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FCDU Loans Stand at US$5.5 billion in First Quarter of 2011

06.30.2011

As of end-March 2011, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$5.5 billion, reflecting a year-on-year expansion of 14.3 percent (US$690 million) as loan disbursements for the 12-month period outpaced repayments.  Compared to the previous quarter, however, the FCDU loan portfolio was down by US$319 million (or 5.5 percent) from the
end-December 2010 level of US$5.8 billion as loan transactions resulted in an overall net loan repayment of US$335 million (gross disbursements of US$2.6 billion less repayments of US$2.9 billion) reflecting borrowers' cautious stance arising from concerns on the tension in the Middle East and its implications on the domestic economy.

 About 62.7 percent of outstanding FCDU loans had medium- to long-term (MLT) maturities [or those payable over a term of more than one (1) year], while the
37.3 percent balance are short-term (ST) accounts [or those with original maturities of up to one (1) year].

Resident borrowers (mainly from the private sector) have consistently dominated borrowings from FCDUs, with US$4.3 billion in outstanding credits by end-March 2011, representing about 77.7 percent of the total portfolio.

Gross disbursements in the first quarter dropped by US$915 million to US$2.6 billion from US$3.5 billion in the last quarter of 2010. About 77.1 percent of the new loan releases were in favor of resident borrowers. The bulk of the loans went to manufacturers/exporters and companies from the financial services sectors. About 88.0 percent of the new loans had short-term maturities.

FCDU deposit liabilities declined to US$24.7 billion or by US$223 million (about 0.9 percent) during the first quarter of the year.  The bulk (98.0 percent) of these deposits continued to be held by residents.  The overall loans-to-deposits ratio correspondingly declined from 23.4 percent in December 2010 to 22.4 percent at end-March 2011 due to the larger contraction in FCDU loans compared to the change in deposit liabilities.

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