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FCDU Loans Slightly Rise in the Third Quarter

12.30.2010

As of end-September 2010, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$5.2 billion, reflecting an increase of US$68 million (or 1.3 percent) from the end-June 2010 level of US$5.1 billion.  The expansion resulted mainly from the US$102 million excess of new disbursements over repayments which were largely transactions of resident borrowers.

Year-on-year, an 8.0  percent expansion (US$384 million) in the  loan portfolio was recorded compared to the September 2009 level of US$4.8 billion as  loan disbursements continued to outpace repayments.
 
Outstanding loans with medium- and long-term (MLT) maturities, that is, payable over a term of more than one (1) year, comprised 61.5 percent of total, while the 38.5 percent balance had short-term (ST) tenors [or original maturities of up to one (1) year].

Resident borrowers have consistently dominated borrowings from FCDUs which stood at US$3.6 billion this quarter and accounted for about 68.4 percent of the total portfolio which are mostly private sector borrowings. 

Gross disbursements in the third quarter reached US$3.0 billion, higher by US$198 million than the previous period’s level, while repayments grew to US$2.9 billion or by US$425 million. About 54.8 percent (US$1.7 billion) of the new loan releases were in favor of residents while the balance went to nnon-resident borrowers. Major loan releases were in favor of a mix of borrowers such as oil companies, manufacturers and exporters of food products, electronics and tires. About 87.4 percent of the new loans had short-term maturities.

FCDU deposit liabilities posted a slight decline of 1.0 percent (US$236 million) to settle at US$24.3 billion from US$24.5 billion as of end-June. The bulk (97.8 percent) of these deposits were held by residents. With the expansion in FCDU loans vis-à-vis the reduction in deposits, the overall loans-to-deposits ratio improved to 21.4 percent from 20.7 percent in June 2010.

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