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FCDU Loans Up By 3 Percent in Third Quarter

12.21.2006

As of end-September 2006, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$3.973 billion, up by almost 3 percent from the end-June 2006 level of US$3.862 billion. On a year-on-year basis, the FCDU loan portfolio dropped by US$138 million (or 3 percent) as aggregate loan repayments outpaced new loans granted.

An FCDU is a unit of a local bank or of a local branch of a foreign bank authorized by the Bangko Sentral to engage in foreign exchange denominated transactions, such as accepting foreign currency deposits and granting of foreign currency loans.

The increase in the stock of FCDU loans in the third quarter relative to the second quarter resulted principally from net loan availments of about US$60 million. Around 75 percent of funds disbursed during the period were short-term in nature, with oil companies receiving about a third of new loans.

 The sectoral breakdown of outstanding FCDU loans remained unchanged  at 67 percent for the private sector and 33 percent for the public sector. In terms of maturity, 64 percent of the accounts had medium to long-term maturities, i.e., exceeding one year.  Exporters and  public utility firms remained the major beneficiaries of FCDU loans, followed by producers/ manufacturers, including oil companies.

FCDU deposit liabilities rose by US$474 million (or 3 percent) from the end-June 2006 level to reach US$18.0 billion by end-August 2006. The bulk of these deposits (95 percent) were owned by residents.

The overall FCDU loans-to-deposits ratio (which relates the current period’s loan portfolio to the level of FCDU deposits two quarters back) slightly increased to 23.6 percent in September 2006 from 23.2 percent in June 2006 due to the larger increase in loans vis-a-vis deposit liabilities. 

Please refer to attached table for details.

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