As of end-June 2011, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$6.3 billion, reflecting a 14.2 percent growth (US$787 million) from the end-March 2011 level of US$5.5 billion. Loan transactions resulted in an overall net loan disbursements of US$782 million (excess of disbursements over repayments) partly due to lower interest rates as a result of stable financial conditions and the continued growth of the domestic economy.
Year-on-year, an expansion of 23.3 percent (US$1.2 billion) was also noted. Outstanding FCDU loans consist of 55.2 percent in medium-to long-term (MLT) loans [or those payable over a term of more than one (1) year] and 44.8 percent in 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$5.1 billion in outstanding credits by end-June 2011, representing about 80.9 percent of the total portfolio.
Gross disbursements during the quarter surged to US$3.8 billion or by 46.1 percent compared to US$2.6 billion in the previous quarter. Major loan releases went to manufacturers/exporters, and the financial services sector. About 90.2 percent of the new loans had short-term maturities.
FCDU deposit liabilities reached a record high of US$25.5 billion as of June 2011, reflecting a growth of three (3.0) percent (US$750 million) since end-March 2011. The bulk (98.1 percent) of these deposits continued to be held by residents. The overall loans-to-deposits ratio grew from 22.4 percent in March 2011 to 24.8 percent at end-June 2011 due to the slightly higher growth in loans vis-à-vis deposits.