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FCDU Loan Portfolio Inches Up Anew in Second Quarter

10.24.2005

Outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks stood at US$4,622 million as of end-June 2005. The level represents a US$16 million expansion in the second quarter but a slowdown from the US$80 million growth posted in the previous quarter. On a year-on-year basis, outstanding FCDU loans fell by US$188 million, due mostly to net repayments by public sector borrowers.

Loan disbursements from April to June 2005 amounted to US$1,438 million, or US$220 million higher than the previous quarter’s total. Almost 90 percent of the releases were for trade financing requirements and repayable within one year, thereby increasing the percentage share of short-term accounts to the total loan portfolio from 29.0 percent in March to 34.2 percent in June.

During the same period, principal repayments (which were mostly for short-term accounts) totaled US$1,395 million, posting a quarter-on-quarter increase of US$286 million.  Overall, loan availments exceeded principal payments by US$42 million but this was partly offset by negative accounting adjustments of US$26 million that included revaluation of accounts due to exchange rate movements.

Outstanding loans to private enterprises at end-June comprised more than two-thirds of the FCDU loan portfolio, up from about 64 percent a quarter ago, and were almost evenly split between short-term and medium- to long-term accounts. Exporters and public utility enterprises had combined exposures of more than 41 percent of total.

After two years of continuous growth, FCDU deposit liabilities declined to US$15,728 million or by US$442 million due to maturity/withdrawals of placements in time deposits and deposits of Trust Departments of banks.  The bulk (93 percent) of these deposits remained payable to residents.  

The overall loans-to-deposits ratio which is computed using the current quarter’s loan figure compared to deposit levels two quarters back dropped anew, from 30.6 percent in the first quarter to 29.8 percent in the second quarter. 

Please refer to attached table for details.

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