The last few years have seen a remarkable expansion in foreign currency deposit business in London, as shown by the growth of U.K. banks' liabilities and claims in foreign currencies. The purpose of this article is to give some account of this development and, also, to introduce a new statistical series of these liabilities and claims, collected as from December 1962, which it is intended to publish quarterly in future. In this article the term "UK banks" refers to domestic banks, accepting houses, and the London offices of British overseas banks and foreign banks, and the term "foreign currencies" means currencies of countries outside the sterling area.
UK banks external liabilities and claims in foreign currencies