Key points
- Adjusted for exchange rate movements, external liabilities increased by $164.3 billion during 2021 Q4. The largest increase in liabilities was to Developed Countries, with the largest increase to Canada.
- Adjusted for exchange rate movements, external claims increased by $125.1 billion during 2021 Q4. The largest increase in claims was on Developed Countries, which was largely accounted for by the United States.
Table A: Regional breakdown of external claims and liabilities
US$ billions - Not seasonally adjusted
| Exchange rate adjusted flows | Amounts outstanding | ||||||
|---|---|---|---|---|---|---|---|---|
Q2 | Q3 | Q4 | End-Q4 2021 | |||||
2021 |
|
|
|
| ||||
Liabilities to: | ||||||||
Developed countries | - 98.2 | - 16.8 | 74.8 | 3,327.3 | ||||
Offshore centres | 28.7 | 18.0 | 50.1 | 716.9 | ||||
Developing countries | 2.5 | 23.8 | 3.0 | 560.5 | ||||
International Organisations & Other | 2.8 | - 9.3 | 36.4 | 1,050.4 | ||||
Total | - 64.2 | 15.8 | 164.3 | 5,655.0 | ||||
Claims on: | ||||||||
Developed countries | - 19.0 | - 6.6 | 94.7 | 4,057.4 | ||||
Offshore centres | - 3.1 | 21.2 | - 2.5 | 567.6 | ||||
Developing countries | - 8.9 | - 0.5 | 35.3 | 461.1 | ||||
International Organisations & Other | - 2.7 | 15.5 | - 2.4 | 192.9 | ||||
Total | - 33.7 | 29.6 | 125.1 | 5,279.1 | ||||
Chart 1: Exchange rate adjusted flows of liabilities by counterpart sector and region 2021 Q4 (US$ billions)
Chart 2: Exchange rate adjusted flows of claims by counterpart sector and region 2021 Q4 (US$ billions)
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Exchange rate adjusted flows vis-à-vis Developed Countries – 2021 Q4
(US$ billions) - Not seasonally adjusted
Chart 3: Flows of liabilities by country (5 largest increases/decreases)
Chart 4: Flows of claims by country (5 largest increases/decreases)
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|---|---|---|---|---|---|---|---|---|---|
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Canada | 150.1 | 32.4 |
| 100.8 | 26.5 |
| 49.3 | 5.9 |
United States | 1,355.0 | 11.1 |
| 542.9 | -12.9 |
| 812.1 | 23.9 | |
Australia | 76.0 | 10.1 |
| 47.7 | 8.8 |
| 28.3 | 1.3 | |
Switzerland | 203.7 | 10.0 |
| 139.3 | 1.6 |
| 64.4 | 8.4 | |
Luxembourg | 115.3 | 7.9 |
| 29.7 | -6.7 |
| 85.6 | 14.6 | |
Largest flow decreases | France | 283.9 | -7.6 |
| 222.8 | -7.2 |
| 61.1 | -0.4 |
Japan | 116.5 | -7.4 |
| 93.3 | 9.7 |
| 23.3 | -17.1 | |
Ireland | 228.6 | -4.0 |
| 71.5 | -1.4 |
| 157.2 | -2.6 | |
Austria | 5.7 | -0.9 |
| 3.3 | -0.3 |
| 2.3 | -0.6 | |
Portugal | 1.4 | -0.5 |
| 0.4 | -0.4 |
| 1.0 | -0.1 | |
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|---|---|---|---|---|---|---|---|---|---|
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | United States | 1,481.2 | 71.5 |
| 558.4 | 32.2 |
| 922.8 | 39.4 |
Switzerland | 247.0 | 29.9 |
| 201.6 | 27.8 |
| 45.4 | 2.1 | |
Luxembourg | 166.4 | 21.4 |
| 42.5 | 14.1 |
| 123.9 | 7.3 | |
Australia | 88.3 | 16.6 |
| 52.3 | 12.4 |
| 36.0 | 4.2 | |
Canada | 178.9 | 15.1 |
| 127.2 | 10.2 |
| 51.8 | 4.9 | |
Largest flow decreases | Japan | 308.9 | -47.3 |
| 213.9 | -14.4 |
| 95.1 | -32.9 |
Germany | 491.7 | -18.3 |
| 450.7 | -17.1 |
| 41.0 | -1.3 | |
Finland | 9.9 | -6.8 |
| 3.4 | -5.5 |
| 6.4 | -1.3 | |
Belgium | 27.7 | -4.2 |
| 17.0 | -4.7 |
| 10.7 | 0.5 | |
Netherlands | 152.9 | -2.8 |
| 69.0 | -2.4 |
| 83.9 | -0.4 | |
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Exchange rate adjusted flows vis-à-vis Offshore Centres – 2021 Q4
(US$ billions) - Not seasonally adjusted
Chart 5: Flows of liabilities by country (5 largest increases/decreases)
Chart 6: Flows of claims by country (5 largest increases/decreases)
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Cayman Islands | 175.8 | 35.2 |
| 12.6 | 1.4 |
| 163.2 | 33.8 |
Hong Kong | 139.3 | 8.0 |
| 72.0 | 4.0 |
| 67.2 | 3.9 | |
Singapore | 111.9 | 5.6 |
| 87.3 | 10.0 |
| 24.7 | -4.4 | |
Barbados | 9.9 | 1.8 |
| 9.0 | 1.9 |
| 1.0 | -0.1 | |
Guernsey | 55.2 | 0.8 |
| 47.6 | 1.0 |
| 7.6 | -0.2 | |
Largest flow decreases | Lebanon | 3.3 | -1.1 |
| 2.6 | -1.1 |
| 0.7 | -0.1 |
Bahamas | 14.4 | -1.1 |
| 11.0 | -0.5 |
| 3.4 | -0.6 | |
West Indies UK | 17.4 | -1.0 |
| 0.2 | 0.0 |
| 17.3 | -1.1 | |
Bahrain | 4.8 | -0.2 |
| 3.3 | 0.1 |
| 1.5 | -0.3 | |
No other decreases more than $0.1bn | |||||||||
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|---|---|---|---|---|---|---|---|---|---|
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Cayman Islands | 211.3 | 6.6 |
| 88.2 | -4.5 |
| 123.1 | 11.2 |
Singapore | 100.2 | 2.0 |
| 66.9 | 4.0 |
| 33.3 | -2.0 | |
Panama | 2.3 | 0.3 |
| 0.7 | 0.4 |
| 1.6 | -0.1 | |
Bermuda | 10.7 | 0.2 |
| 0.0 | 0.0 |
| 10.7 | 0.2 | |
Mauritius | 3.4 | 0.2 |
| 1.3 | 0.5 |
| 2.1 | -0.3 | |
Largest flow decreases | Hong Kong | 102.0 | -8.1 |
| 39.2 | -8.4 |
| 62.7 | 0.4 |
West Indies UK | 22.2 | -1.5 |
| 0.0 | 0.0 |
| 22.1 | -1.5 | |
Guernsey | 17.8 | -0.6 |
| 1.3 | -0.5 |
| 16.5 | -0.2 | |
Isle of Man | 6.5 | -0.6 |
| 0.9 | -0.1 |
| 5.6 | -0.5 | |
Bahrain | 7.6 | -0.4 |
| 5.5 | -0.5 |
| 2.1 | 0.1 | |
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Exchange rate adjusted flows vis-à-vis Developing Countries – 2021 Q4
(US$ billions) - Not seasonally adjusted
Chart 7: Flows of liabilities by country (5 largest increases/decreases)
Chart 8: Flows of claims by country (5 largest increases/decreases)
Table F: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|---|---|---|---|---|---|---|---|---|---|
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Brazil | 23.9 | 13.1 |
| 20.7 | 13.5 |
| 3.2 | -0.4 |
Qatar | 35.9 | 5.4 |
| 12.7 | 4.9 |
| 23.2 | 0.5 | |
China | 122.6 | 4.8 |
| 115.9 | 4.7 |
| 6.7 | 0.1 | |
India | 41.0 | 4.6 |
| 37.7 | 4.3 |
| 3.3 | 0.3 | |
South Korea | 13.7 | 1.5 |
| 8.1 | 1.3 |
| 5.6 | 0.2 | |
Largest flow decreases | Saudi Arabia | 69.1 | -7.4 |
| 37.4 | -8.7 |
| 31.7 | 1.2 |
United Arab Emirates | 36.2 | -5.6 |
| 19.4 | -3.3 |
| 16.7 | -2.3 | |
Kazakhstan | 4.6 | -4.2 |
| 2.5 | -4.2 |
| 2.2 | 0.0 | |
South Africa | 16.1 | -3.5 |
| 11.0 | -1.8 |
| 5.1 | -1.7 | |
Oman | 4.3 | -2.0 |
| 1.5 | -0.9 |
| 2.7 | -1.0 | |
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q4
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|---|---|---|---|---|---|---|---|---|---|
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Brazil | 31.6 | 15.6 |
| 22.4 | 14.3 |
| 9.2 | 1.3 |
Israel | 19.8 | 8.9 |
| 13.4 | 8.0 |
| 6.5 | 1.0 | |
Qatar | 59.9 | 8.0 |
| 42.9 | 4.0 |
| 17.0 | 4.0 | |
India | 28.4 | 5.5 |
| 16.4 | 5.2 |
| 11.9 | 0.2 | |
Czech Republic | 3.5 | 1.6 |
| 2.3 | 1.2 |
| 1.2 | 0.4 | |
Largest flow decreases | Egypt | 13.6 | -3.7 |
| 4.2 | -1.7 |
| 9.4 | -2.0 |
Angola | 0.7 | -2.0 |
| 0.0 | -2.0 |
| 0.7 | 0.0 | |
South Africa | 10.8 | -1.1 |
| 4.4 | 0.1 |
| 6.4 | -1.2 | |
Nigeria | 17.5 | -0.7 |
| 13.5 | -0.3 |
| 4.0 | -0.3 | |
Ukraine | 0.7 | -0.3 |
| 0.0 | 0.0 |
| 0.7 | -0.4 | |
Queries
If you have any comments or queries about this release, please email dsd_ibs@bankofengland.co.uk. Next release date: 7 June 2022
