identified (2015 Q3 onwards) includes Faeroe Islands and San Marino.
Developed European countries not separately identified (from 1999 Q1to 2015 Q2) includes Faeroe Islands, Greenland and San Marino
Developing European countries not separately identified (2015 Q3 onwards) does not include any countries. From 2015 Q3 all Developing European countries are separately available.
Developing European countries not separately identified (from 1999 Q1to 2015 Q2) includes Belarus, Former Czechoslovakia (to Q1 2004), Macedonia, Moldova and Montenegro (from Q2 2007).
 
Latin American and Caribbean countries not separately identified (2015 Q3 onwards) includes Bonaire, St Eustatius and Saba, Haiti and Nicaragua.
 
Latin American and Caribbean countries not separately identified (from 1999 Q1to 2015 Q2) includes Bonaire St Eustatius and Saba, Dominica, Falkland Islands, Grenada, Guyana, Haiti, Nicaragua, Saint Lucia, St Vincent and the Grenadines and Suriname.
Latin American and Caribbean countries not separately identified (pre 1999) includes Aruba, Belize, Bolivia, Costa Rica, Dominican Republic, El Salvador, Falkland Islands, Guatemala, Guyana, Haiti, Honduras, Nicaragua, Suriname and Trinidad and Tobago.
Offshore centres not separately identified (2015 Q3 onwards) does not include any countries. From 2015 Q3 all countries in Offshore Centres are separately available.
Offshore centres not separately identified (from 1999 Q1 to 2015Q2) includes Aruba, Samoa, Sint Maarten and Vanuatu.
Non-reporting offshore centres not separately identified (pre 1999) includes Anguilla, Antigua, Dominica, Grenada, Montserrat, St Kitts-Nevis, Saint Lucia, St Vincent and the Grenadines, Turks and Caicos Islands and Vanuatu.

Key Resources

More detail on the use and availability of international banking statistics can be found in a Bankstats (Monetary & Financial Statistics) article titled 'Developments in UK international banking statistics'.
Further information on the new sub-sector breakdown presented in Bankstats table C3.4 can be found in a Bankstats article titled Enhancements to the International Banking Statistics'.
More detail on the additional counterpart country information included in Bankstats table C3.3 and the sector expansion included in Bankstats table C3.4 can be found in a Bankstats article titled 'Publication of additional information on the locational and consolidated international banking statistics’.
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