- 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.
Developments in international banking and capital markets in 1992