Key points
- With effect from this publication of 2025 Q4 data, the Bank of England has implemented changes for country grouping conventions used in statistics covering the international business of monetary financial institutions operating in the UK. As set out in the Bankstats article of December 2024, the change to these breakdowns aligns our publication with the grouping used by the Bank for International Settlements (BIS) in their published reports. Additional details of the changes are in the Bankstats article of February 2026.
- Adjusted for exchange rate movements, external liabilities increased by $114.1 billion during 2025 Q4. By region, the largest increase in liabilities was to Advanced Economies ($85.2 billion), where the largest increase by country was to Norway ($58.5 billion).
- Adjusted for exchange rate movements, external claims increased by $109.5 billion during 2025 Q4. By region, the largest increase in claims was on Advanced Economies ($53.7 billion), where the increase by country was entirely accounted for by Norway ($70.1 billion).
Table A: Regional breakdown of external claims and liabilities (US$ billion)
|
Exchange rate adjusted flows |
Amounts outstanding |
|||
|---|---|---|---|---|
|
|
Q2 |
Q3 |
Q4 |
End-Dec 2025 |
|
2025 |
2025 |
2025 |
||
|
Liabilities to: |
||||
|
Advanced Economies |
156.5 |
179.4 |
85.2 |
4,786.2 |
|
Emerging Market and Developing Economies |
2.6 |
-10.3 |
12.5 |
588.5 |
|
International Organisations & Other |
-7.2 |
35.4 |
16.4 |
1,145.2 |
|
Total |
151.9 |
204.5 |
114.1 |
6,519.9 |
|
Claims on: |
||||
|
Advanced Economies |
122.4 |
156.5 |
53.7 |
5,593.4 |
|
Emerging Market and Developing Economies |
13.0 |
24.6 |
19.3 |
547.3 |
|
International Organisations & Other |
-0.2 |
16.7 |
36.5 |
292.7 |
|
Total |
135.2 |
197.7 |
109.5 |
6,433.4 |
Exchange rate adjusted flows of external liabilities and claims: Advanced Economies
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Advanced Economies - 2025 Q4 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Norway |
132.5 |
58.5 |
129.7 |
58.3 |
2.7 |
0.2 |
|
Japan |
180.3 |
23.3 |
113.7 |
25.4 |
66.6 |
-2.2 |
|
|
France |
287.0 |
16.0 |
253.8 |
18.2 |
33.2 |
-2.3 |
|
|
Germany |
473.7 |
13.4 |
439.4 |
12.9 |
34.3 |
0.5 |
|
|
Luxembourg |
81.2 |
10.3 |
8.8 |
-1.3 |
72.3 |
11.7 |
|
|
Largest decreases |
Belgium |
48.0 |
-3.3 |
38.6 |
-2.1 |
9.4 |
-1.2 |
|
Australia |
67.7 |
-4.5 |
38.6 |
-1.6 |
29.1 |
-2.9 |
|
|
Netherlands |
130.2 |
-5.2 |
59.5 |
-2.1 |
70.6 |
-3.1 |
|
|
Switzerland |
271.5 |
-5.7 |
170.7 |
-1.1 |
100.7 |
-4.7 |
|
|
Canada |
118.4 |
-33.7 |
95.4 |
-36.4 |
23.0 |
2.7 |
|
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country: Advanced Economies - 2025 Q4 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Norway |
156.1 |
70.1 |
148.6 |
70.0 |
7.5 |
0.2 |
|
United States |
2,161.6 |
37.3 |
702.3 |
-27.9 |
1,459.3 |
65.1 |
|
|
France |
513.5 |
21.3 |
438.8 |
21.6 |
74.7 |
-0.4 |
|
|
Singapore |
109.8 |
13.4 |
54.4 |
0.1 |
55.4 |
13.3 |
|
|
Luxembourg |
240.8 |
9.8 |
8.9 |
-0.8 |
231.9 |
10.6 |
|
|
Largest decreases |
Ireland |
182.7 |
-8.9 |
46.9 |
-12.6 |
135.8 |
3.7 |
|
Netherlands |
80.9 |
-12.2 |
61.2 |
1.5 |
19.7 |
-13.7 |
|
|
Japan |
398.5 |
-12.9 |
231.1 |
13.7 |
167.4 |
-26.6 |
|
|
Jersey |
91.6 |
-14.5 |
13.2 |
0.8 |
78.4 |
-15.3 |
|
|
Germany |
427.2 |
-27.5 |
369.9 |
-23.4 |
57.3 |
-4.1 |
|
Exchange rate adjusted flows of external liabilities and claims: Emerging Market and Developing Economies
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Emerging Market and Developing Economies - 2025 Q4 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
China |
103.9 |
29.4 |
97.8 |
32.9 |
6.1 |
-3.5 |
|
Brazil |
12.7 |
5.8 |
10.0 |
5.4 |
2.7 |
0.4 |
|
|
Kazakhstan |
8.9 |
2.1 |
5.3 |
0.8 |
3.6 |
1.3 |
|
|
Saudi Arabia |
62.4 |
0.9 |
44.9 |
2.5 |
17.5 |
-1.5 |
|
|
Thailand |
5.0 |
0.9 |
2.8 |
-0.1 |
2.3 |
1.1 |
|
|
Largest decreases |
Iraq |
4.1 |
-1.6 |
4.0 |
-1.4 |
0.1 |
-0.2 |
|
Nigeria |
18.3 |
-2.1 |
12.8 |
-0.7 |
5.5 |
-1.4 |
|
|
Poland |
10.3 |
-3.8 |
8.7 |
-3.9 |
1.6 |
0.1 |
|
|
Mexico |
12.5 |
-8.2 |
9.7 |
-7.2 |
2.9 |
-1.0 |
|
|
United Arab Emirates |
73.4 |
-11.2 |
33.3 |
-6.4 |
40.1 |
-4.8 |
|
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country: Emerging Market and Developing Economies - 2025 Q4 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
China |
43.4 |
8.0 |
34.4 |
8.2 |
9.1 |
-0.2 |
|
Saudi Arabia |
39.6 |
6.2 |
13.7 |
2.5 |
25.9 |
3.6 |
|
|
Turkey |
34.0 |
3.8 |
21.7 |
2.7 |
12.3 |
1.1 |
|
|
Brazil |
47.7 |
3.4 |
19.9 |
2.4 |
27.8 |
0.9 |
|
|
Egypt |
16.6 |
2.3 |
6.0 |
0.1 |
10.7 |
2.2 |
|
|
Largest decreases |
Argentina |
0.4 |
-0.5 |
0.1 |
-0.5 |
0.3 |
0.0 |
|
Poland |
10.4 |
-0.5 |
6.4 |
-1.4 |
4.0 |
0.9 |
|
|
Kuwait |
3.7 |
-0.8 |
2.1 |
-0.2 |
1.7 |
-0.6 |
|
|
Mauritius |
4.0 |
-1.0 |
1.5 |
0.1 |
2.4 |
-1.1 |
|
|
United Arab Emirates |
105.0 |
-9.0 |
49.7 |
-0.8 |
55.3 |
-8.1 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 5 June 2026
