Further details about external business of monetary financial institutions operating in the UK data

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Overview

Monetary financial institutions (MFIs) are defined as banks – including the Bank of England – and building societies. This dataset can therefore provide a picture of financial flows between UK MFIs and the rest of the world.

Following the transition of building societies’ statistical reporting from the then Financial Services Authority to the Bank of England on 1 January 2008, this dataset includes data reported by building societies from 2009 Q1 onwards.

The amounts outstanding are reported to us in sterling. Figures are then translated into US dollars at the end quarter exchange rate.

Availability

Data are collected and made available on a quarterly basis, with a lag of approximately one quarter. The data are available in the form of a statistical release, as well as on the Database from 1986 Q3 and the following tables:

• Changes to the external business of monetary financial institutions operating in the UK: analysis by region and nationality (Table C3.1)
• External business of monetary financial institutions operating in the UK: analysis by region and country (Table C3.2)
• External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3)
• External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4)

Since June 2015, additional information by counterpart region and sector has been available in External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4), with amounts outstanding and changes data available on statistics database from 2014 Q1 and 2014 Q2 respectively. Further information is available in the Statistics article ‘Enhancements to the International Banking Statistics’.

Since December 2015 External business of monetary financial institutions operating in the UK: analysis by region and country (Table C3.2) has included additional counterpart country information and External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) has included new subsector information (available from 2014 Q1 for amounts outstanding and from 2014 Q2 for changes data). Further details are available in the Statistics article ‘Publication of additional information on the locational and consolidated international banking statistics’.

These data are provided to the Bank of International Settlements (BIS), which combines them with the statistics of other reporting countries to produce a worldwide view of locational claims.

Sources of these data

Total claims and liabilities vis-à-vis non-residents are sourced from our statistical form BT (balance sheet), which is a quarterly census of all UK resident monetary financial institutions.

Counterparty country data are sourced from our statistical form CC (country analysis of external claims) and form CL (country analysis of external liabilities). The reporting population of each form is independent of the other, covering all monetary financial institutions with non-resident business in excess of £300 million on the relevant side of the balance sheet.

Revisions to these data

All data are subject to revision if and when new data become available. For more information please see further details about revisions.

Definitions

Amounts outstanding are made up of gross liabilities to and claims on non-residents as recorded in the reporting institutions' books at the close of business on the last working day of each calendar quarter. A large part of these assets and liabilities are denominated in US dollars. In order to reduce distortion in comparisons caused by fluctuations in exchange rates between reporting dates, all figures are shown in US dollars rather than sterling. For changes data, we have made adjustments to remove the effects of exchange rate movements.

The data include liabilities and claims denominated in sterling as well as those denominated in foreign currencies.

UK liabilities

These are made up of:

• deposits and advances received by reporting institutions from non-residents
• liabilities under sale and repurchase agreements from non-residents
• custodial holdings of certificates of deposit issued by UK monetary financial institutions.

Counterpart country and sector information, as well as a currency breakdown, are collected for these data via form CL.

‘Unallocated liabilities’ includes reporting population differences and estimates of:

• commercial paper and unallocated certificates of deposits issued, the holders of which are unknown but are presumed to be non-residents
• net non-euro foreign currency items in suspense
• balances awaiting settlement of securities transactions.

A further adjustment is made to correct the misidentification of liabilities to, and claims on, non-residents, which is reflected in an imbalance in intra-banking sector claims. While intra-banking sector liabilities should in theory equal intra-banking sector claims, in practice the figures do differ. International issues of securities (e.g. an estimate of sterling, euro and foreign currency bonds and floating rate notes issued by banks) are shown separately in External business of monetary financial institutions operating in the UK: analysis by region and country (Table C3.2), but are included in ‘unallocated liabilities’ in Changes to the external business of monetary financial institutions operating in the UK: analysis by region and nationality (Table C3.1), External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) and External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4).

UK claims

These are made up of:

• the reporting institutions' loans and advances to non-residents
• balances with non-residents
• claims under sale and repurchase agreements to non-residents
• commercial bills and other negotiable paper drawn on non-residents
• lending under export finance schemes, including amounts refinanced
• sterling acceptances given on behalf of non-residents
• assets leased out under finance leases
• holdings of certain investments outside the UK with an original maturity of one year or more.

These investments include securities with contractually defined repayment dates issued by non-resident governments, non-resident institutions such as the World Bank, and corporate bodies resident abroad. Investments in the share and loan capital of reporting institutions' non-resident subsidiaries and in securities without contractually defined repayment dates (e.g. equities) are excluded. Counterpart country and sector information are collected for these data via form CC.

‘Unallocated claims' includes net non-euro foreign currency items in suspense and balances awaiting settlement of securities transactions.

Sector breakdown

External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) and External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4) present the following expanded sectoral breakdown:

• intra-group deposit-taking corporations
• central monetary institutions
• other deposit-taking corporations
• other financial corporations
• non-financial corporations
• general government
• households
• amounts unallocated by sector.

The data are available from 2014 Q1 for amounts outstanding, and 2014 Q2 for changes.

‘Deposit-taking corporations’ refers to non-resident banks and other non-resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than deposit-taking corporations, and to grant credit and/or make investments in securities. 

‘Non-resident deposit-taking corporations’ includes central monetary institutions, but excludes money market funds. Non-resident deposit-taking corporations are classified according to ‘home country’ definition (i.e. how the entity is classified in the country where it is resident).

‘Intra-group deposit-taking corporations’ refers to business with non-resident deposit-taking corporations that are part of the same group as the reporting institution.

‘Other deposit-taking corporations’ is made up of non-resident deposit-taking corporations that are neither intra-group nor central monetary institutions.

‘Other financial corporations’ is made up of all non-resident financial corporations other than deposit-taking corporations. Included here are:

• all non-resident money market funds
• non-money market fund collective investment schemes
• factoring companies and discounters
• insurance companies and pension funds
• leasing companies
• securities
• financial auxiliaries
• other financial institutions
• international banking organisations.

‘General government’ includes central government, state government, local government and social security funds.

‘Non-financial corporations’ is made up of privately and publicly owned corporations as well as unincorporated enterprises that function as if they were corporations, such as partnerships and the branches of foreign corporations.

‘Households’ includes individuals, families, non-quasi-corporations or enterprises owned by household members and non-profit institutions serving households (NPISHs) such as charities, religious institutions, trade unions and consumer associations.

Liabilities broken down by currency and sector in External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3), and by region and sector in External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4), are sourced from form CL. Custodial holdings of certificates of deposit issued by UK monetary financial institutions, where the sectoral breakdown is limited to non-resident deposit taking corporations and other non-residents, are allocated to ‘other deposit-taking corporations’ and ‘unallocated by sector’ respectively. 

Claims broken down by currency and sector in External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3), and by region and sector in External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4), are sourced from form CC. Acceptances given on behalf of non-residents, where information on the expanded sectors are not collected, are included in ‘unallocated by sector’.

Before 4 December 2015, sectoral data published in External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) (by currency and sector) included items where the counterpart sector was unknown but presumed to relate to a particular sector. Similarly, sectoral data for central monetary institutions were previously derived using data reported on form CA (currency analysis of foreign non-euro currencies) which has a smaller reporting population than forms CC and CL. From 4 December 2015, the sectoral information published in External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) is sourced solely from counterpart sector data reported on forms CC and CL.

Valuation

Assets contained within the reporting institution’s trading book are reported at market value.

Assets within the banking book are generally reported at market value as well. However, where this is impractical, we accept such assets being reported at book value (i.e. the value standing in the institution’s own books).

Loans are always reported at the value recorded in the institution's books (gross of provisions).

In the case of asset-backed securities, due to the possibility of early partial redemption of principal, the market value may not be the same as the original face value revalued at end period market prices.

Region and country details

Some figures for individual countries are omitted (indicated by ..) either because data is not available or for reasons of confidentiality. In cases where figures are excluded for reasons of confidentiality, the amounts, which are generally small, are wherever possible included in the area totals. With effect from Q4 1997, individual data for Guernsey, Jersey and the Isle of Man were collected and shown separately, having previously being classified as UK. The country groups are the same as those used by the Bank for International Settlements.

Regions: 1999 Q1 onwards

Developed European countries includes Andorra, Austria, Belgium, Croatia, Cyprus, Denmark, Estonia, Faeroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Portugal, San Marino, Republic of Slovakia, Slovenia, Spain, Sweden, Switzerland and Vatican City State.

Total developed countries includes developed European countries, Australia, Canada, Japan, New Zealand and United States.

Offshore centres includes Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, Curacao, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Lebanon, Macao, Mauritius, Netherlands Antilles (until 2011 Q2), Panama, Samoa, Singapore, Sint Maarten, West Indies UK and Vanuatu.

Developing Europe includes Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Former Czechoslovakia (to 2004 Q1), Czech Republic, Hungary, Macedonia, Moldova, Montenegro (from 2007 Q2), Poland, Romania, Russia, Serbia (from 2007 Q2), Serbia and Montenegro (from 2004 Q2 to 2007 Q1), Turkey, Ukraine, Former Soviet Union (to 2004 Q1) and former Yugoslavia (to 2004 Q1).

Latin America and the Caribbean includes Argentina, Belize, Bolivia, Bonaire St Eustatius and Saba, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Paraguay, Peru, Saint Lucia, St Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, Uruguay and Venezuela.

Africa and Middle East includes Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Iran, Iraq, Israel, Ivory Coast, Jordan, Kenya, Kuwait, Liberia, Libya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Oman, Palestinian Autonomy, Qatar, Rwanda, Sao Tome and Principe, Saudi Arabia, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, St Helena, Sudan (from 2012 Q2 excludes South Sudan), South Sudan (From 2012 Q2), Swaziland, Syria, Tanzania, Togo, Tunisia, Uganda, United Arab Emirates, Western Sahara, Republic of Yemen, Zaire, Zambia and Zimbabwe.

Asia and Pacific includes Afghanistan, Armenia, Azerbaijan, Bangladesh, Bhutan, British Overseas Territories, Brunei, Cambodia, Canton and Enderbury Islands, People's Republic of China, East Timor, Fiji, French Polynesia, Georgia, India, Indonesia, Kazakhstan, Kyrgyzstan, Kiribati, Democratic People's Republic of Korea, Republic of Korea, People's Democratic Republic of Lao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Palau, Pakistan, Papua New Guinea, Philippines, Solomon Islands, Sri Lanka, Taiwan, Tajikistan, Thailand, Tonga, Turkmenistan, Tuvalu, US Trust Territories in the Pacific, Uzbekistan, Socialist Republic of Vietnam and Wallis and Fortuna Islands.

Regions: pre-1999

BIS Industrial Area includes Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Luxembourg, Netherlands, Norway, Republic of Ireland, Spain, Sweden, Switzerland and United States.

Reporting offshore centres includes Bahamas, Bahrain, Cayman Islands, Hong Kong, Netherlands Antilles and Singapore.

Non-reporting offshore centres includes Anguilla, Antigua, Barbados, Bermuda, British Virgin Islands, Dominica, Grenada, Lebanon, Liberia, Montserrat, Panama, St Kitts-Nevis, Saint Lucia, St Vincent and the Grenadines, Turks and Caicos Islands and Vanuatu.

Total BIS area includes BIS Industrial Area, reporting offshore centres and non-reporting offshore centres.

Other developed Europe includes Andorra, Cyprus, Gibraltar, Greece, Guernsey (1997 Q3 onwards), Iceland, Isle of Man (Q3 1997 onwards), Jersey (Q3 1997 onwards), Liechtenstein, Malta, Monaco, Portugal, Republic of Slovakia, Turkey, Vatican City State and former Yugoslavia.

Other developed countries outside Europe includes Australia and New Zealand.

Eastern Europe includes Albania, Bulgaria, Former Czechoslovakia, Czech Republic, Estonia, German Democratic Republic (until Q3 1990), Hungary, Latvia, Lithuania, Poland, Romania, Russia, Republic of Slovakia and other former Soviet Union.

Latin America and the Caribbean includes Argentina, Aruba, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Falkland Islands, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Paraguay, Peru, Suriname, Trinidad and Tobago, Uruguay and Venezuela.

Middle East includes Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Libya, Oman, Palestinian Autonomy (from Q1 1998), Qatar, Saudi Arabia, Syria, United Arab Emirates and Republic of Yemen.

Africa includes Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo (from Q2 1998), Djibouti, Ethiopia, Eritrea (from Q2 1998), Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, South Africa, St Helena, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zaire, Zambia and Zimbabwe.

Asia includes Afghanistan, Bangladesh, Bhutan, British Overseas Territories, Brunei, Cambodia, Canton and Enderbury Islands, People's Republic of China, Fiji, French Polynesia, French Southern and Antarctic Territories, India, Indonesia, Kiribati, Democratic People's Republic of Korea, Republic of Korea, People's Democratic Republic of Lao, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Pakistan, Papua New Guinea, Philippines, Solomon Islands, Sri Lanka, Taiwan, Thailand, Tonga, Tuvalu, US Trust Territories in the Pacific, Socialist Republic of Vietnam and Wallis and Fortuna Islands.

Countries

British Overseas Territories includes British Antarctic Territory, British Indian Ocean Territory and Pitcairn Islands.

Denmark includes Faroe Islands and Greenland until Q4 1998.

France includes French Guiana (Q1 1999 onwards), French Southern Territories (Q1 1999 onwards), Guadeloupe, Martinique, Mayotte (Q4 2003 onwards), Monaco (Q1 1999 onwards), Reunion and St Pierre and Miquelon.

Other former Soviet Union (pre-1999) includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.

United Arab Emirates includes Abu Dhabi, Dubai and Other United Arab Emirates.

United States includes US Virgin Islands.

West Indies UK includes Anguilla, Antigua and Barbuda, British Virgin Islands, Montserrat and St Christopher/St Kitts-Nevis.

Please note that any claims on, or liabilities to the Bank for International Settlements (BIS) are included within the bank sector in Switzerland, and any claims on, or liabilities to the European Central Bank (ECB) are included within the bank sector in Germany.

'Former' countries

Claims and liabilities against former Czechoslovakia and former Soviet Union are no longer collected. Any data that was previously reported against these countries is now reallocated to the appropriate successor country or to unallocated.

Claims and liabilities against former Yugoslavia are no longer collected. Any remaining data that was previously reported against former Yugoslavia is now reallocated to the appropriate successor country or to unallocated. Serbia and Montenegro, which accounted for a large proportion of former Yugoslavia figures, is shown separately from 2004 Q2 until 2007 Q1. Thereafter Serbia is shown separately, while Montenegro is included in ‘other’ within developing Europe.

Since 2011 Q2, business previously reported against the Netherlands Antilles is reported separately against Curacao, St Maarten and the islands group Bonaire, St. Eustatius and Saba. Curacao is listed separately in the offshore centres regional grouping. Bonaire, St. Eustatius and Saba is included within ‘other' Latin America and Caribbean. St Maarten is included within ‘other' offshore centres.

Countries not separately shown

Countries not identified will be grouped by region as ‘countries not separately identified’. These groups will also include any data suppressed for confidentiality within the separately identified countries within that region. The countries within each group are:

African and Middle East countries not separately identified (2015 Q3 onwards) includes Benin, Central African Republic, Comoros, Eritrea, Guinea-Bissau, Niger, Somalia, South Sudan and Western Sahara.

African and Middle East countries not separately identified (from 1999 Q1 to 2015 Q2) includes Benin, Burkina Faso, Burundi, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Djibouti, Equatorial Guinea, Eritrea, Gabon, Gambia, Guinea, Guinea-Bissau, Lesotho, Madagascar, Mauritania, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, St Helena, South Sudan, Swaziland, Togo and Western Sahara.

African countries not separately identified (pre 1999) includes Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo (from 1998 Q2), Djibouti, Eritrea (from 1998 Q2), Equatorial Guinea, Gabon, Gambia, Guinea, Guinea-Bissau, Lesotho, Madagascar, Mali, Mauritania, Mozambique, Namibia, Niger, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, St Helena, Togo, Western Sahara and Zaire.

Asian and Pacific countries not separately identified (2015 Q3 onwards) includes Bhutan, French Polynesia, Myanmar, New Caledonia, Kiribati, Democratic People’s Republic of Korea, Micronesia, Nauru, Palau, Tajikistan, Tonga, Tuvalu and Wallis and Futuna Islands.

Asian and Pacific countries not separately identified (from 1999 Q1 to 2015 Q2) includes Bhutan, Canton and Enderbury Islands, East Timor, Fiji, French Polynesia, Georgia, Kyrgyzstan, Kiribati, Democratic People's Republic of Korea, People's Democratic Republic of Lao, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, New Caledonia, Palau, Papua New Guinea, Solomon Islands, Tajikistan, Tonga, Tuvalu, US Trust Territories in the Pacific and Wallis and Fortuna Islands.

Asian countries not separately identified (pre 1999) includes Bhutan, British Overseas Territories, Cambodia, Canton and Enderbury Islands, Fiji, French Polynesia, French Southern and Antarctic Territories, Kiribati, People's Democratic Republic of Lao, Maldives, Mongolia, Myanmar, Nauru, Nepal, New Caledonia, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, US Trust Territories in the Pacific and Wallis and Fortuna Islands.

Developed European countries not separately identified (2015 Q3 onwards) includes Faroe Islands and San Marino.

Developed European countries not separately identified (from 1999 Q1 to 2015 Q2) includes Faroe Islands, Greenland and San Marino

Developing European countries not separately identified (2015 Q3 onwards) does not include any countries. From 2015 Q3 all Developing European countries are separately available.

Developing European countries not separately identified (from 1999 Q1 to 2015 Q2) includes Belarus, Former Czechoslovakia (to 2004 Q1), Macedonia, Moldova and Montenegro (from 2007 Q2).

Latin American and Caribbean countries not separately identified (2015 Q3 onwards) includes Bonaire, St Eustatius and Saba, Haiti and Nicaragua.

Latin American and Caribbean countries not separately identified (from 1999 Q1 to 2015 Q2) includes Bonaire St Eustatius and Saba, Dominica, Falkland Islands, Grenada, Guyana, Haiti, Nicaragua, Saint Lucia, St Vincent and the Grenadines and Suriname.

Latin American and Caribbean countries not separately identified (pre 1999) includes Aruba, Belize, Bolivia, Costa Rica, Dominican Republic, El Salvador, Falkland Islands, Guatemala, Guyana, Haiti, Honduras, Nicaragua, Suriname and Trinidad and Tobago.

Offshore centres not separately identified (2015 Q3 onwards) does not include any countries. From 2015 Q3 all countries in offshore centres are separately available.

Offshore centres not separately identified (from 1999 Q1 to 2015 Q2) includes Aruba, Samoa, Sint Maarten and Vanuatu.
Non-reporting offshore centres not separately identified (pre 1999) includes Anguilla, Antigua, Dominica, Grenada, Montserrat, St Kitts-Nevis, Saint Lucia, St Vincent and the Grenadines, Turks and Caicos Islands and Vanuatu.

Further information

More detail on the use and availability of international banking statistics can be found in Statistics article Developments in UK international banking statistics.

Further information on the new sub-sector breakdown presented in Bankstats table C3.4 can be found in Statistics article Enhancements to the International Banking Statistics to the International Banking Statistics.

More detail on the additional counterpart country information included in External business of monetary financial institutions operating in the UK: analysis by currency and sector (Table C3.3) and the sector expansion included in External business of monetary financial institutions operating in the UK: analysis by region and sector (Table C3.4) can be found in Statistics article Publication of additional information on the locational and consolidated international banking statistics.