Developments in international banking and capital markets in 1992

Quarterly Bulletin 1993 Q2
Published on 01 June 1993
  • Borrowing in the international banking and capital markets more than doubled last year, after falling sharply in 1991. But because a large part of this borrowing refinanced existing debt, net borrowing was broadly the same as in 1991.
  • As in 1991, borrowing in the international capital markets reached a new record last year. International bank lending remained subdued despite a rise in the second half of the year.
  • Falling bond yields and substantial borrowing by governments boosted international capital market issuance.
  • Uncertainties in Europe, associated with Maastricht and ERM turbulence, caused investors to shift from the Ecu and high-yielding European currencies to 'safe havens' such as the US dollar and deutschmark.

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