Key points
- Adjusted for exchange rate movements, external liabilities increased by $152.0 billion during 2025 Q2. By region, the largest increase in liabilities was to Developed Countries ($112.5 billion), where the largest increases by country were to Germany ($37.8 billion) and Switzerland ($23.5 billion).
- Adjusted for exchange rate movements, external claims increased by $135.2 billion during 2025 Q2. By region, the largest increase in claims was on Developed Countries ($66.6 billion), where the largest increases by country were on the United States ($61.3 billion) and Switzerland ($19.3 billion).
Table A: Regional breakdown of external claims and liabilities (US$ billion)
|
Exchange rate adjusted flows |
Amounts outstanding |
|||
|---|---|---|---|---|
|
|
Q4 |
Q1 |
Q2 |
End-Jun 2025 |
|
2024 |
2025 |
2025 |
||
|
Liabilities to: |
||||
|
Developed Countries |
16.7 |
-14.6 |
112.5 |
3,764.7 |
|
Offshore Centres |
17.1 |
-7.6 |
34.5 |
741.2 |
|
Developing Countries |
-44.0 |
84.7 |
12.4 |
623.8 |
|
International Organisations & Other |
22.7 |
31.6 |
-7.4 |
1,112.2 |
|
Total |
12.5 |
94.1 |
152.0 |
6,241.9 |
|
Claims on: |
||||
|
Developed Countries |
91.8 |
124.6 |
66.6 |
4,826.2 |
|
Offshore Centres |
18.7 |
-25.0 |
53.5 |
582.5 |
|
Developing Countries |
-6.3 |
13.4 |
15.1 |
535.3 |
|
International Organisations & Other |
34.1 |
19.4 |
0.0 |
250.3 |
|
Total |
138.3 |
132.5 |
135.2 |
6,194.2 |
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Chart 3: Flows of liabilities by country for Developed Countries 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Developed Countries - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Germany |
467.4 |
37.8 |
434.7 |
40.6 |
32.7 |
-2.8 |
|
Switzerland |
276.0 |
23.5 |
173.8 |
18.0 |
102.2 |
5.6 |
|
|
Canada |
149.9 |
19.9 |
123.6 |
15.7 |
26.3 |
4.2 |
|
|
Spain |
64.0 |
13.6 |
58.3 |
13.0 |
5.7 |
0.6 |
|
|
Netherlands |
139.7 |
10.6 |
58.3 |
2.1 |
81.4 |
8.6 |
|
|
Largest decreases |
Malta |
1.9 |
-0.9 |
0.2 |
-0.8 |
1.8 |
-0.1 |
|
Austria |
4.5 |
-1.1 |
1.9 |
-0.5 |
2.6 |
-0.7 |
|
|
United States |
1,641.1 |
-4.4 |
688.3 |
-8.1 |
952.8 |
3.6 |
|
|
Cyprus |
7.3 |
-6.0 |
0.1 |
0.0 |
7.2 |
-5.9 |
|
|
Japan |
165.7 |
-10.5 |
104.4 |
7.3 |
61.3 |
-17.8 |
|
Chart 4: Flows of claims by country for Developed Countries 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country: Developed Countries - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United States |
2,018.3 |
61.3 |
697.0 |
-0.8 |
1,321.2 |
62.2 |
|
Switzerland |
246.0 |
19.3 |
199.4 |
18.5 |
46.6 |
0.8 |
|
|
Canada |
320.5 |
9.7 |
242.4 |
8.4 |
78.0 |
1.3 |
|
|
Australia |
80.3 |
7.3 |
43.0 |
4.3 |
37.3 |
3.0 |
|
|
Belgium |
40.6 |
7.3 |
26.1 |
5.2 |
14.5 |
2.0 |
|
|
Largest decreases |
Ireland |
178.6 |
-1.4 |
49.7 |
-3.2 |
128.9 |
1.8 |
|
Malta |
1.6 |
-1.5 |
0.9 |
-1.5 |
0.7 |
0.0 |
|
|
Norway |
71.6 |
-5.0 |
64.2 |
-5.5 |
7.5 |
0.5 |
|
|
Japan |
402.6 |
-16.8 |
232.8 |
29.3 |
169.8 |
-46.1 |
|
|
France |
524.9 |
-27.4 |
450.3 |
-25.8 |
74.6 |
-1.5 |
|
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Chart 5: Flows of liabilities by country for Offshore Centres 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Offshore Centres - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Jersey |
221.9 |
28.4 |
184.5 |
29.4 |
37.3 |
-1.0 |
|
Hong Kong |
148.2 |
15.6 |
84.3 |
11.5 |
63.9 |
4.1 |
|
|
Singapore |
110.7 |
13.0 |
61.7 |
12.3 |
49.0 |
0.8 |
|
|
Macao |
5.2 |
2.8 |
5.1 |
2.8 |
0.1 |
0.0 |
|
|
Panama |
2.5 |
1.2 |
0.3 |
0.2 |
2.3 |
1.0 |
|
|
Largest decreases |
Mauritius |
4.6 |
-0.5 |
3.2 |
0.3 |
1.4 |
-0.7 |
|
Curacao |
0.4 |
-0.6 |
0.0 |
-0.6 |
0.4 |
0.0 |
|
|
Bahrain |
5.0 |
-0.7 |
3.3 |
-0.7 |
1.8 |
0.0 |
|
|
Bermuda |
11.2 |
-4.5 |
0.3 |
-5.1 |
10.8 |
0.6 |
|
|
Guernsey |
37.5 |
-21.2 |
22.4 |
-22.7 |
15.1 |
1.5 |
|
Chart 6: Flows of claims by country for Offshore Centres 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country: Offshore Centres - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Cayman Islands |
197.3 |
36.1 |
17.6 |
5.7 |
179.7 |
30.5 |
|
Curacao |
14.1 |
6.1 |
13.0 |
5.9 |
1.1 |
0.3 |
|
|
Singapore |
99.5 |
4.9 |
58.2 |
3.9 |
41.3 |
1.0 |
|
|
Guernsey |
29.4 |
3.8 |
1.1 |
-0.2 |
28.3 |
3.9 |
|
|
Jersey |
102.2 |
2.9 |
15.7 |
3.4 |
86.5 |
-0.5 |
|
|
Largest decreases |
West Indies UK |
13.9 |
-0.6 |
0.1 |
0.0 |
13.8 |
-0.6 |
|
Bermuda |
7.4 |
-0.6 |
0.0 |
0.0 |
7.4 |
-0.6 |
|
|
Macao |
0.7 |
-0.9 |
0.7 |
-0.8 |
0.0 |
0.0 |
|
|
Hong Kong |
87.5 |
-1.0 |
20.2 |
-1.8 |
67.3 |
0.8 |
|
|
Bahamas |
3.5 |
-1.2 |
2.4 |
-1.1 |
1.1 |
-0.1 |
|
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Chart 7: Flows of liabilities by country for Developing Countries 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table F: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Developing Countries - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Kuwait |
40.3 |
9.9 |
14.2 |
0.1 |
26.1 |
9.7 |
|
Brazil |
12.1 |
4.3 |
9.7 |
4.1 |
2.4 |
0.2 |
|
|
Israel |
17.6 |
4.2 |
11.0 |
3.0 |
6.7 |
1.2 |
|
|
United Arab Emirates |
79.3 |
3.8 |
43.2 |
4.1 |
36.1 |
-0.3 |
|
|
Taiwan |
20.6 |
3.6 |
11.8 |
1.7 |
8.8 |
2.0 |
|
|
Largest decreases |
South Africa |
17.0 |
-1.1 |
11.4 |
0.1 |
5.6 |
-1.2 |
|
Vietnam |
1.2 |
-1.1 |
1.2 |
-1.1 |
0.0 |
0.0 |
|
|
Thailand |
4.3 |
-1.7 |
2.3 |
-2.8 |
2.0 |
1.1 |
|
|
Poland |
12.5 |
-1.9 |
10.7 |
-2.2 |
1.7 |
0.3 |
|
|
Saudi Arabia |
71.1 |
-3.0 |
52.4 |
1.2 |
18.7 |
-4.1 |
|
Chart 8: Flows of claims by country for Developing Countries 2025 Q2 (5 largest increases/decreases) (US$ billion)
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country: Developing Countries - 2025 Q2 (US$ billion)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United Arab Emirates |
100.6 |
7.7 |
50.4 |
5.4 |
50.2 |
2.3 |
|
Taiwan |
17.3 |
5.4 |
8.4 |
2.7 |
8.9 |
2.7 |
|
|
Saudi Arabia |
36.0 |
4.8 |
12.2 |
3.5 |
23.9 |
1.3 |
|
|
Qatar |
66.8 |
4.3 |
50.1 |
5.3 |
16.8 |
-1.1 |
|
|
Israel |
25.6 |
3.9 |
17.8 |
2.7 |
7.8 |
1.2 |
|
|
Largest decreases |
Philippines |
3.4 |
-1.5 |
4.2 |
-1.0 |
-0.8 |
-0.5 |
|
Mexico |
7.6 |
-1.5 |
1.8 |
-0.5 |
5.8 |
-1.0 |
|
|
Turkey |
28.3 |
-4.3 |
18.7 |
2.2 |
9.5 |
-6.5 |
|
|
China |
35.9 |
-4.6 |
25.5 |
-3.4 |
10.5 |
-1.2 |
|
|
India |
26.7 |
-4.6 |
15.6 |
-3.8 |
11.1 |
-0.8 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 5 December 2025
