Appendix V: Statistical Tables

International Monetary Fund

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Language:: English

Print Publication Date:: 01 Jan 1986

Keywords:: WEFS; country classification; fixed interest rate bond; interest rate debt; U.S. dollar bond; market borrower; deutsche mark; new money; Inter-American Development Bank; bank debt; interest rate; Foreign banks; Loans; Arrears; Futures; Bonds; Middle East; Africa; Western Hemisphere; Asia and Pacific; Europe

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Abstract

Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

Table 16.

Interbank Lending and Deposit Taking, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks; and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

^⁶Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Lending to, minus deposit taking from.

^¹⁰Calculated as the difference between global measures of cross-border interbank lending and deposit taking.

Table 16.

Interbank Lending and Deposit Taking, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

							1985	1986
							First	First
			1982	1983	1984	1985	half	half
Lending to ²			105	111	151	219	61	77
Industrial countries			73	80	115	175	52	76
	Of which:
		United States	46	39	25	33	6	13
		Japan	…	8	22	42	10	32
Developing countries ³			16	17	11	10	1	-4
Offshore centers ⁴			18	11	20	29	6	13
Other transactors ⁵			-2	4	5	6	3	-8
Memorandum items
Capital importing developing countries ³, ⁶			…	15	12	10	2	-4
Non-oil developing countries ³, ⁷			15	15	12	8	1	-3
Fifteen heavily indebted countries			…	9	6	—	-2	-2
Deposit taking from ⁸			125	105	144	236	65	77
Industrial countries			113	67	107	181	55	82
	Of which:
		United States	81	19	14	10	—	5
		Japan	…	15	11	42	8	25
Developing countries ³			-9	4	22	3	-1	-15
Offshore centers ⁴			17	26	13	45	9	12
Other transactors ⁵			3	8	2	7	2	-2
Memorandum items
Capital importing developing countries ³, ⁶			…	11	22	5	-1	-7
Non-oil developing countries ³, ⁷			2	11	21	2	-3	-5
Fifteen heavily indebted countries			…	—	11	-3	-3	-5
Change in net claims on ⁹			-20	6	7	-17	-5	—
Industrial countries			-40	13	9	-6	-4	-6
	Of which:
		United States	-35	20	11	23	6	8
		Japan	…	-7	11	—	2	7
Developing countries ³			25	12	-11	1	2	11
Offshore centers ⁴			1	-15	6	-17	-3	1
Other transactors ⁵			-5	-4	3	-1	—	-6
Memorandum items
Capital importing developing countries ³, ⁶			…	4	-9	6	3	3
Non-oil developing countries ³, ⁷			13	4	-7	7	4	2
Fifteen heavily indebted countries			…	9	-5	3	1	3
Net errors and omissions ¹⁰			20	-6	-7	17	4	—

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Lending to, minus deposit taking from.

^¹⁰Calculated as the difference between global measures of cross-border interbank lending and deposit taking.

Table 16.

Interbank Lending and Deposit Taking, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

							1985	1986
							First	First
			1982	1983	1984	1985	half	half
Lending to ²			105	111	151	219	61	77
Industrial countries			73	80	115	175	52	76
	Of which:
		United States	46	39	25	33	6	13
		Japan	…	8	22	42	10	32
Developing countries ³			16	17	11	10	1	-4
Offshore centers ⁴			18	11	20	29	6	13
Other transactors ⁵			-2	4	5	6	3	-8
Memorandum items
Capital importing developing countries ³, ⁶			…	15	12	10	2	-4
Non-oil developing countries ³, ⁷			15	15	12	8	1	-3
Fifteen heavily indebted countries			…	9	6	—	-2	-2
Deposit taking from ⁸			125	105	144	236	65	77
Industrial countries			113	67	107	181	55	82
	Of which:
		United States	81	19	14	10	—	5
		Japan	…	15	11	42	8	25
Developing countries ³			-9	4	22	3	-1	-15
Offshore centers ⁴			17	26	13	45	9	12
Other transactors ⁵			3	8	2	7	2	-2
Memorandum items
Capital importing developing countries ³, ⁶			…	11	22	5	-1	-7
Non-oil developing countries ³, ⁷			2	11	21	2	-3	-5
Fifteen heavily indebted countries			…	—	11	-3	-3	-5
Change in net claims on ⁹			-20	6	7	-17	-5	—
Industrial countries			-40	13	9	-6	-4	-6
	Of which:
		United States	-35	20	11	23	6	8
		Japan	…	-7	11	—	2	7
Developing countries ³			25	12	-11	1	2	11
Offshore centers ⁴			1	-15	6	-17	-3	1
Other transactors ⁵			-5	-4	3	-1	—	-6
Memorandum items
Capital importing developing countries ³, ⁶			…	4	-9	6	3	3
Non-oil developing countries ³, ⁷			13	4	-7	7	4	2
Fifteen heavily indebted countries			…	9	-5	3	1	3
Net errors and omissions ¹⁰			20	-6	-7	17	4	—

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Lending to, minus deposit taking from.

^¹⁰Calculated as the difference between global measures of cross-border interbank lending and deposit taking.

Table 17.

Lending to and Deposit Taking from Nonbanks, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^⁶Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

^⁷Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Lending to, minus deposit taking from.

Table 17.

Lending to and Deposit Taking from Nonbanks, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

							1985	1986
							First	First
			1982	1983	1984	1985	half	half
Lending to ²			80	41	30	46	15	23
Industrial countries			51	14	7	28	11	20
	Of which:
		United States	14	1	11	21	9	12
		Japan	…	2	-3	—	1	3
Developing countries ³			35	19	4	-1	2	-3
Offshore centers ⁴			7	1	2	10	2	—
Other transactors ⁵			1	2	1	2	1	-1
Unidentified borrowers ⁶			-12	5	16	7	-1	7
Memorandum items
Capital importing developing countries ³, ⁷			…	16	3	—	2	-3
Non-oil developing countries ³, ⁸			26	13	4	—	2	-3
Fifteen heavily indebted countries			…	2	—	-2	—	-1
Deposit taking from ⁹			63	77	50	55	18	23
Industrial countries			37	27	5	25	5	23
	Of which:
		United States	26	16	-7	15	—	7
		Japan	…	—	1	1	—	1
Developing countries ³			13	17	1	21	11	-3
Offshore centers ⁴			8	8	6	9	1	4
Other transactors ⁵			1	2	—	1	—	-1
Unidentified depositors ⁶			6	23	36	-1	1	—
Memorandum items
Capital importing developing countries ³, ⁷			…	17	3	17	10	-2
Non-oil developing countries ³, ⁸			15	16	2	14	9	-1
Fifteen heavily indebted countries			…	10	4	7	4	—
Change in net claims on ¹⁰			17	-37	-19	-7	-3	—
Industrial countries			14	-13	1	3	6	-3
	Of which:
		United States	-12	-75	17	7	9	5
		Japan	…	2	-4	-1	-1	2
Developing countries ³			22	1	3	-22	-9	—
Offshore centers ⁴			-1	-7	-4	2	1	-4
Other transactors ⁵			—	—	1	2	1	—
Unidentified (net) ⁶			-18	-18	-20	8	-2	7
Memorandum items
Capital importing developing countries ³, ⁷			…	-1	-1	-18	-8	-1
Non-oil developing countries ³, ⁸			12	-3	2	-15	-7	-2
Fifteen heavily indebted countries			…	-8	-4	-9	-4	-1

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Lending to, minus deposit taking from.

Table 17.

Lending to and Deposit Taking from Nonbanks, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

							1985	1986
							First	First
			1982	1983	1984	1985	half	half
Lending to ²			80	41	30	46	15	23
Industrial countries			51	14	7	28	11	20
	Of which:
		United States	14	1	11	21	9	12
		Japan	…	2	-3	—	1	3
Developing countries ³			35	19	4	-1	2	-3
Offshore centers ⁴			7	1	2	10	2	—
Other transactors ⁵			1	2	1	2	1	-1
Unidentified borrowers ⁶			-12	5	16	7	-1	7
Memorandum items
Capital importing developing countries ³, ⁷			…	16	3	—	2	-3
Non-oil developing countries ³, ⁸			26	13	4	—	2	-3
Fifteen heavily indebted countries			…	2	—	-2	—	-1
Deposit taking from ⁹			63	77	50	55	18	23
Industrial countries			37	27	5	25	5	23
	Of which:
		United States	26	16	-7	15	—	7
		Japan	…	—	1	1	—	1
Developing countries ³			13	17	1	21	11	-3
Offshore centers ⁴			8	8	6	9	1	4
Other transactors ⁵			1	2	—	1	—	-1
Unidentified depositors ⁶			6	23	36	-1	1	—
Memorandum items
Capital importing developing countries ³, ⁷			…	17	3	17	10	-2
Non-oil developing countries ³, ⁸			15	16	2	14	9	-1
Fifteen heavily indebted countries			…	10	4	7	4	—
Change in net claims on ¹⁰			17	-37	-19	-7	-3	—
Industrial countries			14	-13	1	3	6	-3
	Of which:
		United States	-12	-75	17	7	9	5
		Japan	…	2	-4	-1	-1	2
Developing countries ³			22	1	3	-22	-9	—
Offshore centers ⁴			-1	-7	-4	2	1	-4
Other transactors ⁵			—	—	1	2	1	—
Unidentified (net) ⁶			-18	-18	-20	8	-2	7
Memorandum items
Capital importing developing countries ³, ⁷			…	-1	-1	-18	-8	-1
Non-oil developing countries ³, ⁸			12	-3	2	-15	-7	-2
Fifteen heavily indebted countries			…	-8	-4	-9	-4	-1

Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

^⁸Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Lending to, minus deposit taking from.

Table 18.

International Borrowing Operations in European Currency Units, 1983–86

(In billions of ECUs)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First half of 1986 on an annualized basis.

^²At constant (end-1983) exchange rates.

Table 18.

International Borrowing Operations in European Currency Units, 1983–86

(In billions of ECUs)

			1983	1984	1985	1986 ¹
By instrument
	Bonds		2.49	3.92	9.68	9.45
		Of which: Floating rate notes	—	0.57	1.23	—
	Syndicated loans		0.72	2.16	3.18	0.46
	Other facilities		—	—	0.32	—
		Total	3.21	6.08	13.18	9.91
By borrower
	Italy		0.94	1.68	3.29	1.06
	France		0.60	0.57	1.84	1.75
	EC institutions		0.62	1.00	0.83	2.06
	Other EC countries		0.23	0.48	1.27	1.68
	Other borrowers		0.82	2.35	5.95	3.36
		Total	3.21	6.08	13.18	9.91
Memorandum item
	ECU as a percent of total borrowing ²		1.7	2.5	4.2	3.0

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First half of 1986 on an annualized basis.

^²At constant (end-1983) exchange rates.

Table 18.

International Borrowing Operations in European Currency Units, 1983–86

(In billions of ECUs)

			1983	1984	1985	1986 ¹
By instrument
	Bonds		2.49	3.92	9.68	9.45
		Of which: Floating rate notes	—	0.57	1.23	—
	Syndicated loans		0.72	2.16	3.18	0.46
	Other facilities		—	—	0.32	—
		Total	3.21	6.08	13.18	9.91
By borrower
	Italy		0.94	1.68	3.29	1.06
	France		0.60	0.57	1.84	1.75
	EC institutions		0.62	1.00	0.83	2.06
	Other EC countries		0.23	0.48	1.27	1.68
	Other borrowers		0.82	2.35	5.95	3.36
		Total	3.21	6.08	13.18	9.91
Memorandum item
	ECU as a percent of total borrowing ²		1.7	2.5	4.2	3.0

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First half of 1986 on an annualized basis.

^²At constant (end-1983) exchange rates.

Table 19.

International Positions of Banks by Nationality of Ownership, September 1985

(In billions of U.S. dollars)

Source: Bank for International Settlements, International Banking and Financial Market Developments.

Table 19.

International Positions of Banks by Nationality of Ownership, September 1985

(In billions of U.S. dollars)

Parent Country of Bank		Total Claims		Of which, on
				Related offices		Other banks		Nonbanks
		Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985
Total		2,476.7	228.7	551.1	43.5	1,103.6	121.9	780.5	57.4
Of which:
	Canada	90.8	-1.6	22.0	0.8	31.2	-2.3	37.2	0.5
	France	221.0	20.3	26.7	2.1	124.4	10.5	63.9	6.9
	Germany, Federal Republic of	164.9	21.7	12.7	1.4	87.9	14.6	62.9	5.7
	Italy	92.1	1.5	3.7	0.8	62.5	-0.3	25.4	1.0
	Japan	639.6	121.3	168.6	30.9	284.8	65.1	179.1	23.6
	Switzerland	97.7	14.9	15.3	3.3	48.0	6.9	26.3	2.7
	United Kingdom	182.5	14.1	22.5	2.0	85.6	9.2	69.2	2.4
	United States	580.3	-14.8	235.8	-2.2	172.4	-14.4	169.1	2.0
Parent Country of Bank		Total Liabilities		Of which, to
				Related offices		Other banks		Nonbanks
		Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985
Total		2,385.9	228.5	547.1	39.0	1,115.1	135.2	482.0	43.6
Of which:
	Canada	97.2	-6.5	11.4	-2.1	36.8	-2.2	38.8	-2.7
	France	207.8	13.9	31.2	0.5	134.4	8.5	24.3	2.7
	Germany, Federal Republic of	142.8	13.2	17.3	-0.9	81.2	9.9	30.9	3.4
	Italy	94.3	2.1	4.9	0.5	78.9	1.3	6.6	0.6
	Japan	621.5	127.3	169.3	29.8	337.4	81.2	54.4	14.9
	Switzerland	88.4	11.4	32.7	6.2	18.0	5.1	25.1	0.1
	United Kingdom	181.5	10.7	23.0	0.7	81.3	1.8	50.3	5.7
	United States	545.6	3.4	211.8	-0.9	120.7	2.6	145.4	2.0
Parent Country of Bank		Net Claims/Net Liabilities		Of which, on/to
				Related offices		Other banks		Nonbanks
		Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985
Total		90.8	0.2	4.0	4.5	-11.5	-13.3	298.5	13.8
Of which:
	Canada	-6.4	4.9	10.6	2.9	-5.6	-0.1	-1.6	3.2
	France	13.2	6.4	-4.5	1.6	-10.0	2.0	39.6	4.2
	Germany, Federal Republic of	22.1	8.5	-4.6	2.3	6.7	4.7	32.0	2.3
	Italy	-2.2	-0.6	-1.2	0.3	-16.4	-1.6	18.8	0.4
	Japan	18.1	-6.0	-0.7	1.1	-52.6	-16.1	124.7	8.7
	Switzerland	9.3	3.5	-17.4	-2.9	30.0	1.8	1.2	2.6
	United Kingdom	1.0	3.4	-0.5	1.3	4.3	7.4	18.9	-3.3
	United States	34.7	-18.2	24.0	-1.3	51.7	-17.0	23.7	—

Source: Bank for International Settlements, International Banking and Financial Market Developments.

Table 19.

International Positions of Banks by Nationality of Ownership, September 1985

(In billions of U.S. dollars)

Parent Country of Bank		Total Claims		Of which, on
				Related offices		Other banks		Nonbanks
		Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985
Total		2,476.7	228.7	551.1	43.5	1,103.6	121.9	780.5	57.4
Of which:
	Canada	90.8	-1.6	22.0	0.8	31.2	-2.3	37.2	0.5
	France	221.0	20.3	26.7	2.1	124.4	10.5	63.9	6.9
	Germany, Federal Republic of	164.9	21.7	12.7	1.4	87.9	14.6	62.9	5.7
	Italy	92.1	1.5	3.7	0.8	62.5	-0.3	25.4	1.0
	Japan	639.6	121.3	168.6	30.9	284.8	65.1	179.1	23.6
	Switzerland	97.7	14.9	15.3	3.3	48.0	6.9	26.3	2.7
	United Kingdom	182.5	14.1	22.5	2.0	85.6	9.2	69.2	2.4
	United States	580.3	-14.8	235.8	-2.2	172.4	-14.4	169.1	2.0
Parent Country of Bank		Total Liabilities		Of which, to
				Related offices		Other banks		Nonbanks
		Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985	Sept. 1985	Change during 1985
Total		2,385.9	228.5	547.1	39.0	1,115.1	135.2	482.0	43.6
Of which:
	Canada	97.2	-6.5	11.4	-2.1	36.8	-2.2	38.8	-2.7
	France	207.8	13.9	31.2	0.5	134.4	8.5	24.3	2.7
	Germany, Federal Republic of	142.8	13.2	17.3	-0.9	81.2	9.9	30.9	3.4
	Italy	94.3	2.1	4.9	0.5	78.9	1.3	6.6	0.6
	Japan	621.5	127.3	169.3	29.8	337.4	81.2	54.4	14.9
	Switzerland	88.4	11.4	32.7	6.2	18.0	5.1	25.1	0.1
	United Kingdom	181.5	10.7	23.0	0.7	81.3	1.8	50.3	5.7
	United States	545.6	3.4	211.8	-0.9	120.7	2.6	145.4	2.0
Parent Country of Bank		Net Claims/Net Liabilities		Of which, on/to
				Related offices		Other banks		Nonbanks
		Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985	Sept. 1985	Net change in 1985
Total		90.8	0.2	4.0	4.5	-11.5	-13.3	298.5	13.8
Of which:
	Canada	-6.4	4.9	10.6	2.9	-5.6	-0.1	-1.6	3.2
	France	13.2	6.4	-4.5	1.6	-10.0	2.0	39.6	4.2
	Germany, Federal Republic of	22.1	8.5	-4.6	2.3	6.7	4.7	32.0	2.3
	Italy	-2.2	-0.6	-1.2	0.3	-16.4	-1.6	18.8	0.4
	Japan	18.1	-6.0	-0.7	1.1	-52.6	-16.1	124.7	8.7
	Switzerland	9.3	3.5	-17.4	-2.9	30.0	1.8	1.2	2.6
	United Kingdom	1.0	3.4	-0.5	1.3	4.3	7.4	18.9	-3.3
	United States	34.7	-18.2	24.0	-1.3	51.7	-17.0	23.7	—

Source: Bank for International Settlements, International Banking and Financial Market Developments.

Table 20.

Long-Term Bank Credit Commitments, 1981-Third Quarter 1986

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines and excludes the short-term trade deposit facility for Argentina of $0.5 billion.

^²Includes $0.1 billion for Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

^⁵Excludes Fund member countries.

Table 20.

Long-Term Bank Credit Commitments, 1981-Third Quarter 1986

(In billions of U.S. dollars)

								1985 ³	1986 ⁴
			1981	1982	1983	1984 ¹	1985 ²	First-third qtr.	First-third qtr.
			Long-term external credit commitments
Industrial countries			44.8	51.6	27.9	29.9	31.6	25.2	24.6
	Seven major		27.8	31.2	15.0	18.2	23.9	19.4	15.8
	Other		17.0	20.4	12.9	11.7	7.7	5.7	8.9
Developing countries			48.1	44.6	34.9	31.0	17.9	14.0	20.1
	Capital importing		47.0	42.6	32.6	29.9	16.1	13.2	18.7
		Africa	4.1	2.7	2.7	0.5	1.4	1.3	1.1
		Asia	12.8	12.6	10.4	10.2	7.5	6.3	5.9
		Europe	4.7	3.7	3.5	3.4	4.4	2.9	3.7
		Middle East	0.2	0.6	0.7	0.4	0.3	0.3	0.1
		Western Hemisphere	25.2	23.0	15.3	15.4	2.5	2.4	7.9
Centrally planned economies ⁵			0.7	0.2	0.5	2.2	3.5	2.9	7.9
International organizations and unallocated			1.0	1.8	3.9	3.5	2.5	2.0	1.4
	Total		94.6	98.2	67.2	66.6	55.5	44.1	48.0
			Other international long-term bank facilities
Industrial countries			46.5	3.1	12.4	47.8	51.6	27.1	23.1
	Seven major		45.9	1.4	10.6	33.9	35.9	18.0	14.3
	Other		0.6	1.7	1.8	13.9	15.7	9.1	8.8
Developing countries			6.5	2.1	1.0	6.9	4.3	3.2	3.9
	Capital importing		6.5	2.1	0.9	6.6	4.1	3.0	3.9
		Africa	0.1	—	—	0.2	—	—	—
		Asia	0.2	0.5	0.4	1.5	3.0	2.4	2.3
		Europe	—	0.4	0.3	0.7	0.9	0.6	1.4
		Middle East	—	—	0.2	—	0.1	—	0.1
		Western Hemisphere	6.2	1.2	—	4.3	0.1	—	0.1
Centrally planned economies ⁵			—	—	—	—	—	—	0.5
International organizations and unallocated			0.1	0.2	0.1	0.6	0.9	2.6	0.3
	Total		53.1	5.4	13.5	55.3	56.8	32.9	27.9
			Total international commitments
Industrial countries			91.3	54.6	40.2	77.6	83.2	52.3	47.7
	Seven major		73.6	32.6	25.5	52.1	59.5	37.5	30.1
	Other		17.6	22.1	14.7	25.5	23.4	14.8	17.6
Developing countries			54.6	46.8	35.9	37.9	22.2	17.2	24.1
	Capital importing		53.5	44.8	33.5	36.5	20.2	16.2	22.6
		Africa	4.2	2.7	2.7	0.7	1.4	1.3	1.1
		Asia	13.0	13.1	10.8	11.7	10.5	8.7	8.2
		Europe	4.7	4.1	3.8	4.2	5.3	3.5	5.2
		Middle East	0.2	0.6	0.8	0.4	0.4	0.3	0.1
		Western Hemisphere	31.3	24.2	15.3	19.7	2.6	2.4	8.0
Centrally planned economies ⁵			0.7	0.2	0.5	2.2	3.5	2.9	2.4
International organizations and unallocated			1.1	2.0	4.0	4.1	3.4	4.6	1.7
	Total		147.7	103.6	80.7	121.8	112.3	76.9	75.9
Memorandum item
	Other international long-term bank facilities, excluding merger-related facilities		…	5.4	9.5	28.9	46.8	…	…

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines and excludes the short-term trade deposit facility for Argentina of $0.5 billion.

^²Includes $0.1 billion for Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

^⁵Excludes Fund member countries.

Table 20.

Long-Term Bank Credit Commitments, 1981-Third Quarter 1986

(In billions of U.S. dollars)

								1985 ³	1986 ⁴
			1981	1982	1983	1984 ¹	1985 ²	First-third qtr.	First-third qtr.
			Long-term external credit commitments
Industrial countries			44.8	51.6	27.9	29.9	31.6	25.2	24.6
	Seven major		27.8	31.2	15.0	18.2	23.9	19.4	15.8
	Other		17.0	20.4	12.9	11.7	7.7	5.7	8.9
Developing countries			48.1	44.6	34.9	31.0	17.9	14.0	20.1
	Capital importing		47.0	42.6	32.6	29.9	16.1	13.2	18.7
		Africa	4.1	2.7	2.7	0.5	1.4	1.3	1.1
		Asia	12.8	12.6	10.4	10.2	7.5	6.3	5.9
		Europe	4.7	3.7	3.5	3.4	4.4	2.9	3.7
		Middle East	0.2	0.6	0.7	0.4	0.3	0.3	0.1
		Western Hemisphere	25.2	23.0	15.3	15.4	2.5	2.4	7.9
Centrally planned economies ⁵			0.7	0.2	0.5	2.2	3.5	2.9	7.9
International organizations and unallocated			1.0	1.8	3.9	3.5	2.5	2.0	1.4
	Total		94.6	98.2	67.2	66.6	55.5	44.1	48.0
			Other international long-term bank facilities
Industrial countries			46.5	3.1	12.4	47.8	51.6	27.1	23.1
	Seven major		45.9	1.4	10.6	33.9	35.9	18.0	14.3
	Other		0.6	1.7	1.8	13.9	15.7	9.1	8.8
Developing countries			6.5	2.1	1.0	6.9	4.3	3.2	3.9
	Capital importing		6.5	2.1	0.9	6.6	4.1	3.0	3.9
		Africa	0.1	—	—	0.2	—	—	—
		Asia	0.2	0.5	0.4	1.5	3.0	2.4	2.3
		Europe	—	0.4	0.3	0.7	0.9	0.6	1.4
		Middle East	—	—	0.2	—	0.1	—	0.1
		Western Hemisphere	6.2	1.2	—	4.3	0.1	—	0.1
Centrally planned economies ⁵			—	—	—	—	—	—	0.5
International organizations and unallocated			0.1	0.2	0.1	0.6	0.9	2.6	0.3
	Total		53.1	5.4	13.5	55.3	56.8	32.9	27.9
			Total international commitments
Industrial countries			91.3	54.6	40.2	77.6	83.2	52.3	47.7
	Seven major		73.6	32.6	25.5	52.1	59.5	37.5	30.1
	Other		17.6	22.1	14.7	25.5	23.4	14.8	17.6
Developing countries			54.6	46.8	35.9	37.9	22.2	17.2	24.1
	Capital importing		53.5	44.8	33.5	36.5	20.2	16.2	22.6
		Africa	4.2	2.7	2.7	0.7	1.4	1.3	1.1
		Asia	13.0	13.1	10.8	11.7	10.5	8.7	8.2
		Europe	4.7	4.1	3.8	4.2	5.3	3.5	5.2
		Middle East	0.2	0.6	0.8	0.4	0.4	0.3	0.1
		Western Hemisphere	31.3	24.2	15.3	19.7	2.6	2.4	8.0
Centrally planned economies ⁵			0.7	0.2	0.5	2.2	3.5	2.9	2.4
International organizations and unallocated			1.1	2.0	4.0	4.1	3.4	4.6	1.7
	Total		147.7	103.6	80.7	121.8	112.3	76.9	75.9
Memorandum item
	Other international long-term bank facilities, excluding merger-related facilities		…	5.4	9.5	28.9	46.8	…	…

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines and excludes the short-term trade deposit facility for Argentina of $0.5 billion.

^²Includes $0.1 billion for Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

^⁵Excludes Fund member countries.

Table 21.

Terms of Long-Term Bank Credit Commitments, 1981-Third Quarter 1986 ¹

(In percent, unless otherwise indicated)

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Eurodollar rate); and U.S. Federal Reserve System, Federal Reserve Bulletin (for prime rate).

^¹Country distribution not adjusted to Fund classification.

^²Does not include terms of agreements in principle with Argentina and the Philippines.

^³Does not include terms of agreement in principle with Chile and Colombia.

^⁴Does not include terms of agreement in principle with Mexico.

Table 21.

Terms of Long-Term Bank Credit Commitments, 1981-Third Quarter 1986 ¹

(In percent, unless otherwise indicated)

							1986 ⁴
		1981	1982	1983	1984 ²	1985 ³	First- third qtr.
Six-month Eurodollar interbank rate (average)		16.72	13.60	9.93	11.29	8.64	7.10
U.S. prime rate (average)		18.87	14.86	10.79	12.13	10.48	8.61
Average maturity (in years/months)		7/8	7/7	7/3	7/9	7/8	7/3
	OECD countries	7/8	8/3	7/8	7/4	7/3	7/0
	Centrally planned economies	5/7	4/9	4/5	5/11	7/5	7/4
	Oil exporting countries	7/9	6/0	7/2	7/7	6/11	8/5
	Other developing countries	7/9	7/0	7/0	8/11	9/1	7/10
Average spread		0.80	0.77	1.15	0.93	0.60	0.37
	OECD countries	0.58	0.56	0.65	0.55	0.41	0.34
	Centrally planned economies	0.62	1.03	1.18	0.88	0.55	0.28
	Oil exporting countries	0.79	0.94	0.85	0.76	0.72	0.41
	Other developing countries	1.04	1.14	1.70	1.44	0.99	0.71

^¹Country distribution not adjusted to Fund classification.

^²Does not include terms of agreements in principle with Argentina and the Philippines.

^³Does not include terms of agreement in principle with Chile and Colombia.

^⁴Does not include terms of agreement in principle with Mexico.

Table 21.

Terms of Long-Term Bank Credit Commitments, 1981-Third Quarter 1986 ¹

(In percent, unless otherwise indicated)

							1986 ⁴
		1981	1982	1983	1984 ²	1985 ³	First- third qtr.
Six-month Eurodollar interbank rate (average)		16.72	13.60	9.93	11.29	8.64	7.10
U.S. prime rate (average)		18.87	14.86	10.79	12.13	10.48	8.61
Average maturity (in years/months)		7/8	7/7	7/3	7/9	7/8	7/3
	OECD countries	7/8	8/3	7/8	7/4	7/3	7/0
	Centrally planned economies	5/7	4/9	4/5	5/11	7/5	7/4
	Oil exporting countries	7/9	6/0	7/2	7/7	6/11	8/5
	Other developing countries	7/9	7/0	7/0	8/11	9/1	7/10
Average spread		0.80	0.77	1.15	0.93	0.60	0.37
	OECD countries	0.58	0.56	0.65	0.55	0.41	0.34
	Centrally planned economies	0.62	1.03	1.18	0.88	0.55	0.28
	Oil exporting countries	0.79	0.94	0.85	0.76	0.72	0.41
	Other developing countries	1.04	1.14	1.70	1.44	0.99	0.71

^¹Country distribution not adjusted to Fund classification.

^²Does not include terms of agreements in principle with Argentina and the Philippines.

^³Does not include terms of agreement in principle with Chile and Colombia.

^⁴Does not include terms of agreement in principle with Mexico.

Table 22.

Cross-Country Comparison of Components of External Assets and Liabilities, End-December 1985 ¹

(In billions of U.S. dollars)

Source: International Monetary Fund, International Financial Statistics.

^¹Data include U.K. monetary sector and other financial institutions’ holdings of bonds.

Table 22.

Cross-Country Comparison of Components of External Assets and Liabilities, End-December 1985 ¹

(In billions of U.S. dollars)

			Cross-Border Interbank Accounts by Residence of Borrowing Bank	International Bank Credits to Nonbanks by Residence of Borrower	Total External Liabilities of Banks and Non-banks to Banks	Cross-Border Interbank Accounts by Residence of Lending Bank	International Bank Deposits of Nonbanks by Residence of Depositor	Total External Assets of Banks and Nonbanks with Banks	Net External Liabilities of Banks and Nonbanks to Banks
Industrial countries			1,599.8	345.8	1,945.5	1,598.4	334.0	1,932.4	13.1
Major industrial countries			1,230.2	219.5	1,449.7	1,147.9	252.5	1,400.4	49.3
Other industrial countries			369.6	126.2	495.8	450.4	81.5	532.0	-36.2
Centrally planned economies			41.1	10.4	51.5	24.1	0.7	24.8	26.7
Czechoslovakia			2.0	0.7	2.7	1.0	—	1.0	1.7
German Democratic Republic			9.0	1.3	10.3	6.4	0.1	6.5	3.8
Poland			7.4	3.0	10.4	1.4	0.2	1.6	8.8
U.S.S.R.			18.2	4.6	22.8	12.9	0.2	13.1	9.7
Other			4.5	0.8	5.3	2.4	0.2	2.6	2.7
Offshore centers			433.9	44.7	478.6	423.9	66.6	490.5	-11.9
Developing countries (excluding offshore centers)			241.7	350.0	591.7	247.9	183.0	431.0	160.7
Capital importing developing countries			221.9	331.8	553.7	163.0	142.6	305.6	248.1
	Africa		17.9	52.2	70.1	10.2	16.3	26.5	43.6
		Côte d’Ivoire	0.2	2.9	3.1	0.2	0.5	0.7	2.4
		Liberia	—	10.1	10.1	—	4.3	4.3	5.8
		Morocco	0.5	4.1	4.5	0.1	0.6	0.8	3.7
		Nigeria	0.3	7.8	8.1	1.5	1.4	3.0	5.1
		South Africa	8.3	9.1	17.4	0.9	1.5	2.4	15.0
		Other	8.6	18.2	26.9	7.5	8.0	15.3	11.6
	Asia		50.6	60.2	110.8	75.0	14.7	89.7	21.1
		China	6.6	2.1	8.7	8.3	0.6	8.9	-0.2
		India	—	4.6	4.6	2.9	2.2	5.3	-0.6
		Indonesia	0.5	14.7	15.2	9.2	0.8	10.0	5.2
		Korea	26.6	12.2	38.8	8.6	0.7	9.3	29.5
		Malaysia	2.4	8.9	11.3	4.6	1.2	5.8	5.5
		Philippines	6.2	6.1	12.3	2.5	1.1	3.5	8.8
		Thailand	1.9	4.9	6.8	2.3	0.4	2.7	4.1
		Other	6.4	6.7	13.1	36.6	7.7	44.3	-31.2
	Europe		30.5	27.3	57.8	16.6	12.7	29.3	28.5
		Greece	7.2	6.7	13.9	2.5	5.2	7.8	6.1
		Hungary	8.9	1.4	10.3	3.1	—	3.1	7.2
		Portugal	1.6	9.9	11.6	5.3	3.2	6.5	5.1
		Romania	2.2	0.9	3.0	0.6	—	0.6	2.4
		Turkey	3.5	3.2	6.7	3.0	1.9	4.8	1.9
		Yugoslavia	7.0	3.5	10.5	2.5	0.4	3.0	7.5
		Other	0.1	1.7	1.8	1.6	2.0	3.5	-1.7
	Middle East		12.4	9.2	21.6	20.8	23.3	44.0	-22.4
		Egypt	7.4	3.7	11.1	8.1	3.2	11.3	-0.2
		Israel	2.8	2.7	5.5	6.7	2.7	9.4	-3.9
		Syrian Arab Republic	1.0	0.2	1.2	0.2	1.1	1.3	-0.1
		Other	1.2	2.6	3.8	5.8	16.3	22.0	-18.2
	Western Hemisphere		110.6	182.8	293.5	40.4	75.6	116.0	177.5
		Argentina	9.5	19.9	29.3	2.2	8.2	10.4	18.9
		Brazil	40.0	54.5	94.5	9.9	9.6	19.6	74.9
		Chile	10.1	6.9	17.0	2.7	2.2	4.9	12.1
		Colombia	2.4	5.2	7.6	1.4	2.6	4.0	3.6
		Mexico	27.7	58.6	86.3	4.9	16.0	20.9	65.4
		Nicaragua	1.8	0.8	2.6	0.5	0.4	0.9	1.7
		Peru	0.5	4.0	4.5	2.0	1.6	3.5	1.0
		Venezuela	5.6	20.3	25.9	7.8	14.0	21.8	4.1
		Other	13.0	12.6	25.8	9.0	21.0	30.0	-4.2
International organizations and unallocated			41.9	130.9	172.8	34.8	211.3	246.1	-73.3
	Of which:
		International organizations	41.9	10.9	52.8	34.8	7.4	42.3	10.5
		Total	2,358.3	881.8	3,240.2	2,329.2	795.7	3,124.9	115.3

Source: International Monetary Fund, International Financial Statistics.

^¹Data include U.K. monetary sector and other financial institutions’ holdings of bonds.

Table 22.

Cross-Country Comparison of Components of External Assets and Liabilities, End-December 1985 ¹

(In billions of U.S. dollars)

			Cross-Border Interbank Accounts by Residence of Borrowing Bank	International Bank Credits to Nonbanks by Residence of Borrower	Total External Liabilities of Banks and Non-banks to Banks	Cross-Border Interbank Accounts by Residence of Lending Bank	International Bank Deposits of Nonbanks by Residence of Depositor	Total External Assets of Banks and Nonbanks with Banks	Net External Liabilities of Banks and Nonbanks to Banks
Industrial countries			1,599.8	345.8	1,945.5	1,598.4	334.0	1,932.4	13.1
Major industrial countries			1,230.2	219.5	1,449.7	1,147.9	252.5	1,400.4	49.3
Other industrial countries			369.6	126.2	495.8	450.4	81.5	532.0	-36.2
Centrally planned economies			41.1	10.4	51.5	24.1	0.7	24.8	26.7
Czechoslovakia			2.0	0.7	2.7	1.0	—	1.0	1.7
German Democratic Republic			9.0	1.3	10.3	6.4	0.1	6.5	3.8
Poland			7.4	3.0	10.4	1.4	0.2	1.6	8.8
U.S.S.R.			18.2	4.6	22.8	12.9	0.2	13.1	9.7
Other			4.5	0.8	5.3	2.4	0.2	2.6	2.7
Offshore centers			433.9	44.7	478.6	423.9	66.6	490.5	-11.9
Developing countries (excluding offshore centers)			241.7	350.0	591.7	247.9	183.0	431.0	160.7
Capital importing developing countries			221.9	331.8	553.7	163.0	142.6	305.6	248.1
	Africa		17.9	52.2	70.1	10.2	16.3	26.5	43.6
		Côte d’Ivoire	0.2	2.9	3.1	0.2	0.5	0.7	2.4
		Liberia	—	10.1	10.1	—	4.3	4.3	5.8
		Morocco	0.5	4.1	4.5	0.1	0.6	0.8	3.7
		Nigeria	0.3	7.8	8.1	1.5	1.4	3.0	5.1
		South Africa	8.3	9.1	17.4	0.9	1.5	2.4	15.0
		Other	8.6	18.2	26.9	7.5	8.0	15.3	11.6
	Asia		50.6	60.2	110.8	75.0	14.7	89.7	21.1
		China	6.6	2.1	8.7	8.3	0.6	8.9	-0.2
		India	—	4.6	4.6	2.9	2.2	5.3	-0.6
		Indonesia	0.5	14.7	15.2	9.2	0.8	10.0	5.2
		Korea	26.6	12.2	38.8	8.6	0.7	9.3	29.5
		Malaysia	2.4	8.9	11.3	4.6	1.2	5.8	5.5
		Philippines	6.2	6.1	12.3	2.5	1.1	3.5	8.8
		Thailand	1.9	4.9	6.8	2.3	0.4	2.7	4.1
		Other	6.4	6.7	13.1	36.6	7.7	44.3	-31.2
	Europe		30.5	27.3	57.8	16.6	12.7	29.3	28.5
		Greece	7.2	6.7	13.9	2.5	5.2	7.8	6.1
		Hungary	8.9	1.4	10.3	3.1	—	3.1	7.2
		Portugal	1.6	9.9	11.6	5.3	3.2	6.5	5.1
		Romania	2.2	0.9	3.0	0.6	—	0.6	2.4
		Turkey	3.5	3.2	6.7	3.0	1.9	4.8	1.9
		Yugoslavia	7.0	3.5	10.5	2.5	0.4	3.0	7.5
		Other	0.1	1.7	1.8	1.6	2.0	3.5	-1.7
	Middle East		12.4	9.2	21.6	20.8	23.3	44.0	-22.4
		Egypt	7.4	3.7	11.1	8.1	3.2	11.3	-0.2
		Israel	2.8	2.7	5.5	6.7	2.7	9.4	-3.9
		Syrian Arab Republic	1.0	0.2	1.2	0.2	1.1	1.3	-0.1
		Other	1.2	2.6	3.8	5.8	16.3	22.0	-18.2
	Western Hemisphere		110.6	182.8	293.5	40.4	75.6	116.0	177.5
		Argentina	9.5	19.9	29.3	2.2	8.2	10.4	18.9
		Brazil	40.0	54.5	94.5	9.9	9.6	19.6	74.9
		Chile	10.1	6.9	17.0	2.7	2.2	4.9	12.1
		Colombia	2.4	5.2	7.6	1.4	2.6	4.0	3.6
		Mexico	27.7	58.6	86.3	4.9	16.0	20.9	65.4
		Nicaragua	1.8	0.8	2.6	0.5	0.4	0.9	1.7
		Peru	0.5	4.0	4.5	2.0	1.6	3.5	1.0
		Venezuela	5.6	20.3	25.9	7.8	14.0	21.8	4.1
		Other	13.0	12.6	25.8	9.0	21.0	30.0	-4.2
International organizations and unallocated			41.9	130.9	172.8	34.8	211.3	246.1	-73.3
	Of which:
		International organizations	41.9	10.9	52.8	34.8	7.4	42.3	10.5
		Total	2,358.3	881.8	3,240.2	2,329.2	795.7	3,124.9	115.3

Source: International Monetary Fund, International Financial Statistics.

^¹Data include U.K. monetary sector and other financial institutions’ holdings of bonds.

Table 23.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1981-December 1985

(In billions of U.S. dollars)

Note: Up to June 1984 the reporting area for these data includes branches of U.S. banks and the affiliates in offshore reporting centers of banks in other countries. The December 1984 data are on a worldwide consolidated basis for all reporting countries. This series is only available semiannually and has longer lags than the data presented in quarterly publications of the Bank for International Settlements on international capital markets developments. Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^¹Due to a change in the coverage and partial consolidation of the reporting area, 1983 figures should not be directly compared to 1982.

^²Figures are based on fully consolidated reports of banks, and should not be directly compared to 1983.

^³As of December 1985, Finland and Spain are included in the reporting area.

Table 23.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1981-December 1985

(In billions of U.S. dollars)

			December 1981			December 1982			December 1983 ¹			December 1984 ²			December 1985 ³
			External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments
			Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
Industrial countries outside the BIS reporting area			57.5	25.3	18.3	67.3	29.4	20.1	72.1	30.9	22.0	80.8	36.3	21.7	51.7	24.4	20.8
Australia			9.8	4.0	6.9	15.0	5.2	9.0	18.2	6.4	8.8	23.0	9.4	9.6	26.2	11.5	12.3
Finland			7.4	4.1	2.6	9.0	5.1	2.0	9.4	5.5	2.6	11.3	6.9	1.4	— ³	— ³	— ³
Norway			10.6	3.9	2.9	11.3	5.1	3.4	10.7	4.6	4.0	11.3	5.4	3.9	14.1	7.9	4.5
Spain			23.1	9.3	4.1	24.6	10.1	2.8	26.9	11.0	3.4	27.1	11.0	3.2	— ³	— ³	— ³
Other			6.6	4.0	1.8	7.4	3.9	2.9	6.9	3.4	3.2	8.1	3.6	3.6	11.4	5.0	4.0
Developing countries			393.9	189.4	81.5	433.2	208.4	78.9	457.7	207.5	74.8	462.4	191.6	67.8	493.8	216.7	68.5
	Capital importing developing countries		373.8	173.4	75.9	412.0	191.1	62.2	431.4	185.9	67.7	436.1	171.1	60.1	466.8	195.8	62.0
	Africa		50.9	17.6	13.3	56.4	21.5	13.5	60.5	24.2	13.3	59.5	25.1	11.7	63.2	27.5	10.0
		Côte d’Ivoire	3.2	0.9	0.5	3.4	0.9	0.4	3.1	0.8	0.2	2.7	0.6	0.1	2.9	0.7	0.2
		Morocco	3.7	1.2	0.5	3.9	1.0	0.4	3.9	1.1	0.2	3.8	1.2	0.3	4.5	1.7	0.3
		Nigeria	6.0	2.0	3.6	8.5	3.1	3.9	10.0	2.7	2.6	8.9	2.6	1.9	9.2	4.0	1.2
		South Africa	11.2	6.0	3.4	14.3	8.7	3.5	18.4	11.8	3.6	18.9	12.8	3.5	17.0	11.4	2.4
		Zaïre	1.1	0.3	0.1	0.9	0.3	0.1	0.7	0.2	—	0.7	0.3	0.1	0.8	0.3	0.1
		Other	25.7	7.2	5.2	25.4	7.5	6.2	24.4	7.6	6.7	24.5	7.6	5.8	28.8	9.4	5.8
	Asia		60.8	32.9	22.7	71.2	36.8	19.5	80.9	39.4	21.4	84.7	39.2	21.3	93.9	42.5	23.1
		China	2.3	1.1	5.0	1.3	0.6	3.1	2.2	1.4	3.2	3.5	2.4	3.4	6.6	4.7	5.3
		India	1.3	0.7	2.0	2.3	1.1	1.8	2.6	1.1	2.1	3.4	1.3	2.5	4.9	1.7	2.5
		Indonesia	7.2	3.0	2.6	9.9	3.8	2.2	11.8	4.6	3.2	12.9	5.4	3.6	14.1	6.0	3.8
		Korea	19.9	11.5	4.1	23.2	13.9	3.9	25.7	14.5	4.4	26.0	13.0	4.4	28.7	13.7	4.5
		Malaysia	4.4	1.4	1.3	6.6	1.6	1.3	8.7	2.1	1.6	10.6	2.4	1.8	10.1	2.1	1.4
		Philippines	10.2	5.8	2.8	12.6	7.5	2.4	13.8	7.3	1.6	12.4	6.6	1.0	12.9	6.4	1.1
		Thailand	5.1	3.1	1.3	4.9	2.8	1.6	5.8	3.5	1.4	6.5	3.5	1.4	6.9	2.9	1.4
		Other	10.4	6.3	3.6	10.4	5.5	3.2	10.3	4.9	3.9	9.4	4.6	3.2	9.7	5.0	3.1
	Europe		45.7	15.7	6.8	45.4	14.7	5.8	48.3	16.1	4.8	47.7	15.9	5.6	55.2	20.8	6.5
		Greece	9.7	3.6	2.6	10.0	3.3	2.2	11.8	3.8	2.1	12.3	4.0	2.0	14.2	5.0	1.4
		Hungary	7.7	3.1	0.4	6.8	2.2	0.5	7.0	3.2	0.3	6.8	2.7	0.6	8.6	3.5	1.1
		Portugal	7.7	3.0	1.5	10.0	3.8	1.2	10.8	4.0	0.8	10.8	3.5	1.1	11.4	3.5	1.3
		Romania	5.1	1.8	0.5	4.2	1.7	0.4	3.9	0.9	0.2	3.1	0.7	0.2	3.0	0.8	0.2
		Turkey	4.2	1.0	0.5	4.0	1.0	0.5	4.4	1.2	0.6	4.6	1.9	1.0	6.5	3.4	1.6
		Yugoslavia	10.7	3.0	1.3	9.8	2.6	0.7	9.8	2.7	0.5	9.3	2.6	0.5	10.3	4.1	0.5
		Other	0.6	0.2	—	0.6	0.1	0.3	0.6	0.3	0.3	0.8	0.5	0.2	1.2	0.5	0.4
	Middle East		17.8	14.0	3.2	21.3	16.7	3.5	15.5	10.8	3.6	14.8	10.2	3.3	16.0	10.0	3.5
		Egypt	4.4	3.0	1.5	4.9	3.2	1.8	5.6	3.7	2.0	5.8	3.6	1.8	6.7	3.5	1.9
		Israel	6.0	4.3	0.6	6.7	4.4	0.5	6.4	4.4	0.7	5.3	3.7	0.5	5.6	3.9	0.7
		Other	6.9	6.7	1.1	9.7	9.1	1.2	3.5	2.7	0.9	3.7	2.9	1.0	3.7	2.6	0.9
	Western Hemisphere		198.6	93.2	30.0	217.7	101.5	19.9	226.2	95.4	24.6	229.4	80.7	18.2	238.4	94.9	18.9
		Argentina	24.8	11.6	3.9	25.7	13.9	1.9	26.8	14.1	1.7	25.3	14.0	1.9	29.4	15.3	2.0
		Brazil	52.5	18.2	6.1	60.5	21.1	5.3	60.6	16.9	5.0	65.4	16.4	3.7	66.7	20.7	4.5
		Chile	10.5	4.2	1.8	11.6	4.6	1.0	12.5	4.6	1.2	13.2	3.7	0.7	14.3	5.4	1.0
		Colombia	5.4	2.6	1.6	6.3	2.9	1.2	6.8	3.2	0.8	6.5	2.6	0.9	6.4	2.8	1.2
		Ecuador	4.5	2.3	0.9	4.5	2.5	0.5	4.8	2.3	0.5	4.7	1.7	0.3	5.0	2.0	0.6
		Mexico	57.1	27.8	7.3	62.9	29.9	3.7	69.3	29.4	8.6	70.9	17.1	3.5	71.7	20.3	3.3
		Peru	4.4	2.7	1.4	5.4	3.2	1.1	5.1	2.3	0.8	4.8	2.1	0.7	4.7	2.4	0.5
		Venezuela	26.2	16.1	3.2	27.5	15.8	2.4	27.6	16.3	0.9	26.7	17.4	0.9	27.1	19.6	1.0
		Other	13.2	7.7	3.8	13.3	7.6	2.8	12.7	6.3	4.1	11.9	5.7	5.6	13.1	6.4	4.8
Centrally planned economies			50.1	21.6	6.3	43.6	17.1	6.4	40.9	15.6	6.5	38.3	14.9	4.5	50.1	20.4	7.9
Czechoslovakia			3.3	1.3	0.2	2.8	0.9	0.3	2.7	0.9	0.2	2.4	0.8	0.4	2.7	1.2	0.6
German Democratic Republic			10.7	4.6	1.7	8.9	3.5	1.2	8.4	3.3	0.8	8.4	3.7	1.1	10.3	4.4	1.8
Poland			15.2	5.5	1.8	13.9	4.6	0.7	10.9	2.7	0.3	8.7	2.1	0.3	9.9	2.1	0.3
U.S.S.R.			16.3	8.2	2.0	14.6	6.6	3.9	15.6	7.0	4.8	15.8	6.6	1.9	22.0	10.0	4.3
Other			4.6	2.0	0.6	3.4	1.5	0.3	3.3	1.7	0.4	3.0	1.7	0.8	5.2	2.7	0.9
		Total	501.4	236.2	106.1	544.1	254.9	94.7	570.8	254.0	103.2	581.5	242.8	94.0	595.6	261.5	97.2

^¹Due to a change in the coverage and partial consolidation of the reporting area, 1983 figures should not be directly compared to 1982.

^²Figures are based on fully consolidated reports of banks, and should not be directly compared to 1983.

^³As of December 1985, Finland and Spain are included in the reporting area.

Table 23.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1981-December 1985

(In billions of U.S. dollars)

			December 1981			December 1982			December 1983 ¹			December 1984 ²			December 1985 ³
			External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments	External Assets		Undisbursed credit commitments
			Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
Industrial countries outside the BIS reporting area			57.5	25.3	18.3	67.3	29.4	20.1	72.1	30.9	22.0	80.8	36.3	21.7	51.7	24.4	20.8
Australia			9.8	4.0	6.9	15.0	5.2	9.0	18.2	6.4	8.8	23.0	9.4	9.6	26.2	11.5	12.3
Finland			7.4	4.1	2.6	9.0	5.1	2.0	9.4	5.5	2.6	11.3	6.9	1.4	— ³	— ³	— ³
Norway			10.6	3.9	2.9	11.3	5.1	3.4	10.7	4.6	4.0	11.3	5.4	3.9	14.1	7.9	4.5
Spain			23.1	9.3	4.1	24.6	10.1	2.8	26.9	11.0	3.4	27.1	11.0	3.2	— ³	— ³	— ³
Other			6.6	4.0	1.8	7.4	3.9	2.9	6.9	3.4	3.2	8.1	3.6	3.6	11.4	5.0	4.0
Developing countries			393.9	189.4	81.5	433.2	208.4	78.9	457.7	207.5	74.8	462.4	191.6	67.8	493.8	216.7	68.5
	Capital importing developing countries		373.8	173.4	75.9	412.0	191.1	62.2	431.4	185.9	67.7	436.1	171.1	60.1	466.8	195.8	62.0
	Africa		50.9	17.6	13.3	56.4	21.5	13.5	60.5	24.2	13.3	59.5	25.1	11.7	63.2	27.5	10.0
		Côte d’Ivoire	3.2	0.9	0.5	3.4	0.9	0.4	3.1	0.8	0.2	2.7	0.6	0.1	2.9	0.7	0.2
		Morocco	3.7	1.2	0.5	3.9	1.0	0.4	3.9	1.1	0.2	3.8	1.2	0.3	4.5	1.7	0.3
		Nigeria	6.0	2.0	3.6	8.5	3.1	3.9	10.0	2.7	2.6	8.9	2.6	1.9	9.2	4.0	1.2
		South Africa	11.2	6.0	3.4	14.3	8.7	3.5	18.4	11.8	3.6	18.9	12.8	3.5	17.0	11.4	2.4
		Zaïre	1.1	0.3	0.1	0.9	0.3	0.1	0.7	0.2	—	0.7	0.3	0.1	0.8	0.3	0.1
		Other	25.7	7.2	5.2	25.4	7.5	6.2	24.4	7.6	6.7	24.5	7.6	5.8	28.8	9.4	5.8
	Asia		60.8	32.9	22.7	71.2	36.8	19.5	80.9	39.4	21.4	84.7	39.2	21.3	93.9	42.5	23.1
		China	2.3	1.1	5.0	1.3	0.6	3.1	2.2	1.4	3.2	3.5	2.4	3.4	6.6	4.7	5.3
		India	1.3	0.7	2.0	2.3	1.1	1.8	2.6	1.1	2.1	3.4	1.3	2.5	4.9	1.7	2.5
		Indonesia	7.2	3.0	2.6	9.9	3.8	2.2	11.8	4.6	3.2	12.9	5.4	3.6	14.1	6.0	3.8
		Korea	19.9	11.5	4.1	23.2	13.9	3.9	25.7	14.5	4.4	26.0	13.0	4.4	28.7	13.7	4.5
		Malaysia	4.4	1.4	1.3	6.6	1.6	1.3	8.7	2.1	1.6	10.6	2.4	1.8	10.1	2.1	1.4
		Philippines	10.2	5.8	2.8	12.6	7.5	2.4	13.8	7.3	1.6	12.4	6.6	1.0	12.9	6.4	1.1
		Thailand	5.1	3.1	1.3	4.9	2.8	1.6	5.8	3.5	1.4	6.5	3.5	1.4	6.9	2.9	1.4
		Other	10.4	6.3	3.6	10.4	5.5	3.2	10.3	4.9	3.9	9.4	4.6	3.2	9.7	5.0	3.1
	Europe		45.7	15.7	6.8	45.4	14.7	5.8	48.3	16.1	4.8	47.7	15.9	5.6	55.2	20.8	6.5
		Greece	9.7	3.6	2.6	10.0	3.3	2.2	11.8	3.8	2.1	12.3	4.0	2.0	14.2	5.0	1.4
		Hungary	7.7	3.1	0.4	6.8	2.2	0.5	7.0	3.2	0.3	6.8	2.7	0.6	8.6	3.5	1.1
		Portugal	7.7	3.0	1.5	10.0	3.8	1.2	10.8	4.0	0.8	10.8	3.5	1.1	11.4	3.5	1.3
		Romania	5.1	1.8	0.5	4.2	1.7	0.4	3.9	0.9	0.2	3.1	0.7	0.2	3.0	0.8	0.2
		Turkey	4.2	1.0	0.5	4.0	1.0	0.5	4.4	1.2	0.6	4.6	1.9	1.0	6.5	3.4	1.6
		Yugoslavia	10.7	3.0	1.3	9.8	2.6	0.7	9.8	2.7	0.5	9.3	2.6	0.5	10.3	4.1	0.5
		Other	0.6	0.2	—	0.6	0.1	0.3	0.6	0.3	0.3	0.8	0.5	0.2	1.2	0.5	0.4
	Middle East		17.8	14.0	3.2	21.3	16.7	3.5	15.5	10.8	3.6	14.8	10.2	3.3	16.0	10.0	3.5
		Egypt	4.4	3.0	1.5	4.9	3.2	1.8	5.6	3.7	2.0	5.8	3.6	1.8	6.7	3.5	1.9
		Israel	6.0	4.3	0.6	6.7	4.4	0.5	6.4	4.4	0.7	5.3	3.7	0.5	5.6	3.9	0.7
		Other	6.9	6.7	1.1	9.7	9.1	1.2	3.5	2.7	0.9	3.7	2.9	1.0	3.7	2.6	0.9
	Western Hemisphere		198.6	93.2	30.0	217.7	101.5	19.9	226.2	95.4	24.6	229.4	80.7	18.2	238.4	94.9	18.9
		Argentina	24.8	11.6	3.9	25.7	13.9	1.9	26.8	14.1	1.7	25.3	14.0	1.9	29.4	15.3	2.0
		Brazil	52.5	18.2	6.1	60.5	21.1	5.3	60.6	16.9	5.0	65.4	16.4	3.7	66.7	20.7	4.5
		Chile	10.5	4.2	1.8	11.6	4.6	1.0	12.5	4.6	1.2	13.2	3.7	0.7	14.3	5.4	1.0
		Colombia	5.4	2.6	1.6	6.3	2.9	1.2	6.8	3.2	0.8	6.5	2.6	0.9	6.4	2.8	1.2
		Ecuador	4.5	2.3	0.9	4.5	2.5	0.5	4.8	2.3	0.5	4.7	1.7	0.3	5.0	2.0	0.6
		Mexico	57.1	27.8	7.3	62.9	29.9	3.7	69.3	29.4	8.6	70.9	17.1	3.5	71.7	20.3	3.3
		Peru	4.4	2.7	1.4	5.4	3.2	1.1	5.1	2.3	0.8	4.8	2.1	0.7	4.7	2.4	0.5
		Venezuela	26.2	16.1	3.2	27.5	15.8	2.4	27.6	16.3	0.9	26.7	17.4	0.9	27.1	19.6	1.0
		Other	13.2	7.7	3.8	13.3	7.6	2.8	12.7	6.3	4.1	11.9	5.7	5.6	13.1	6.4	4.8
Centrally planned economies			50.1	21.6	6.3	43.6	17.1	6.4	40.9	15.6	6.5	38.3	14.9	4.5	50.1	20.4	7.9
Czechoslovakia			3.3	1.3	0.2	2.8	0.9	0.3	2.7	0.9	0.2	2.4	0.8	0.4	2.7	1.2	0.6
German Democratic Republic			10.7	4.6	1.7	8.9	3.5	1.2	8.4	3.3	0.8	8.4	3.7	1.1	10.3	4.4	1.8
Poland			15.2	5.5	1.8	13.9	4.6	0.7	10.9	2.7	0.3	8.7	2.1	0.3	9.9	2.1	0.3
U.S.S.R.			16.3	8.2	2.0	14.6	6.6	3.9	15.6	7.0	4.8	15.8	6.6	1.9	22.0	10.0	4.3
Other			4.6	2.0	0.6	3.4	1.5	0.3	3.3	1.7	0.4	3.0	1.7	0.8	5.2	2.7	0.9
		Total	501.4	236.2	106.1	544.1	254.9	94.7	570.8	254.0	103.2	581.5	242.8	94.0	595.6	261.5	97.2

^¹Due to a change in the coverage and partial consolidation of the reporting area, 1983 figures should not be directly compared to 1982.

^²Figures are based on fully consolidated reports of banks, and should not be directly compared to 1983.

^³As of December 1985, Finland and Spain are included in the reporting area.

Table 24.

Borrowers in Euronote and Eurocommercial Paper Markets by Geographical Distribution, 1981–86 ¹

(In billions of U.S. dollars)

Source: Bank of England.

^¹These data record the value of facilities arranged rather than drawings. They include underwritten and nonunderwritten facilities (Eurocommercial paper programs) and multiple component facilities. Compilation is by date of announcement.

^²First three quarters of 1986 on an annualized basis.

Table 24.

Borrowers in Euronote and Eurocommercial Paper Markets by Geographical Distribution, 1981–86 ¹

(In billions of U.S. dollars)

			1981	1982	1983	1984	1985	1986 ²
OECD countries			0.50	1.70	2.98	17.55	46.82	65.20
	Of which:
		Australia	—	0.25	1.03	2.70	7.89	4.76
		Denmark	—	—	—	1.02	0.40	2.09
		France	—	—	0.78	1.24	2.98	4.92
		Japan	—	—	0.60	0.15	0.46	11.51
		Netherlands	—	—	—	—	1.32	0.40
		New Zealand	0.50	0.10	—	2.05	0.74	3.60
		Sweden	—	0.05	0.07	4.73	4.81	4.00
		Switzerland	—	—	—	1.10	0.07	—
		United Kingdom	—	—	—	0.70	3.81	4.51
		United States	—	0.43	0.35	3.05	17.52	16.77
Others			0.53	0.67	0.31	1.28	2.67	2.63
	Of which:
		Developing countries	0.53	0.58	0.15	0.27	1.00	1.29
		Oil exporters	—	0.05	0.10	0.23	0.52	—
		International organizations	—	—	—	0.50	0.85	1.20
Total			1.03	2.37	3.29	18.83	49.49	67.83
	Of which:
		Underwritten Euronotes	1.03	2.37	3.29	18.20	33.14	15.91
		Nonunderwritten Eurocommercial paper programs	—	—	—	0.63	16.35	51.92

Source: Bank of England.

^²First three quarters of 1986 on an annualized basis.

Table 24.

Borrowers in Euronote and Eurocommercial Paper Markets by Geographical Distribution, 1981–86 ¹

(In billions of U.S. dollars)

			1981	1982	1983	1984	1985	1986 ²
OECD countries			0.50	1.70	2.98	17.55	46.82	65.20
	Of which:
		Australia	—	0.25	1.03	2.70	7.89	4.76
		Denmark	—	—	—	1.02	0.40	2.09
		France	—	—	0.78	1.24	2.98	4.92
		Japan	—	—	0.60	0.15	0.46	11.51
		Netherlands	—	—	—	—	1.32	0.40
		New Zealand	0.50	0.10	—	2.05	0.74	3.60
		Sweden	—	0.05	0.07	4.73	4.81	4.00
		Switzerland	—	—	—	1.10	0.07	—
		United Kingdom	—	—	—	0.70	3.81	4.51
		United States	—	0.43	0.35	3.05	17.52	16.77
Others			0.53	0.67	0.31	1.28	2.67	2.63
	Of which:
		Developing countries	0.53	0.58	0.15	0.27	1.00	1.29
		Oil exporters	—	0.05	0.10	0.23	0.52	—
		International organizations	—	—	—	0.50	0.85	1.20
Total			1.03	2.37	3.29	18.83	49.49	67.83
	Of which:
		Underwritten Euronotes	1.03	2.37	3.29	18.20	33.14	15.91
		Nonunderwritten Eurocommercial paper programs	—	—	—	0.63	16.35	51.92

Source: Bank of England.

^²First three quarters of 1986 on an annualized basis.

Table 25.

Bank Credit Commitments by Country of Destination, 1981-Third Quarter 1986

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines.

^²Includes $0.1 billion to Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

Table 25.

Bank Credit Commitments by Country of Destination, 1981-Third Quarter 1986

(In billions of U.S. dollars)

									1985 ³	1986 ⁴
				1981	1982	1983	1984 ¹	1985 ²	First-third qtr.	First-third qtr.
Industrial countries				44.8	51.6	27.9	29.9	31.6	25.2	24.6
Australia				3.9	5.9	2.7	2.4	0.8	0.4	2.7
Belgium				0.5	2.0	0.1	0.9	0.7	0.2	0.7
Canada				5.1	7.0	2.1	2.7	6.9	6.4	1.3
Denmark				1.6	1.6	2.2	0.7	0.3	0.2	0.2
France				0.6	6.6	1.5	2.0	4.0	4.0	2.5
Italy				6.4	5.3	2.8	4.7	4.7	4.1	5.0
Spain				4.8	2.0	2.7	3.5	2.5	2.2	3.4
Sweden				2.5	2.0	2.6	0.4	0.8	0.6	—
United Kingdom				2.6	2.2	0.9	3.3	5.1	3.2	2.5
United States				12.9	10.0	7.3	5.3	3.1	1.7	3.8
Other				3.9	7.0	3.0	4.0	2.7	2.2	2.5
Centrally planned economies				0.7	0.2	0.5	2.2	3.5	2.9	1.9
Czechoslovakia				—	—	0.1	—	0.1	0.1	0.4
German Democratic Republic				0.5	0.1	0.4	0.7	1.2	1.2	0.1
Poland				—	—	—	0.3	—	—	—
U.S.S.R.				—	0.1	—	0.9	1.5	1.2	1.0
Other				0.2	—	—	0.3	0.7	0.4	0.4
Developing countries				48.1	44.6	34.9	31.0	17.9	14.0	20.1
Capital importing developing countries				47.0	42.6	32.6	29.9	16.1	13.2	18.7
	Africa			4.1	2.7	2.7	0.5	1.4	1.3	1.1
		Côte d’Ivoire		0.6	0.5	—	—	0.2	0.2	—
		Morocco		0.6	0.2	0.1	—	—	—	—
		Nigeria		2.0	0.4	0.2	—	—	—	—
		South Africa		0.3	1.0	0.2	0.2	—	—	—
		Other		0.6	0.6	2.2	0.3	1.2	1.1	1.1
	Asia			12.8	12.6	10.4	10.2	7.5	6.3	5.9
		China		0.5	0.3	0.1	0.2	2.2	2.1	1.2
		India		1.0	0.4	0.7	0.6	0.2	0.2	0.5
		Indonesia		1.1	1.1	2.0	1.6	0.1	0.1	0.7
		Korea		3.2	3.6	3.5	3.7	3.6	3.0	1.3
		Malaysia		1.5	2.4	1.4	1.0	0.2	0.2	1.3
		Philippines		0.9	1.1	0.6	0.9	—	—	—
		Thailand		0.8	0.3	0.4	0.8	0.4	0.3	0.5
		Other		3.8	3.4	1.7	1.4	0.8	0.4	0.4
	Europe			4.7	3.7	3.5	3.4	4.4	2.9	3.7
		Greece		1.0	0.9	1.2	1.1	0.6	0.6	0.7
		Hungary		0.6	0.3	0.5	0.8	0.9	0.7	0.7
		Portugal		1.7	1.5	1.0	1.0	1.6	0.9	1.1
		Turkey		—	0.3	0.3	0.4	1.1	0.6	1.2
		Yugoslavia		1.0	0.5	0.6	—	—	—	—
		Other		0.4	0.2	—	0.1	0.2	0.1	—
	Middle East			0.2	0.6	0.7	0.4	0.3	0.3	0.1
		Egypt		—	0.4	0.1	—	0.1	0.1	—
		Jordan		0.2	—	0.3	0.3	0.2	0.2	—
		Other		—	0.2	0.2	—	—	—	0.1
	Western Hemisphere			25.2	23.0	15.3	15.4	2.5	2.4	1.9
		Argentina		2.8	1.3	1.8	3.7	—	—	—
		Brazil		6.9	7.3	4.6	6.5	—	—	—
		Chile		2.3	1.2	1.4	0.8	1.1	1.1	—
		Colombia		1.0	0.6	0.4	0.4	1.1	1.1	0.1
		Ecuador		0.3	0.1	0.4	—	0.2	0.2	—
		Mexico		7.9	6.5	5.1	3.8	—	—	7.7
		Peru		0.9	1.1	0.5	—	—	—	—
		Venezuela		1.4	4.0	0.2	—	—	—	—
		Other		1.7	0.9	0.9	0.2	0.1	—	0.1
International organizations and unallocated				1.0	1.8	3.9	3.5	2.5	2.0	1.4
			Total	94.6	98.2	67.2	66.6	55.5	44.1	48.0

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines.

^²Includes $0.1 billion to Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

Table 25.

Bank Credit Commitments by Country of Destination, 1981-Third Quarter 1986

(In billions of U.S. dollars)

									1985 ³	1986 ⁴
				1981	1982	1983	1984 ¹	1985 ²	First-third qtr.	First-third qtr.
Industrial countries				44.8	51.6	27.9	29.9	31.6	25.2	24.6
Australia				3.9	5.9	2.7	2.4	0.8	0.4	2.7
Belgium				0.5	2.0	0.1	0.9	0.7	0.2	0.7
Canada				5.1	7.0	2.1	2.7	6.9	6.4	1.3
Denmark				1.6	1.6	2.2	0.7	0.3	0.2	0.2
France				0.6	6.6	1.5	2.0	4.0	4.0	2.5
Italy				6.4	5.3	2.8	4.7	4.7	4.1	5.0
Spain				4.8	2.0	2.7	3.5	2.5	2.2	3.4
Sweden				2.5	2.0	2.6	0.4	0.8	0.6	—
United Kingdom				2.6	2.2	0.9	3.3	5.1	3.2	2.5
United States				12.9	10.0	7.3	5.3	3.1	1.7	3.8
Other				3.9	7.0	3.0	4.0	2.7	2.2	2.5
Centrally planned economies				0.7	0.2	0.5	2.2	3.5	2.9	1.9
Czechoslovakia				—	—	0.1	—	0.1	0.1	0.4
German Democratic Republic				0.5	0.1	0.4	0.7	1.2	1.2	0.1
Poland				—	—	—	0.3	—	—	—
U.S.S.R.				—	0.1	—	0.9	1.5	1.2	1.0
Other				0.2	—	—	0.3	0.7	0.4	0.4
Developing countries				48.1	44.6	34.9	31.0	17.9	14.0	20.1
Capital importing developing countries				47.0	42.6	32.6	29.9	16.1	13.2	18.7
	Africa			4.1	2.7	2.7	0.5	1.4	1.3	1.1
		Côte d’Ivoire		0.6	0.5	—	—	0.2	0.2	—
		Morocco		0.6	0.2	0.1	—	—	—	—
		Nigeria		2.0	0.4	0.2	—	—	—	—
		South Africa		0.3	1.0	0.2	0.2	—	—	—
		Other		0.6	0.6	2.2	0.3	1.2	1.1	1.1
	Asia			12.8	12.6	10.4	10.2	7.5	6.3	5.9
		China		0.5	0.3	0.1	0.2	2.2	2.1	1.2
		India		1.0	0.4	0.7	0.6	0.2	0.2	0.5
		Indonesia		1.1	1.1	2.0	1.6	0.1	0.1	0.7
		Korea		3.2	3.6	3.5	3.7	3.6	3.0	1.3
		Malaysia		1.5	2.4	1.4	1.0	0.2	0.2	1.3
		Philippines		0.9	1.1	0.6	0.9	—	—	—
		Thailand		0.8	0.3	0.4	0.8	0.4	0.3	0.5
		Other		3.8	3.4	1.7	1.4	0.8	0.4	0.4
	Europe			4.7	3.7	3.5	3.4	4.4	2.9	3.7
		Greece		1.0	0.9	1.2	1.1	0.6	0.6	0.7
		Hungary		0.6	0.3	0.5	0.8	0.9	0.7	0.7
		Portugal		1.7	1.5	1.0	1.0	1.6	0.9	1.1
		Turkey		—	0.3	0.3	0.4	1.1	0.6	1.2
		Yugoslavia		1.0	0.5	0.6	—	—	—	—
		Other		0.4	0.2	—	0.1	0.2	0.1	—
	Middle East			0.2	0.6	0.7	0.4	0.3	0.3	0.1
		Egypt		—	0.4	0.1	—	0.1	0.1	—
		Jordan		0.2	—	0.3	0.3	0.2	0.2	—
		Other		—	0.2	0.2	—	—	—	0.1
	Western Hemisphere			25.2	23.0	15.3	15.4	2.5	2.4	1.9
		Argentina		2.8	1.3	1.8	3.7	—	—	—
		Brazil		6.9	7.3	4.6	6.5	—	—	—
		Chile		2.3	1.2	1.4	0.8	1.1	1.1	—
		Colombia		1.0	0.6	0.4	0.4	1.1	1.1	0.1
		Ecuador		0.3	0.1	0.4	—	0.2	0.2	—
		Mexico		7.9	6.5	5.1	3.8	—	—	7.7
		Peru		0.9	1.1	0.5	—	—	—	—
		Venezuela		1.4	4.0	0.2	—	—	—	—
		Other		1.7	0.9	0.9	0.2	0.1	—	0.1
International organizations and unallocated				1.0	1.8	3.9	3.5	2.5	2.0	1.4
			Total	94.6	98.2	67.2	66.6	55.5	44.1	48.0

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

^¹Includes agreements in principle with Argentina and the Philippines.

^²Includes $0.1 billion to Costa Rica.

^³Includes agreements in principle with Chile and Colombia.

^⁴Includes agreement in principle with Mexico.

Table 26.

International Backup Facilities by Category of Instrument, 1982–86

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 26.

International Backup Facilities by Category of Instrument, 1982–86

(In billions of U.S. dollars)

				1982	1983	1984	1985	1986 ¹
Total note issuance facilities				2.7	3.5	17.4	38.7	19.2
	Of which:
		Multiple-component facilities		—	—	8.0	18.0	9.7
		Backup for Euronotes		2.5	0.9	6.4	17.9	8.1
Bankers’ acceptances				2.0	1.8	5.8	2.5	1.9
	Of which: Sterling			1.5	1.3	1.1	2.1	0.7
Commercial paper backups				0.2	3.0	2.8	6.2	2.0
Other instruments				0.5	1.2	2.8	2.5	2.9
			Subtotal	5.4	9.5	28.8	49.9	26.0
Merger-related stand-bys				—	4.0	26.5	7.0	4.5
			Total	5.4	13.5	55.3	56.9	30.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 26.

International Backup Facilities by Category of Instrument, 1982–86

(In billions of U.S. dollars)

				1982	1983	1984	1985	1986 ¹
Total note issuance facilities				2.7	3.5	17.4	38.7	19.2
	Of which:
		Multiple-component facilities		—	—	8.0	18.0	9.7
		Backup for Euronotes		2.5	0.9	6.4	17.9	8.1
Bankers’ acceptances				2.0	1.8	5.8	2.5	1.9
	Of which: Sterling			1.5	1.3	1.1	2.1	0.7
Commercial paper backups				0.2	3.0	2.8	6.2	2.0
Other instruments				0.5	1.2	2.8	2.5	2.9
			Subtotal	5.4	9.5	28.8	49.9	26.0
Merger-related stand-bys				—	4.0	26.5	7.0	4.5
			Total	5.4	13.5	55.3	56.9	30.5

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 27.

Euronote Market by Type of Borrower, 1981-Third Quarter 1986

(In percent)

Source: Bank of England.

Table 27.

Euronote Market by Type of Borrower, 1981-Third Quarter 1986

(In percent)

						1986
	1981	1982	1983	1984	1985	First-third qtr.
Government	48.7	25.3	—	40.2	7.7	10.0
Financial	9.8	29.3	53.9	17.1	27.5	51.3
Industrial	41.5	45.4	46.1	40.1	63.0	37.0
International organizations	—	—	—	2.6	1.8	1.8

Source: Bank of England.

Table 27.

Euronote Market by Type of Borrower, 1981-Third Quarter 1986

(In percent)

						1986
	1981	1982	1983	1984	1985	First-third qtr.
Government	48.7	25.3	—	40.2	7.7	10.0
Financial	9.8	29.3	53.9	17.1	27.5	51.3
Industrial	41.5	45.4	46.1	40.1	63.0	37.0
International organizations	—	—	—	2.6	1.8	1.8

Source: Bank of England.

Table 28.

Early Repayments of International Bonds, 1984–86

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 28.

Early Repayments of International Bonds, 1984–86

(In billions of U.S. dollars)

		1984	1985	1986 ¹
By currency of denomination
U.S. dollar		2.1	17.3	34.5
Deutsche mark		0.2	0.5	1.6
Swiss franc		0.4	0.3	0.9
Japanese yen		—	0.3	0.9
Pound sterling		0.4	0.1	0.1
Other		0.1	0.2	0.7
By type of security
Straight bonds		2.1	6.3	15.7
Floating rate notes		0.7	11.3	19.4
Convertibles		0.4	0.5	1.7
Floating rate certificates of deposit		—	0.6	1.9
By issuer
Australia		—	0.1	1.6
Canada		—	0.7	1.9
Denmark		—	1.0	1.5
France		0.2	4.0	7.8
Italy		0.1	—	1.9
Japan		0.3	1.1	2.9
Sweden		0.4	3.4	4.1
United Kingdom		0.3	0.8	2.1
United States		1.4	3.4	6.9
International organizations		0.1	2.3	3.4
Other		0.4	1.9	4.6
	Total	3.2	18.7	38.7

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 28.

Early Repayments of International Bonds, 1984–86

(In billions of U.S. dollars)

		1984	1985	1986 ¹
By currency of denomination
U.S. dollar		2.1	17.3	34.5
Deutsche mark		0.2	0.5	1.6
Swiss franc		0.4	0.3	0.9
Japanese yen		—	0.3	0.9
Pound sterling		0.4	0.1	0.1
Other		0.1	0.2	0.7
By type of security
Straight bonds		2.1	6.3	15.7
Floating rate notes		0.7	11.3	19.4
Convertibles		0.4	0.5	1.7
Floating rate certificates of deposit		—	0.6	1.9
By issuer
Australia		—	0.1	1.6
Canada		—	0.7	1.9
Denmark		—	1.0	1.5
France		0.2	4.0	7.8
Italy		0.1	—	1.9
Japan		0.3	1.1	2.9
Sweden		0.4	3.4	4.1
United Kingdom		0.3	0.8	2.1
United States		1.4	3.4	6.9
International organizations		0.1	2.3	3.4
Other		0.4	1.9	4.6
	Total	3.2	18.7	38.7

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 29.

Maturity Profile of International Bonds, 1982–85

(In percent)

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 29.

Maturity Profile of International Bonds, 1982–85

(In percent)

Currency of Denomination	0-5 Years				6-10 Years				Over 10 Years
Currency of Denomination	1982	1983	1984	1985	1982	1983	1984	1985	1982	1983	1984	1985
U.S. dollar	20	14	20	16	59	60	37	41	21	26	42	43
Canadian dollar	21	17	24	22	79	80	60	69	0	3	16	10
Deutsche mark	11	12	13	10	81	83	81	65	8	5	6	25
Japanese yen	2	0	2	6	69	76	75	72	29	24	23	20
Pound sterling	32	17	15	7	27	40	42	54	41	42	42	39
Swiss franc	36	41	44	34	50	54	52	45	4	5	4	21
Netherlands guilder	39	30	34	38	48	54	49	28	13	5	17	34

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 29.

Maturity Profile of International Bonds, 1982–85

(In percent)

Currency of Denomination	0-5 Years				6-10 Years				Over 10 Years
Currency of Denomination	1982	1983	1984	1985	1982	1983	1984	1985	1982	1983	1984	1985
U.S. dollar	20	14	20	16	59	60	37	41	21	26	42	43
Canadian dollar	21	17	24	22	79	80	60	69	0	3	16	10
Deutsche mark	11	12	13	10	81	83	81	65	8	5	6	25
Japanese yen	2	0	2	6	69	76	75	72	29	24	23	20
Pound sterling	32	17	15	7	27	40	42	54	41	42	42	39
Swiss franc	36	41	44	34	50	54	52	45	4	5	4	21
Netherlands guilder	39	30	34	38	48	54	49	28	13	5	17	34

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 30.

Borrowing on International Capital Markets by Major Instruments, 1981–86

(In percent)

Note: All data excluding merger-related stand-bys and renegotiations. Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First three quarters of 1986 on an annualized basis.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table 30.

Borrowing on International Capital Markets by Major Instruments, 1981–86

(In percent)

		1981-82	1983	1984	1985	1986 ¹
Straight bonds		71	64	52	55	64
Floating rate notes ²		20	25	34	35	23
Equity-related bonds		6	10	10	7	10
Other bonds ³		3	1	4	3	3
	Total	100	100	100	100	100

Note: All data excluding merger-related stand-bys and renegotiations. Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First three quarters of 1986 on an annualized basis.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table 30.

Borrowing on International Capital Markets by Major Instruments, 1981–86

(In percent)

		1981-82	1983	1984	1985	1986 ¹
Straight bonds		71	64	52	55	64
Floating rate notes ²		20	25	34	35	23
Equity-related bonds		6	10	10	7	10
Other bonds ³		3	1	4	3	3
	Total	100	100	100	100	100

Note: All data excluding merger-related stand-bys and renegotiations. Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First three quarters of 1986 on an annualized basis.

^²Including medium-term floating rate certificates of deposit.

^³Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table 31.

Market for Straight Bonds, 1983–86

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 31.

Market for Straight Bonds, 1983–86

(In billions of U.S. dollars)

			1983	1984	1985	1986 ¹
Borrowers, total			49.4	58.4	92.7	148.1
Industrial countries			37.0	45.9	74.9	130.1
	Of which:
		Australia	2.1	2.5	5.0	6.1
		Austria	1.3	1.7	1.9	3.5
		Canada	6.2	5.2	7.3	13.1
		Denmark	0.6	2.1	2.2	4.9
		France	3.2	2.8	4.7	9.5
		Germany, Federal Republic of	1.8	0.7	1.7	7.6
		Italy	0.9	0.2	0.8	2.1
		Japan	6.1	6.5	11.3	17.1
		Netherlands	0.9	1.0	1.3	3.1
		New Zealand	0.5	1.4	1.4	2.0
		Norway	0.6	0.7	1.4	3.6
		Sweden	1.6	2.1	3.8	6.3
		United Kingdom	1.7	1.1	2.2	6.5
		United States	5.9	14.6	26.7	34.3
Developing countries			1.1	1.3	3.2	3.5
Other, including international organizations			11.3	11.1	14.6	14.7
Currency distribution, total			49.4	58.4	92.7	148.1
U.S. dollar			21.4	26.9	43.4	66.4
Japanese yen			4.1	6.0	11.8	22.9
Swiss franc			9.8	8.7	10.3	16.0
Deutsche mark			6.3	5.8	6.6	13.3
ECU			2.1	2.5	5.9	6.0
Pound sterling			2.2	3.4	3.1	6.0
Australian dollar			0.2	0.3	3.0	3.1
Canadian dollar			1.1	2.2	2.8	4.9
Netherlands guilder			1.6	1.8	1.6	2.5
Other			0.6	0.8	4.2	7.0

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 31.

Market for Straight Bonds, 1983–86

(In billions of U.S. dollars)

			1983	1984	1985	1986 ¹
Borrowers, total			49.4	58.4	92.7	148.1
Industrial countries			37.0	45.9	74.9	130.1
	Of which:
		Australia	2.1	2.5	5.0	6.1
		Austria	1.3	1.7	1.9	3.5
		Canada	6.2	5.2	7.3	13.1
		Denmark	0.6	2.1	2.2	4.9
		France	3.2	2.8	4.7	9.5
		Germany, Federal Republic of	1.8	0.7	1.7	7.6
		Italy	0.9	0.2	0.8	2.1
		Japan	6.1	6.5	11.3	17.1
		Netherlands	0.9	1.0	1.3	3.1
		New Zealand	0.5	1.4	1.4	2.0
		Norway	0.6	0.7	1.4	3.6
		Sweden	1.6	2.1	3.8	6.3
		United Kingdom	1.7	1.1	2.2	6.5
		United States	5.9	14.6	26.7	34.3
Developing countries			1.1	1.3	3.2	3.5
Other, including international organizations			11.3	11.1	14.6	14.7
Currency distribution, total			49.4	58.4	92.7	148.1
U.S. dollar			21.4	26.9	43.4	66.4
Japanese yen			4.1	6.0	11.8	22.9
Swiss franc			9.8	8.7	10.3	16.0
Deutsche mark			6.3	5.8	6.6	13.3
ECU			2.1	2.5	5.9	6.0
Pound sterling			2.2	3.4	3.1	6.0
Australian dollar			0.2	0.3	3.0	3.1
Canadian dollar			1.1	2.2	2.8	4.9
Netherlands guilder			1.6	1.8	1.6	2.5
Other			0.6	0.8	4.2	7.0

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 32.

Market for Floating Rate Issues, 1983–86

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 32.

Market for Floating Rate Issues, 1983–86

(In billions of U.S. dollars)

			1983	1984	1985	1986 ¹
Borrowers, total			19.5	38.2	58.4	54.8
Industrial countries			15.6	34.5	48.0	51.1
	Of which:
		Belgium	0.9	1.6	1.8	2.0
		Canada	0.3	0.8	2.1	3.3
		Denmark	1.8	1.7	0.7	1.6
		France	4.1	5.4	6.4	3.6
		Italy	0.5	3.5	4.2	2.5
		Japan	2.5	2.9	1.9	2.5
		Sweden	2.6	4.1	2.2	0.1
		United Kingdom	0.2	3.7	12.1	15.5
		United States	0.3	5.5	10.5	9.3
Developing countries			1.8	3.3	7.1	2.1
Other, including international organizations			2.0	0.3	3.3	1.5
Currency distribution, total			19.5	38.2	58.4	54.8
U.S. dollar			18.5	35.1	49.9	42.5
Pound sterling			0.7	2.0	3.3	7.3
Deutsche mark			—	—	3.2	2.0
ECU			—	0.5	1.1	1.1
Other			0.3	0.6	0.9	1.9

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 32.

Market for Floating Rate Issues, 1983–86

(In billions of U.S. dollars)

			1983	1984	1985	1986 ¹
Borrowers, total			19.5	38.2	58.4	54.8
Industrial countries			15.6	34.5	48.0	51.1
	Of which:
		Belgium	0.9	1.6	1.8	2.0
		Canada	0.3	0.8	2.1	3.3
		Denmark	1.8	1.7	0.7	1.6
		France	4.1	5.4	6.4	3.6
		Italy	0.5	3.5	4.2	2.5
		Japan	2.5	2.9	1.9	2.5
		Sweden	2.6	4.1	2.2	0.1
		United Kingdom	0.2	3.7	12.1	15.5
		United States	0.3	5.5	10.5	9.3
Developing countries			1.8	3.3	7.1	2.1
Other, including international organizations			2.0	0.3	3.3	1.5
Currency distribution, total			19.5	38.2	58.4	54.8
U.S. dollar			18.5	35.1	49.9	42.5
Pound sterling			0.7	2.0	3.3	7.3
Deutsche mark			—	—	3.2	2.0
ECU			—	0.5	1.1	1.1
Other			0.3	0.6	0.9	1.9

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 33.

International Bond Issues and Placements by Currency of Denomination, 1981-Third Quarter 1986

(In millions of U.S. dollars; and in percent)

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Table 33.

International Bond Issues and Placements by Currency of Denomination, 1981-Third Quarter 1986

(In millions of U.S. dollars; and in percent)

			1981		1982		1983		1984		1985		First-Third Qtr. 1985		First-Third Qtr. 1986
			Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total
U.S. dollar			32,617	63.0	48,253	63.9	43,940	57.0	69,628	63.5	101,137	60.8	75,524	63.0	93,738	54.2
	Eurobonds		25,761		42,228		39,205		65,334		96,482		72,082		90,673
	Foreign bonds		6,856		6,025		4,735		4,294		4,655		3,441		3,064
Deutsche mark			2,592	5.0	5,362	7.1	6,660	8.6	6,743	6.2	11,231	6.7	6,370	5.3	14,193	8.2
	Eurobonds		1,396		3,253		4,042		4,324		9,491		4,998		14,193
	Foreign bonds		1,196		2,109		2,618		2,419		1,740		1,372		—
Swiss franc			8,118	15.7	11,325	15.0	13,500	17.5	13,120	12.0	14,954	8.9	9,140	7.6	16,511	9.5
	Eurobonds		—		—		—		—		—		—		—
	Foreign bonds		8,118		11,325		13,500		13,120		14,954		9,140		16,511
Japanese yen			3,132	6.0	3,915	5.2	4,084	5.3	6,063	5.5	12,918	7.8	9,403	7.9	17,779	10.3
	Eurobonds		410		598		233		1,190		6,539		4,353		14,066
	Foreign bonds		2,722		3,317		3,851		4,873		6,379		5,050		3,713
Netherlands guilder			929	1.8	1,474	2.0	1,681	2.2	1,846	1.7	1,669	1.0	1,274	1.1	2,001	1.2
	Eurobonds		490		618		748		986		682		577		666
	Foreign bonds		439		854		933		860		987		697		1,335
Pound sterling			1,446	2.8	1,975	2.6	3,012	3.9	5,614	5.1	6,724	4.0	4,480	3.7	10,342	5.9
	Eurobonds		535		846		2,153		3,965		5,766		3,806		10,021
	Foreign bonds		911		1,129		859		1,649		958		674		321
French franc			602	1.2	221	0.3	188	0.2	21	—	1,475	0.9	1,085	0.9	3,039	1.7
	Eurobonds		513		—		—		—		1,058		668		2,792
	Foreign bonds		89		221		188		21		417		417		247
ECU			153	0.3	823	1.1	2,191	2.8	2,938	2.7	7,038	4.2	5,278	4.4	5,346	3.1
	Eurobonds		153		823		2,191		2,938		7,038		5,278		5,346
	Foreign bonds		—		—		—		—		—		—		—
Other currencies			2,220	4.3	2,182	2.9	1,892	2.5	3,645	3.3	9,310	5.6	7,295	6.1	10,175	5.9
	Eurobonds		2,036		1,963		1,527		2,980		8,375		6,680		8,923
	Foreign bonds		184		219		366		565		935		615		1,252
		Total	51,808	100.0	75,528	100.0	77,148	100.0	109,518	100.0	166,456	100.0	119,848	100.0	173,123	100.0
		Eurobonds	31,294		50,329		50,098		81,717		135,431		98,441		146,680
		Foreign bonds	20,514		25,199		27,050		27,801		31,025		21,407		26,443

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Table 33.

International Bond Issues and Placements by Currency of Denomination, 1981-Third Quarter 1986

(In millions of U.S. dollars; and in percent)

			1981		1982		1983		1984		1985		First-Third Qtr. 1985		First-Third Qtr. 1986
			Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total	Amount	Share of total
U.S. dollar			32,617	63.0	48,253	63.9	43,940	57.0	69,628	63.5	101,137	60.8	75,524	63.0	93,738	54.2
	Eurobonds		25,761		42,228		39,205		65,334		96,482		72,082		90,673
	Foreign bonds		6,856		6,025		4,735		4,294		4,655		3,441		3,064
Deutsche mark			2,592	5.0	5,362	7.1	6,660	8.6	6,743	6.2	11,231	6.7	6,370	5.3	14,193	8.2
	Eurobonds		1,396		3,253		4,042		4,324		9,491		4,998		14,193
	Foreign bonds		1,196		2,109		2,618		2,419		1,740		1,372		—
Swiss franc			8,118	15.7	11,325	15.0	13,500	17.5	13,120	12.0	14,954	8.9	9,140	7.6	16,511	9.5
	Eurobonds		—		—		—		—		—		—		—
	Foreign bonds		8,118		11,325		13,500		13,120		14,954		9,140		16,511
Japanese yen			3,132	6.0	3,915	5.2	4,084	5.3	6,063	5.5	12,918	7.8	9,403	7.9	17,779	10.3
	Eurobonds		410		598		233		1,190		6,539		4,353		14,066
	Foreign bonds		2,722		3,317		3,851		4,873		6,379		5,050		3,713
Netherlands guilder			929	1.8	1,474	2.0	1,681	2.2	1,846	1.7	1,669	1.0	1,274	1.1	2,001	1.2
	Eurobonds		490		618		748		986		682		577		666
	Foreign bonds		439		854		933		860		987		697		1,335
Pound sterling			1,446	2.8	1,975	2.6	3,012	3.9	5,614	5.1	6,724	4.0	4,480	3.7	10,342	5.9
	Eurobonds		535		846		2,153		3,965		5,766		3,806		10,021
	Foreign bonds		911		1,129		859		1,649		958		674		321
French franc			602	1.2	221	0.3	188	0.2	21	—	1,475	0.9	1,085	0.9	3,039	1.7
	Eurobonds		513		—		—		—		1,058		668		2,792
	Foreign bonds		89		221		188		21		417		417		247
ECU			153	0.3	823	1.1	2,191	2.8	2,938	2.7	7,038	4.2	5,278	4.4	5,346	3.1
	Eurobonds		153		823		2,191		2,938		7,038		5,278		5,346
	Foreign bonds		—		—		—		—		—		—		—
Other currencies			2,220	4.3	2,182	2.9	1,892	2.5	3,645	3.3	9,310	5.6	7,295	6.1	10,175	5.9
	Eurobonds		2,036		1,963		1,527		2,980		8,375		6,680		8,923
	Foreign bonds		184		219		366		565		935		615		1,252
		Total	51,808	100.0	75,528	100.0	77,148	100.0	109,518	100.0	166,456	100.0	119,848	100.0	173,123	100.0
		Eurobonds	31,294		50,329		50,098		81,717		135,431		98,441		146,680
		Foreign bonds	20,514		25,199		27,050		27,801		31,025		21,407		26,443

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Table 34.

Size of Major Bond Markets, 1980–85

(In billions of local currency units at end of period; or in percent)

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 34.

Size of Major Bond Markets, 1980–85

(In billions of local currency units at end of period; or in percent)

			1980		1981		1982		1983		1984		1985
			In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change
France
Public sector			376.9	28.2	437.3	16.0	565.9	29.4	690.0	21.9	852.9	23.6	1,034.7	21.3
Corporate sector			108.1	10.1	116.6	7.9	134.4	15.2	161.5	20.2	194.4	20.4	251.7	29.5
International sector			12.6	50.0	15.2	20.6	15.8	4.0	16.5	4.4	16.3	-1.2	22.8	39.9
	Foreign bonds		3.9	62.5	4.1	5.1	5.3	29.3	6.4	20.8	7.3	14.1	11.8	61.6
	Eurobonds		8.7	45.0	11.1	27.6	10.5	-5.4	10.1	-3.8	9.0	-10.9	11.0	22.2
Germany, Federal Republic of
Public sector			467.8	14.0	530.3	13.4	598.0	12.8	668.7	11.8	720.4	7.7	772.4	7.2
Bonds			130.7	3.9	117.0	-10.5	143.3	22.5	190.2	32.7	226.6	19.1	270.0	19.2
Schuldscheine (private loans)			337.1	18.4	413.3	22.6	454.7	10.0	478.5	5.2	493.8	3.2	502.4	1.7
Corporate sector			417.9	10.6	488.0	16.8	533.7	9.4	586.8	10.0	622.0	6.0	657.0	5.6
International sector			79.2	13.0	80.3	1.4	83.6	4.1	87.6	4.8	96.3	9.9	117.4	21.9
Italy
Public sector			152,714	3.0	168,381	10.3	203,892	21.1	284,158	39.4	354,058	24.6	455,466	28.6
Corporate sector			1,273	6.0	1,981	55.6	2,760	39.3	3,820	38.4	4,487	17.5	5,130	14.3
International sector			28	-12.5	24	-14.3	20	-16.7	16	-20.0	12	-25.0	625	5,108
	Foreign bonds		28	-12.5	24	-14.3	20	-16.7	16	-20.0	12	-25.0	400	3,233
	Eurobonds		—	—	—	—	—	—	—	—	—	—	225	—
Japan
Public sector			109,893	19.9	127,013	15.6	144,670	13.9	163,979	13.4	178.9%	9.2	196,528	9.8
Corporate sector			35,867	6.9	38,590	7.6	42,312	9.6	46,503	9.9	51,346	10.4	54,933	7.0
International sector			1,909	17.6	2,456	28.7	3.1%	30.1	3,812	19.3	4,920	29.1	7,029	42.9
	Foreign bonds		1,784	14.9	2,251	26.2	2,874	27.7	3,427	19.2	4,171	21.7	5,174	24.1
	Eurobonds		125	78.6	205	64.0	322	57.1	385	19.6	749	94.6	1,855	147.7
United Kingdom
Public sector			82.7	19.7	90.4	9.3	96.3	6.5	105.5	9.6	114.9	8.9	124.6	8.4
Corporate sector			5.3	-5.4	5.4	1.9	6.2	14.8	6.2	—	7.9	27.4	7.6	-3.8
International sector			0.8	100.0	1.4	75.0	2.5	78.6	4.5	80.0	8.3	84.4	13.7	65.1
	Foreign bonds		0.1	—	0.6	500.0	1.3	116.7	1.9	46.2	2.9	52.6	3.7	27.6
	Eurobonds		0.7	75.0	0.8	14.3	1.2	50.0	2.6	116.7	5.4	107.7	10.0	85.2
United States
Public sector			1,042.0	12.5	1,170.0	12.3	1,375.8	17.6	1,625.4	18.1	1,932.8	18.9	2,300.1	19.0
Corporate sector			465.4	8.7	483.7	3.9	516.1	6.7	562.3	9.0	643.0	14.4	748.5	16.4
International sector			111.6	137.5	133.5	19.6	173.3	29.8	208.8	20.5	263.5	26.2	339.9	29.0
	Foreign bonds		47.8	1.7	53.2	11.3	59.9	12.6	63.7	6.3	67.6	6.1	72.7	7.5
	Eurobonds		63.8	—	80.3	25.9	113.4	41.2	145.1	28.0	195.9	35.0	267.2	36.4
Switzerland
Public sector			23.4	3.1	23.6	0.9	23.8	0.9	23.5	-1.3	24.5	4.3	25.0	2.0
Corporate sector			45.8	12.5	51.0	11.4	56.3	10.4	59.1	5.0	63.3	7.1	66.7	5.4
International sector			26.0	21.5	31.1	19.6	42.6	37.0	49.7	16.7	57.5	15.7	157.4	173.7
	Foreign bonds		26.0	21.5	31.1	19.6	42.6	37.0	49.7	16.7	57.5	15.7	67.4	17.2
	Foreign notes
		(private placements)	—	…	—	…	—	…	—	…	—	…	90.0	—

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 34.

Size of Major Bond Markets, 1980–85

(In billions of local currency units at end of period; or in percent)

			1980		1981		1982		1983		1984		1985
			In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change	In billions	Percent change
France
Public sector			376.9	28.2	437.3	16.0	565.9	29.4	690.0	21.9	852.9	23.6	1,034.7	21.3
Corporate sector			108.1	10.1	116.6	7.9	134.4	15.2	161.5	20.2	194.4	20.4	251.7	29.5
International sector			12.6	50.0	15.2	20.6	15.8	4.0	16.5	4.4	16.3	-1.2	22.8	39.9
	Foreign bonds		3.9	62.5	4.1	5.1	5.3	29.3	6.4	20.8	7.3	14.1	11.8	61.6
	Eurobonds		8.7	45.0	11.1	27.6	10.5	-5.4	10.1	-3.8	9.0	-10.9	11.0	22.2
Germany, Federal Republic of
Public sector			467.8	14.0	530.3	13.4	598.0	12.8	668.7	11.8	720.4	7.7	772.4	7.2
Bonds			130.7	3.9	117.0	-10.5	143.3	22.5	190.2	32.7	226.6	19.1	270.0	19.2
Schuldscheine (private loans)			337.1	18.4	413.3	22.6	454.7	10.0	478.5	5.2	493.8	3.2	502.4	1.7
Corporate sector			417.9	10.6	488.0	16.8	533.7	9.4	586.8	10.0	622.0	6.0	657.0	5.6
International sector			79.2	13.0	80.3	1.4	83.6	4.1	87.6	4.8	96.3	9.9	117.4	21.9
Italy
Public sector			152,714	3.0	168,381	10.3	203,892	21.1	284,158	39.4	354,058	24.6	455,466	28.6
Corporate sector			1,273	6.0	1,981	55.6	2,760	39.3	3,820	38.4	4,487	17.5	5,130	14.3
International sector			28	-12.5	24	-14.3	20	-16.7	16	-20.0	12	-25.0	625	5,108
	Foreign bonds		28	-12.5	24	-14.3	20	-16.7	16	-20.0	12	-25.0	400	3,233
	Eurobonds		—	—	—	—	—	—	—	—	—	—	225	—
Japan
Public sector			109,893	19.9	127,013	15.6	144,670	13.9	163,979	13.4	178.9%	9.2	196,528	9.8
Corporate sector			35,867	6.9	38,590	7.6	42,312	9.6	46,503	9.9	51,346	10.4	54,933	7.0
International sector			1,909	17.6	2,456	28.7	3.1%	30.1	3,812	19.3	4,920	29.1	7,029	42.9
	Foreign bonds		1,784	14.9	2,251	26.2	2,874	27.7	3,427	19.2	4,171	21.7	5,174	24.1
	Eurobonds		125	78.6	205	64.0	322	57.1	385	19.6	749	94.6	1,855	147.7
United Kingdom
Public sector			82.7	19.7	90.4	9.3	96.3	6.5	105.5	9.6	114.9	8.9	124.6	8.4
Corporate sector			5.3	-5.4	5.4	1.9	6.2	14.8	6.2	—	7.9	27.4	7.6	-3.8
International sector			0.8	100.0	1.4	75.0	2.5	78.6	4.5	80.0	8.3	84.4	13.7	65.1
	Foreign bonds		0.1	—	0.6	500.0	1.3	116.7	1.9	46.2	2.9	52.6	3.7	27.6
	Eurobonds		0.7	75.0	0.8	14.3	1.2	50.0	2.6	116.7	5.4	107.7	10.0	85.2
United States
Public sector			1,042.0	12.5	1,170.0	12.3	1,375.8	17.6	1,625.4	18.1	1,932.8	18.9	2,300.1	19.0
Corporate sector			465.4	8.7	483.7	3.9	516.1	6.7	562.3	9.0	643.0	14.4	748.5	16.4
International sector			111.6	137.5	133.5	19.6	173.3	29.8	208.8	20.5	263.5	26.2	339.9	29.0
	Foreign bonds		47.8	1.7	53.2	11.3	59.9	12.6	63.7	6.3	67.6	6.1	72.7	7.5
	Eurobonds		63.8	—	80.3	25.9	113.4	41.2	145.1	28.0	195.9	35.0	267.2	36.4
Switzerland
Public sector			23.4	3.1	23.6	0.9	23.8	0.9	23.5	-1.3	24.5	4.3	25.0	2.0
Corporate sector			45.8	12.5	51.0	11.4	56.3	10.4	59.1	5.0	63.3	7.1	66.7	5.4
International sector			26.0	21.5	31.1	19.6	42.6	37.0	49.7	16.7	57.5	15.7	157.4	173.7
	Foreign bonds		26.0	21.5	31.1	19.6	42.6	37.0	49.7	16.7	57.5	15.7	67.4	17.2
	Foreign notes
		(private placements)	—	…	—	…	—	…	—	…	—	…	90.0	—

Source: Salomon Brothers, Inc., International Bond and Money Market Performance.

Table 35.

International Bond Market Issues, 1982–86

(In billions of U.S. dollars, unless otherwise indicated)

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First half of 1986 on an annualized basis.

Table 35.

International Bond Market Issues, 1982–86

(In billions of U.S. dollars, unless otherwise indicated)

			1982	1983	1984	1985	1986 ¹
Total international bond issues			75.4	77.1	109.5	166.4	219.3
Total international dollar issues			48.2	43.9	69.6	101.2	114.0
	Eurodollar issues		42.2	39.2	65.3	96.5	108.2
	Foreign dollar issues		6.0	4.7	4.3	4.7	5.8
	Borrowers (percent of total)
		Australia	1.9	3.2	2.2	2.3	5.9
		Canada	17.2	9.8	4.5	5.3	7.8
		France	11.6	10.5	8.8	7.3	4.9
		Japan	8.3	14.3	14.4	11.9	15.3
		United States	25.5	12.9	28.0	28.9	29.3
Total international yen issues			3.9	4.1	6.1	12.9	22.8
	Euro-yen issues		0.6	0.2	1.2	6.5	16.1
	Foreign yen issues		3.3	3.9	4.9	6.4	6.7
	Borrowers (percent of total)
		China	—	—	—	3.0	7.8
		France	8.8	10.8	8.6	7.6	5.6
		Japan	5.3	—	1.3	5.8	8.2
		United States	0.1	—	10.7	26.5	30.4
		International development organizations	17.1	27.3	25.2	18.4	6.4
Total international deutsche mark issues			5.4	6.6	6.7	11.2	18.2
	Euro-deutsche mark issues		3.3	4.0	4.3	9.5	18.2
	Foreign deutsche mark issues		2.1	2.6	2.4	1.7	—
	Borrowers (percent of total)
		Austria	—	—	—	—	9.1
		Germany, Federal Republic of	1.5	6.0	5.7	13.8	24.6
		United States	11.5	4.2	9.3	9.7	7.4
		EC institutions	16.2	15.5	15.5	5.3	8.0
		International development organizations	13.8	37.0	21.2	15.0	12.0
Total international Swiss franc issues			11.4	13.5	13.1	15.0	23.5
	Euro-Swiss franc issues		0.1	—	—	—	—
	Foreign Swiss franc issues		11.3	13.5	13.1	15.0	23.5
	Borrowers (percent of total)
		Australia	3.0	1.7	5.3	7.9	4.7
		Canada	11.3	9.2	7.6	7.3	3.6
		Japan	32.9	49.3	44.4	45.1	30.5
		United States	13.0	8.9	9.5	19.0	26.3
		International development organizations	10.8	9.9	11.2	11.7	4.7
Total other international bond issues			6.5	9.0	14.0	26.1	40.8
	Other Eurobond issues		4.1	6.7	10.9	22.9	37.7
	Other foreign bond issues		2.4	2.3	3.1	3.2	3.1

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First half of 1986 on an annualized basis.

Table 35.

International Bond Market Issues, 1982–86

(In billions of U.S. dollars, unless otherwise indicated)

			1982	1983	1984	1985	1986 ¹
Total international bond issues			75.4	77.1	109.5	166.4	219.3
Total international dollar issues			48.2	43.9	69.6	101.2	114.0
	Eurodollar issues		42.2	39.2	65.3	96.5	108.2
	Foreign dollar issues		6.0	4.7	4.3	4.7	5.8
	Borrowers (percent of total)
		Australia	1.9	3.2	2.2	2.3	5.9
		Canada	17.2	9.8	4.5	5.3	7.8
		France	11.6	10.5	8.8	7.3	4.9
		Japan	8.3	14.3	14.4	11.9	15.3
		United States	25.5	12.9	28.0	28.9	29.3
Total international yen issues			3.9	4.1	6.1	12.9	22.8
	Euro-yen issues		0.6	0.2	1.2	6.5	16.1
	Foreign yen issues		3.3	3.9	4.9	6.4	6.7
	Borrowers (percent of total)
		China	—	—	—	3.0	7.8
		France	8.8	10.8	8.6	7.6	5.6
		Japan	5.3	—	1.3	5.8	8.2
		United States	0.1	—	10.7	26.5	30.4
		International development organizations	17.1	27.3	25.2	18.4	6.4
Total international deutsche mark issues			5.4	6.6	6.7	11.2	18.2
	Euro-deutsche mark issues		3.3	4.0	4.3	9.5	18.2
	Foreign deutsche mark issues		2.1	2.6	2.4	1.7	—
	Borrowers (percent of total)
		Austria	—	—	—	—	9.1
		Germany, Federal Republic of	1.5	6.0	5.7	13.8	24.6
		United States	11.5	4.2	9.3	9.7	7.4
		EC institutions	16.2	15.5	15.5	5.3	8.0
		International development organizations	13.8	37.0	21.2	15.0	12.0
Total international Swiss franc issues			11.4	13.5	13.1	15.0	23.5
	Euro-Swiss franc issues		0.1	—	—	—	—
	Foreign Swiss franc issues		11.3	13.5	13.1	15.0	23.5
	Borrowers (percent of total)
		Australia	3.0	1.7	5.3	7.9	4.7
		Canada	11.3	9.2	7.6	7.3	3.6
		Japan	32.9	49.3	44.4	45.1	30.5
		United States	13.0	8.9	9.5	19.0	26.3
		International development organizations	10.8	9.9	11.2	11.7	4.7
Total other international bond issues			6.5	9.0	14.0	26.1	40.8
	Other Eurobond issues		4.1	6.7	10.9	22.9	37.7
	Other foreign bond issues		2.4	2.3	3.1	3.2	3.1

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

^¹First half of 1986 on an annualized basis.

Table 36.

Market for Equity-Related Bonds, 1983–86

(In billions of U.S. dollars)

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 36.

Market for Equity-Related Bonds, 1983–86

(In billions of U.S. dollars)

	1983	1984	1985	1986 ¹
Borrowers, total	8.0	10.9	11.5	22.9
Japan	4.9	7.7	7.6	12.4
United States	1.0	1.9	1.4	3.5
United Kingdom	0.1	0.1	0.7	1.1
Germany, Federal Republic of	0.7	0.3	0.5	1.6
Switzerland	0.6	0.3	0.5	0.8
Other OECD countries	0.7	0.6	0.8	3.6
Currency distribution, total	8.0	10.9	11.5	22.9
U.S. dollar	3.9	5.5	5.3	14.4
Swiss franc	3.6	4.2	4.2	5.7
Deutsche mark	0.4	0.9	1.2	2.4
Other	0.1	0.3	0.8	0.4

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 36.

Market for Equity-Related Bonds, 1983–86

(In billions of U.S. dollars)

	1983	1984	1985	1986 ¹
Borrowers, total	8.0	10.9	11.5	22.9
Japan	4.9	7.7	7.6	12.4
United States	1.0	1.9	1.4	3.5
United Kingdom	0.1	0.1	0.7	1.1
Germany, Federal Republic of	0.7	0.3	0.5	1.6
Switzerland	0.6	0.3	0.5	0.8
Other OECD countries	0.7	0.6	0.8	3.6
Currency distribution, total	8.0	10.9	11.5	22.9
U.S. dollar	3.9	5.5	5.3	14.4
Swiss franc	3.6	4.2	4.2	5.7
Deutsche mark	0.4	0.9	1.2	2.4
Other	0.1	0.3	0.8	0.4

Source: Organization for Economic Cooperation and Development, Financial Market Trends.

^¹First three quarters of 1986 on an annualized basis.

Table 37.

Bank Holdings of International Bonds and Other Long-Term Securities, 1981-June 1986 ¹

(In billions of U.S. dollars)

Source: Bank of England.

^¹Securities issued by nonresidents in all currencies and by residents in foreign currency with a maturity exceeding one year.

^²Estimates based on the holdings of international securities as reported by banks in Belgium, Canada, France, the Federal Republic of Germany, Italy, Luxembourg, the Netherlands, Sweden, and the United Kingdom (see footnote 3), as well as the consolidated holdings of Japanese banks booked at head office and at all domestic and foreign branch offices plus their holdings at merchant banking subsidiaries located in London net of possible double counting.

^³Including holdings of short-term certificates of deposit.

Table 37.

Bank Holdings of International Bonds and Other Long-Term Securities, 1981-June 1986 ¹

(In billions of U.S. dollars)

			Outstanding Amounts at End of Period
			1981	1982	1983	1984	1985	June 1986
Estimated total holdings ²			46.7	59.2	76.7	99.5	157.7	…
Holdings of banks in United Kingdom ³			18.1	23.5	32.0	40.7	62.0	68.1
	Of which:
		Floating rate notes	…	3.7	10.9	18.2	29.8	34.1

Source: Bank of England.

^¹Securities issued by nonresidents in all currencies and by residents in foreign currency with a maturity exceeding one year.

^³Including holdings of short-term certificates of deposit.

Table 37.

Bank Holdings of International Bonds and Other Long-Term Securities, 1981-June 1986 ¹

(In billions of U.S. dollars)

			Outstanding Amounts at End of Period
			1981	1982	1983	1984	1985	June 1986
Estimated total holdings ²			46.7	59.2	76.7	99.5	157.7	…
Holdings of banks in United Kingdom ³			18.1	23.5	32.0	40.7	62.0	68.1
	Of which:
		Floating rate notes	…	3.7	10.9	18.2	29.8	34.1

Source: Bank of England.

^¹Securities issued by nonresidents in all currencies and by residents in foreign currency with a maturity exceeding one year.

^³Including holdings of short-term certificates of deposit.

Table 38.

Financial Futures and Options: Exchanges and Contracts

Note: $A = Australian dollar; Can$ = Canadian dollar; F = French franc; DM = deutsche mark; ¥ = Japanese yen; ECU = European Currency Unit; f. = Netherlands guilder; $NZ = New Zealand dollar; Sw F = Swiss franc; £ = pound sterling; and US$ = U.S. dollar. Source: Financial Times Business Information Ltd., The Banker.

Table 38.

Financial Futures and Options: Exchanges and Contracts

		Interest Rate	Stock Index	Currency
United States
Chicago
	Board of Trade (CBOT)	Futures:	Futures:
		U.S. Treasury bond	Major market maxi index
		Ten-year U.S. Treasury note	Major market index
		Ten-year U.S. Treasury note	Long-term municipal bond index
		Government National Mortgage Association (GNMA) mortgages—collateralized depository receipt (CDR)	National Association of Securities Dealers Automated Quotations (NASDAQ)
		GNMA-cash settled
		Options:
		U.S. Treasury bond
		Ten-year U.S. Treasury note
	Board Options Exchange (CBOE)		Options:	Options:
			Standard and Poor’s 100 index	US$/Sw F
			Standard and Poor’s 500 index	US$/DM
			Standard and Poor’s over-the-counter 250 index	US$/¥
				US$/£
				US$/Can$
				US$/F
	Mercantile Exchange (CME)	Futures:	Futures:	Futures:
		Three-month Eurodollar deposit	Standard and Poor’s 500 index	US$/DM
			Standard and Poor’s 100 index	US$/Sw F
		Ninety-day U.S. Treasury bill	Standard and Poor’s over-the-counter 250 index	US$/¥
				US$/£
		Ninety-day certificate of deposit	Options:	US$/Can$
			Standard and Poor’s 500 index	US$/F
		Options:		US$/ECU
		Three-month Eurodollar		Options:
		Ninety-day U.S. Treasury bill		US$/DM
				US$/Sw F
				US$/¥
				US$/£
	Mid-America Commodity Exchange (Midam)	Futures:		Futures:
		U.S. Treasury bond		US$/Sw F
		U.S. Treasury bill		US$/DM
				US$/£
				US$/Can$
				US$/¥
New York
	Futures Exchange (NYFE)		Futures:
			NYSE composite index
			Options:
			NYSE composite double index
	Stock Exchange (NYSE)		Options:
			NYSE composite index
			NYSE composite double index
	Cotton Exchange			Futures:
				US$/ECU
				US$ index
	American Stock Exchange (Amex)		Options:
			Major market index
			Oil index
			Airline index
			Computer technology index
Coffee, Sugar and Cocoa Exchange (CSC)		Futures:
		Consumer price index
Philadelphia			Futures:	Options:
	Stock Exchange		National over-the-counter index	US$/Sw F
			Options:	US$/DM
			National over-the-counter index	US$/¥
			Value line index	US$/ECU
			Gold and silver index	US$/£
				US$/Can$
				US$/F
Kansas City
	Board of Trade (KCBOT)		Futures:
			Value and line index
			Mini value line index
San Francisco
	Pacific Stock Exchange		Options:
			Technology stock index
Washington, D.C.
	National Association of Securities Dealers Automated Quotations (NASDAQ)		Options:
			NASDAQ 100
Canada
Toronto
	Future Exchange	Futures:	Futures:	Futures:
		Ninety-one day Canadian Treasury bill	TSE 300 composite index	US$/Can$
		Fifteen-year Canadian bond
		Options:
		Fifteen-year Canadian bond
	Stock Exchange		Options:
			TSE 300 composite index
Montreal
	Stock Exchange	Options:	Options:	Options:
		Long-term (Canadian) bond	Canadian market portfolio index	US$/Can$
				US$/DM
				US$/Sw F
				US$/£
Vancouver
	Stock Exchange			Options:
				US$/Can$
Brazil
Rio de Janeiro
	Bôlsa Brasileira de Futuros	Futures:
	Bôlsa Brasileira de Futuros	Obrigação Reajustável do Tesouro Nacional (ORTN)
Federal Republic of Germany
Frankfurt		Options:
	Stock Exchange	Selected long-term federal government bonds
United Kingdom
London
	International Financial Futures Exchange (LIFFE)	Futures:	Futures:	Futures:
		Twenty-year gilt (government bond)	Financial Times—Stock Exchange (FT-SE) 100 index	US$/£
				US$/DM
		U.S. Treasury bonds		DM/US$
		Three-month pound sterling interest rate		US$/Sw F
				US$/¥
		Three-month Eurodollar		Options:
		Short gilt (government bond)		US$/£
				DM/US$
		Options:
		Long gilt
		U.S. Treasury bond
		Three-month Eurodollar
	Stock Exchange	Options:	Options:	Options:
		Long gilt	FT-SE 100 index	US$/£
		Short gilt		US$/DM
Netherlands
Amsterdam
	European Options Exchange			Options:
				US$/f.
				US$/DM
				ECU/US$
				£/US$
				£/US$ jumbo
France
Paris
	Marché à terme d’instruments financiers (Matif)	Futures:
	Marché à terme d’instruments financiers (Matif)	Seven-ten-year government bond
Australia
Sydney
	Futures Exchange	Futures:	Futures:	Futures:
		Ten-year Australian Treasury bonds	All ordinaries share price index	US$/$A
			Options:	Options:
		Ninety-day bank bill	All ordinaries share price index	US$/$A
		Options:
		Ten-year Australian Treasury bond
		Ninety-day bank bill
New Zealand
Auckland
	Futures Exchange	Futures:		Futures:
		Ninety-day prime commercial paper		US$/$NZ
		Five-year government stock
Singapore
	International Monetary Exchange (Simex)	Futures:		Futures:
		Eurodollar		US$/DM
				US$/¥
Japan
Tokyo
	Stock Exchange	Futures:
		Ten-year government bond
Hong Kong
	Futures Exchange		Futures:
			Hang Seng index

Table 38.

Financial Futures and Options: Exchanges and Contracts

		Interest Rate	Stock Index	Currency
United States
Chicago
	Board of Trade (CBOT)	Futures:	Futures:
		U.S. Treasury bond	Major market maxi index
		Ten-year U.S. Treasury note	Major market index
		Ten-year U.S. Treasury note	Long-term municipal bond index
		Government National Mortgage Association (GNMA) mortgages—collateralized depository receipt (CDR)	National Association of Securities Dealers Automated Quotations (NASDAQ)
		GNMA-cash settled
		Options:
		U.S. Treasury bond
		Ten-year U.S. Treasury note
	Board Options Exchange (CBOE)		Options:	Options:
			Standard and Poor’s 100 index	US$/Sw F
			Standard and Poor’s 500 index	US$/DM
			Standard and Poor’s over-the-counter 250 index	US$/¥
				US$/£
				US$/Can$
				US$/F
	Mercantile Exchange (CME)	Futures:	Futures:	Futures:
		Three-month Eurodollar deposit	Standard and Poor’s 500 index	US$/DM
			Standard and Poor’s 100 index	US$/Sw F
		Ninety-day U.S. Treasury bill	Standard and Poor’s over-the-counter 250 index	US$/¥
				US$/£
		Ninety-day certificate of deposit	Options:	US$/Can$
			Standard and Poor’s 500 index	US$/F
		Options:		US$/ECU
		Three-month Eurodollar		Options:
		Ninety-day U.S. Treasury bill		US$/DM
				US$/Sw F
				US$/¥
				US$/£
	Mid-America Commodity Exchange (Midam)	Futures:		Futures:
		U.S. Treasury bond		US$/Sw F
		U.S. Treasury bill		US$/DM
				US$/£
				US$/Can$
				US$/¥
New York
	Futures Exchange (NYFE)		Futures:
			NYSE composite index
			Options:
			NYSE composite double index
	Stock Exchange (NYSE)		Options:
			NYSE composite index
			NYSE composite double index
	Cotton Exchange			Futures:
				US$/ECU
				US$ index
	American Stock Exchange (Amex)		Options:
			Major market index
			Oil index
			Airline index
			Computer technology index
Coffee, Sugar and Cocoa Exchange (CSC)		Futures:
		Consumer price index
Philadelphia			Futures:	Options:
	Stock Exchange		National over-the-counter index	US$/Sw F
			Options:	US$/DM
			National over-the-counter index	US$/¥
			Value line index	US$/ECU
			Gold and silver index	US$/£
				US$/Can$
				US$/F
Kansas City
	Board of Trade (KCBOT)		Futures:
			Value and line index
			Mini value line index
San Francisco
	Pacific Stock Exchange		Options:
			Technology stock index
Washington, D.C.
	National Association of Securities Dealers Automated Quotations (NASDAQ)		Options:
			NASDAQ 100
Canada
Toronto
	Future Exchange	Futures:	Futures:	Futures:
		Ninety-one day Canadian Treasury bill	TSE 300 composite index	US$/Can$
		Fifteen-year Canadian bond
		Options:
		Fifteen-year Canadian bond
	Stock Exchange		Options:
			TSE 300 composite index
Montreal
	Stock Exchange	Options:	Options:	Options:
		Long-term (Canadian) bond	Canadian market portfolio index	US$/Can$
				US$/DM
				US$/Sw F
				US$/£
Vancouver
	Stock Exchange			Options:
				US$/Can$
Brazil
Rio de Janeiro
	Bôlsa Brasileira de Futuros	Futures:
	Bôlsa Brasileira de Futuros	Obrigação Reajustável do Tesouro Nacional (ORTN)
Federal Republic of Germany
Frankfurt		Options:
	Stock Exchange	Selected long-term federal government bonds
United Kingdom
London
	International Financial Futures Exchange (LIFFE)	Futures:	Futures:	Futures:
		Twenty-year gilt (government bond)	Financial Times—Stock Exchange (FT-SE) 100 index	US$/£
				US$/DM
		U.S. Treasury bonds		DM/US$
		Three-month pound sterling interest rate		US$/Sw F
				US$/¥
		Three-month Eurodollar		Options:
		Short gilt (government bond)		US$/£
				DM/US$
		Options:
		Long gilt
		U.S. Treasury bond
		Three-month Eurodollar
	Stock Exchange	Options:	Options:	Options:
		Long gilt	FT-SE 100 index	US$/£
		Short gilt		US$/DM
Netherlands
Amsterdam
	European Options Exchange			Options:
				US$/f.
				US$/DM
				ECU/US$
				£/US$
				£/US$ jumbo
France
Paris
	Marché à terme d’instruments financiers (Matif)	Futures:
	Marché à terme d’instruments financiers (Matif)	Seven-ten-year government bond
Australia
Sydney
	Futures Exchange	Futures:	Futures:	Futures:
		Ten-year Australian Treasury bonds	All ordinaries share price index	US$/$A
			Options:	Options:
		Ninety-day bank bill	All ordinaries share price index	US$/$A
		Options:
		Ten-year Australian Treasury bond
		Ninety-day bank bill
New Zealand
Auckland
	Futures Exchange	Futures:		Futures:
		Ninety-day prime commercial paper		US$/$NZ
		Five-year government stock
Singapore
	International Monetary Exchange (Simex)	Futures:		Futures:
		Eurodollar		US$/DM
				US$/¥
Japan
Tokyo
	Stock Exchange	Futures:
		Ten-year government bond
Hong Kong
	Futures Exchange		Futures:
			Hang Seng index

Table 39.

Open Interest Positions in Some Interest Rate Futures Contracts Traded at the Chicago Exchanges, 1981–85

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹Based on data from large traders for surveillance purposes by the U.S. Commodities Futures Trading Commission.

^²Contracts include ten-year U.S. Treasury notes, U.S. Treasury bonds, and Government National Mortgage Association securities.

Table 39.

Open Interest Positions in Some Interest Rate Futures Contracts Traded at the Chicago Exchanges, 1981–85

Contracts		Total Face Value of Open Positions	Distribution of Open Positions ¹
			Future purchases			Future sales
			Commercial banks		All others	Commercial banks		All others
			U.S.-based	Non-U.S.-based	All others	U.S.-based	Non-U.S.-based	All others
		(In billions of U.S. dollars)
Eurodollar deposits
	End-1981	1.5	0.3	—	1.2	0.1	0.1	1.3
	Mid-1983	27.4	3.0	15.9	8.5	2.5	0.8	24.1
	Mid-1984	89.3	19.6	33.1	36.6	18.8	0.9	69.6
	Mid-1985	116.3	33.4	21.2	61.7	18.1	3.6	94.6
	End-Sept. 1985	122.0	33.4	22.7	65.9	23.5	2.9	95.6
	End-1985	121.2	39.5	18.9	62.8	25.9	5.5	89.8
U.S. Treasury bills
	End-1981	30.1	1.2	—	28.9	2.1	0.3	27.7
	Mid-1983	40.4	3.2	1.2	36.0	3.2	0.4	36.8
	Mid-1984	47.5	4.3	1.4	41.8	4.3	0.5	42.7
	Mid-1985	33.7	3.6	0.8	29.3	1.9	0.7	31.1
	End-Sept. 1985	32.9	2.7	0.2	30.0	2.7	—	30.2
	End-1985	33.3	3.7	—	29.6	1.3	—	32.0
	U.S. domestic certificates of deposit
	End-1981	4.7	0.5	0.1	4.1	0.2	—	4.5
	Mid-1983	15.0	2.0	—	13.0	2.9	0.1	12.0
	Mid-1984	29.4	4.4	0.3	24.7	4.7	0.3	24.4
	Mid-1985	3.5	0.5	—	3.0	0.3	—	3.2
	End-Sept. 1985	1.9	0.4	—	1.5	—	0.1	1.9
	End-1985	0.9	—	—	0.9	0.1	—	0.8
Other instruments ²
	End-1981	29.9	0.4	—	29.5	0.9	—	29.0
	Mid-1983	19.9	1.0	0.4	18.5	1.1	—	18.8
	Mid-1984	24.7	1.1	—	23.6	1.5	—	233.2
	Mid-1985	25.0	1.5	—	23.5	1.2	—	28.2
	End-Sept. 1985	29.6	1.1	—	28.5	1.4	—	28.2
	End-1985	36.4	2.0	—	34.4	1.5	—	32.9
Total
	End-1981	66.2	2.4	0.1	63.7	3.3	0.4	62.5
	Mid-1983	102.7	9.2	17.5	76.0	9.7	1.3	91.7
	Mid-1984	190.9	29.4	34.8	126.7	29.3	1.7	159.9
	Mid-1985	178.5	3.9	2.2	117.5	21.5	4.3	152.7
	End-Sept. 1985	186.4	37.6	22.9	125.9	27.6	3.0	155.9
	End-1985	191.8	45.2	18.9	127.7	28.8	5.5	155.5
		(In percent)
Share of Eurodollar in total contracts
	End-1981	2	13	—	2	3	25	2
	Mid-1983	27	33	91	11	26	62	26
	Mid-1984	47	67	95	29	64	53	44
	End-June 1985	65	86	96	53	84	84	62
	End-Sept. 1985	66	89	99	52	85	97	61
	End-Dec. 1985	63	87	100	49	90	100	58

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹Based on data from large traders for surveillance purposes by the U.S. Commodities Futures Trading Commission.

^²Contracts include ten-year U.S. Treasury notes, U.S. Treasury bonds, and Government National Mortgage Association securities.

Table 39.

Open Interest Positions in Some Interest Rate Futures Contracts Traded at the Chicago Exchanges, 1981–85

Contracts		Total Face Value of Open Positions	Distribution of Open Positions ¹
			Future purchases			Future sales
			Commercial banks		All others	Commercial banks		All others
			U.S.-based	Non-U.S.-based	All others	U.S.-based	Non-U.S.-based	All others
		(In billions of U.S. dollars)
Eurodollar deposits
	End-1981	1.5	0.3	—	1.2	0.1	0.1	1.3
	Mid-1983	27.4	3.0	15.9	8.5	2.5	0.8	24.1
	Mid-1984	89.3	19.6	33.1	36.6	18.8	0.9	69.6
	Mid-1985	116.3	33.4	21.2	61.7	18.1	3.6	94.6
	End-Sept. 1985	122.0	33.4	22.7	65.9	23.5	2.9	95.6
	End-1985	121.2	39.5	18.9	62.8	25.9	5.5	89.8
U.S. Treasury bills
	End-1981	30.1	1.2	—	28.9	2.1	0.3	27.7
	Mid-1983	40.4	3.2	1.2	36.0	3.2	0.4	36.8
	Mid-1984	47.5	4.3	1.4	41.8	4.3	0.5	42.7
	Mid-1985	33.7	3.6	0.8	29.3	1.9	0.7	31.1
	End-Sept. 1985	32.9	2.7	0.2	30.0	2.7	—	30.2
	End-1985	33.3	3.7	—	29.6	1.3	—	32.0
	U.S. domestic certificates of deposit
	End-1981	4.7	0.5	0.1	4.1	0.2	—	4.5
	Mid-1983	15.0	2.0	—	13.0	2.9	0.1	12.0
	Mid-1984	29.4	4.4	0.3	24.7	4.7	0.3	24.4
	Mid-1985	3.5	0.5	—	3.0	0.3	—	3.2
	End-Sept. 1985	1.9	0.4	—	1.5	—	0.1	1.9
	End-1985	0.9	—	—	0.9	0.1	—	0.8
Other instruments ²
	End-1981	29.9	0.4	—	29.5	0.9	—	29.0
	Mid-1983	19.9	1.0	0.4	18.5	1.1	—	18.8
	Mid-1984	24.7	1.1	—	23.6	1.5	—	233.2
	Mid-1985	25.0	1.5	—	23.5	1.2	—	28.2
	End-Sept. 1985	29.6	1.1	—	28.5	1.4	—	28.2
	End-1985	36.4	2.0	—	34.4	1.5	—	32.9
Total
	End-1981	66.2	2.4	0.1	63.7	3.3	0.4	62.5
	Mid-1983	102.7	9.2	17.5	76.0	9.7	1.3	91.7
	Mid-1984	190.9	29.4	34.8	126.7	29.3	1.7	159.9
	Mid-1985	178.5	3.9	2.2	117.5	21.5	4.3	152.7
	End-Sept. 1985	186.4	37.6	22.9	125.9	27.6	3.0	155.9
	End-1985	191.8	45.2	18.9	127.7	28.8	5.5	155.5
		(In percent)
Share of Eurodollar in total contracts
	End-1981	2	13	—	2	3	25	2
	Mid-1983	27	33	91	11	26	62	26
	Mid-1984	47	67	95	29	64	53	44
	End-June 1985	65	86	96	53	84	84	62
	End-Sept. 1985	66	89	99	52	85	97	61
	End-Dec. 1985	63	87	100	49	90	100	58

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹Based on data from large traders for surveillance purposes by the U.S. Commodities Futures Trading Commission.

^²Contracts include ten-year U.S. Treasury notes, U.S. Treasury bonds, and Government National Mortgage Association securities.

Table 40.

Open Interest Positions in Interest Rate Futures Contracts Traded at London International Financial Futures Exchange, 1983–85 ¹

Source: London International Financial Futures Exchange.

^¹Based on data from large traders for surveillance purposes by the U.S. Commodities Futures Trading Commission. Contracts include ten-year U.S. Treasury notes, U.S. Treasury bonds, and Government National Mortgage Association securities.

Table 40.

Open Interest Positions in Interest Rate Futures Contracts Traded at London International Financial Futures Exchange, 1983–85 ¹

Contracts		Total Face Value of Open Positions	Distribution of Open Positions
			Future purchases			Future sales
			Commercial banks		All others	Commercial banks		All others
			U.S.-based	Non-U.S.-based	All others	U.S.-based	Non-U.S.-based	All others
		(In billions of U.S. dollars)
Eurodollar
	Mid-1983	5.20	1.00	2.80	1.40	1.10	0.60	3.50
	Mid-1984	13.20	2.60	7.00	3.60	3.80	3.20	6.20
	Mid-1985	16.60	0.60	9.20	6.80	4.00	3.50	9.10
	End-1985	21.20	1.80	9.90	9.50	5.30	4.60	11.30
U.S. Treasury bond
	Mid-1983	…	—	—	—	—	—	—
	Mid-1984	…	—	—	—	—	—	—
	Mid-1985	0.25	—	0.02	0.23	0.04	0.02	0.19
	End-1985	0.34	—	0.08	0.26	0.08	0.05	0.21
		(In billions of pounds sterling)
Short sterling
	Mid-1983	1.05	0.09	0.52	0.45	—	0.55	0.50
	Mid-1984	2.20	0.01	1.62	0.60	0.35	0.50	1.35
	Mid-1985	3.10	0.40	2.00	0.70	0.35	1.40	1.35
	End-1985	3.80	0.55	2.00	1.25	0.80	2.00	1.00
Long gilt
	Mid-1983	0.20	—	0.05	0.15	—	0.05	0.15
	Mid-1984	0.45	—	0.05	0.40	—	1.00	0.35
	Mid-1985	0.10	—	0.05	0.10	—	—	0.10
	End-1985	0.25	—	0.05	0.20	—	0.10	0.10

Source: London International Financial Futures Exchange.

Table 40.

Open Interest Positions in Interest Rate Futures Contracts Traded at London International Financial Futures Exchange, 1983–85 ¹

Contracts		Total Face Value of Open Positions	Distribution of Open Positions
			Future purchases			Future sales
			Commercial banks		All others	Commercial banks		All others
			U.S.-based	Non-U.S.-based	All others	U.S.-based	Non-U.S.-based	All others
		(In billions of U.S. dollars)
Eurodollar
	Mid-1983	5.20	1.00	2.80	1.40	1.10	0.60	3.50
	Mid-1984	13.20	2.60	7.00	3.60	3.80	3.20	6.20
	Mid-1985	16.60	0.60	9.20	6.80	4.00	3.50	9.10
	End-1985	21.20	1.80	9.90	9.50	5.30	4.60	11.30
U.S. Treasury bond
	Mid-1983	…	—	—	—	—	—	—
	Mid-1984	…	—	—	—	—	—	—
	Mid-1985	0.25	—	0.02	0.23	0.04	0.02	0.19
	End-1985	0.34	—	0.08	0.26	0.08	0.05	0.21
		(In billions of pounds sterling)
Short sterling
	Mid-1983	1.05	0.09	0.52	0.45	—	0.55	0.50
	Mid-1984	2.20	0.01	1.62	0.60	0.35	0.50	1.35
	Mid-1985	3.10	0.40	2.00	0.70	0.35	1.40	1.35
	End-1985	3.80	0.55	2.00	1.25	0.80	2.00	1.00
Long gilt
	Mid-1983	0.20	—	0.05	0.15	—	0.05	0.15
	Mid-1984	0.45	—	0.05	0.40	—	1.00	0.35
	Mid-1985	0.10	—	0.05	0.10	—	—	0.10
	End-1985	0.25	—	0.05	0.20	—	0.10	0.10

Source: London International Financial Futures Exchange.

Table 41.

Interest Rate and Foreign Exchange Options, 1982–85

(In millions of U.S. dollars)

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹As of January 31, 1986.

^²Turnover for the month of January 1986.

^³Options on future contracts.

^⁴As of December 31, 1985.

^⁵Turnover for the month of December 1985.

^⁶Contract introduced on January 31, 1986.

^⁷In pounds sterling.

Table 41.

Interest Rate and Foreign Exchange Options, 1982–85

(In millions of U.S. dollars)

				Date Introduced	Open Interest ¹		Turnover ²
Philadelphia Stock Exchange
	Currency
		Pounds sterling		1982	2,285		2,469
		Deutsche mark		1983	2,365		2,776
		Swiss francs		1983	1,841		1,576
		Japanese yen		1983	2,565		3,492
		Canadian dollars		1983	696		809
		French francs		1984	191		51
	Interest rate
		Three-month Eurodollar		1985	—		—
Chicago Mercantile Exchange
	Currency
		Deutsche mark ³		1984	5,227		9,643
		Pounds sterling ³		1985	1,154		1,399
		Swiss francs ³		1985	1,371		2,285
	Interest rate
		Three-month Eurodollar		1985	60,689		129,576
European Options Exchange (Amsterdam)
	Currency
		Netherlands guilders		1982	275	⁴	446	⁵
		Deutsche mark		1985	11	⁴	3	⁵
		Pounds sterling		1984	30	⁴	5	⁵
		Pounds sterling versus Netherlands guilders		1985	32	⁴	59	⁵
		ECU		1985	5	⁴	15	⁵
	Interest rate
		Netherlands guilder bonds		1980	386	⁴	204	⁵
Montreal Stock Exchange
	Currency
		Canadian dollars		1982	44		60
		Swiss francs		1985	—		—
		Deutsche mark		1984	—		—
		Pounds sterling		1984	58		11
	Interest rate
		Canadian Government bonds		1982	286		412
Chicago Board of Trade
	U.S. Treasury notes ⁵			1985	3,575		4,015
	U.S. Treasury bonds ⁵			1982	56,096		174,825
Chicago Board Options Exchange
	Currency
		Pounds sterling		1985	—		—
		Canadian dollars		1985	—		—
		Deutsche mark		1985	—		—
		Japanese yen		1985	—		—
		Swiss francs		1985	—		—
		French francs		1985	—		—
	Interest rate
		U.S. Treasury bonds		1982	3,320		2,725
		U.S. Treasury notes		1985	581		260
American Stock Exchange
	U.S. Treasury notes			1982	33		90
London International Financial Futures Exchange
	Currency
		Pounds sterling		1985	319	⁴, ⁷	412	⁵, ⁷
		Deutsche mark ⁶		1985	—		—
	Interest rate
		Three-month Eurodollar ³		1985	3,989	⁴	2,486	⁵
London Stock Exchange
	Currency
		Pounds sterling		1985	…		…
		Deutsche mark		1985	…		…
			Total		260	⁴, ⁷	…
	Interest rate
		U.K. Government gilts ⁶		1985	308	⁴, ⁷	368	⁵, ⁷

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹As of January 31, 1986.

^²Turnover for the month of January 1986.

^³Options on future contracts.

^⁴As of December 31, 1985.

^⁵Turnover for the month of December 1985.

^⁶Contract introduced on January 31, 1986.

^⁷In pounds sterling.

Table 41.

Interest Rate and Foreign Exchange Options, 1982–85

(In millions of U.S. dollars)

				Date Introduced	Open Interest ¹		Turnover ²
Philadelphia Stock Exchange
	Currency
		Pounds sterling		1982	2,285		2,469
		Deutsche mark		1983	2,365		2,776
		Swiss francs		1983	1,841		1,576
		Japanese yen		1983	2,565		3,492
		Canadian dollars		1983	696		809
		French francs		1984	191		51
	Interest rate
		Three-month Eurodollar		1985	—		—
Chicago Mercantile Exchange
	Currency
		Deutsche mark ³		1984	5,227		9,643
		Pounds sterling ³		1985	1,154		1,399
		Swiss francs ³		1985	1,371		2,285
	Interest rate
		Three-month Eurodollar		1985	60,689		129,576
European Options Exchange (Amsterdam)
	Currency
		Netherlands guilders		1982	275	⁴	446	⁵
		Deutsche mark		1985	11	⁴	3	⁵
		Pounds sterling		1984	30	⁴	5	⁵
		Pounds sterling versus Netherlands guilders		1985	32	⁴	59	⁵
		ECU		1985	5	⁴	15	⁵
	Interest rate
		Netherlands guilder bonds		1980	386	⁴	204	⁵
Montreal Stock Exchange
	Currency
		Canadian dollars		1982	44		60
		Swiss francs		1985	—		—
		Deutsche mark		1984	—		—
		Pounds sterling		1984	58		11
	Interest rate
		Canadian Government bonds		1982	286		412
Chicago Board of Trade
	U.S. Treasury notes ⁵			1985	3,575		4,015
	U.S. Treasury bonds ⁵			1982	56,096		174,825
Chicago Board Options Exchange
	Currency
		Pounds sterling		1985	—		—
		Canadian dollars		1985	—		—
		Deutsche mark		1985	—		—
		Japanese yen		1985	—		—
		Swiss francs		1985	—		—
		French francs		1985	—		—
	Interest rate
		U.S. Treasury bonds		1982	3,320		2,725
		U.S. Treasury notes		1985	581		260
American Stock Exchange
	U.S. Treasury notes			1982	33		90
London International Financial Futures Exchange
	Currency
		Pounds sterling		1985	319	⁴, ⁷	412	⁵, ⁷
		Deutsche mark ⁶		1985	—		—
	Interest rate
		Three-month Eurodollar ³		1985	3,989	⁴	2,486	⁵
London Stock Exchange
	Currency
		Pounds sterling		1985	…		…
		Deutsche mark		1985	…		…
			Total		260	⁴, ⁷	…
	Interest rate
		U.K. Government gilts ⁶		1985	308	⁴, ⁷	368	⁵, ⁷

Source: Bank for International Settlements, Recent Innovations in International Banking, 1986.

^¹As of January 31, 1986.

^²Turnover for the month of January 1986.

^³Options on future contracts.

^⁴As of December 31, 1985.

^⁵Turnover for the month of December 1985.

^⁶Contract introduced on January 31, 1986.

^⁷In pounds sterling.

Table 42.

Bank Lending to and Deposit Taking from Developing Countries, Total Cross-Border Flows, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries defined as cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

^⁵As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending bank plus international bank deposits of nonbanks by residence of depositor.

Table 42.

Bank Lending to and Deposit Taking from Developing Countries, Total Cross-Border Flows, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

						1985	1986
		1982	1983	1984	1985	First half	First half
Lending to ²		75.8	47.0	36.2	48.1	10.5	5.2
Offshore centers ³		24.7	11.7	21.3	39.0	8.2	13.0
Developing countries ⁴		51.1	35.3	15.0	9.1	2.3	-7.1
	Africa	…	5.0	-0.3	1.4	0.8	-1.2
	Asia	…	8.7	8.2	6.9	2.0	-1.3
	Europe	…	3.3	2.1	3.2	2.5	0.5
	Middle East	…	3.5	-1.2	-2.2	-2.3	-1.0
	Western Hemisphere	…	14.9	6.0	-0.1	-0.6	-4.1
Deposit taking from ⁵		28.7	55.7	42.3	77.9	20.2	-2.0
Offshore centers ³		24.8	34.2	19.4	54.0	10.0	15.8
Developing countries ⁴		3.9	21.5	22.9	24.0	10.2	-17.8
	Africa	…	1.5	-1.3	3.8	3.2	-0.8
	Asia	…	11.6	9.4	8.5	2.6	-0.8
	Europe	…	1.5	3.6	2.0	1.4	0.2
	Middle East	…	-3.6	-2.5	4.0	1.2	-11.6
	Western Hemisphere	…	10.5	13.7	5.6	1.9	-4.8

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

Table 42.

Bank Lending to and Deposit Taking from Developing Countries, Total Cross-Border Flows, 1982-First Half 1986 ¹

(In billions of U.S. dollars)

						1985	1986
		1982	1983	1984	1985	First half	First half
Lending to ²		75.8	47.0	36.2	48.1	10.5	5.2
Offshore centers ³		24.7	11.7	21.3	39.0	8.2	13.0
Developing countries ⁴		51.1	35.3	15.0	9.1	2.3	-7.1
	Africa	…	5.0	-0.3	1.4	0.8	-1.2
	Asia	…	8.7	8.2	6.9	2.0	-1.3
	Europe	…	3.3	2.1	3.2	2.5	0.5
	Middle East	…	3.5	-1.2	-2.2	-2.3	-1.0
	Western Hemisphere	…	14.9	6.0	-0.1	-0.6	-4.1
Deposit taking from ⁵		28.7	55.7	42.3	77.9	20.2	-2.0
Offshore centers ³		24.8	34.2	19.4	54.0	10.0	15.8
Developing countries ⁴		3.9	21.5	22.9	24.0	10.2	-17.8
	Africa	…	1.5	-1.3	3.8	3.2	-0.8
	Asia	…	11.6	9.4	8.5	2.6	-0.8
	Europe	…	1.5	3.6	2.0	1.4	0.2
	Middle East	…	-3.6	-2.5	4.0	1.2	-11.6
	Western Hemisphere	…	10.5	13.7	5.6	1.9	-4.8

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

^¹Data on lending and deposit taking are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^³Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁴Excluding offshore centers.

Table 43.

Deposit Taking from Banks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 43.

Deposit Taking from Banks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

							1985	1986
				1983	1984	1985	First half	First half
Africa				0.5	-0.4	1.5	1.4	-0.5
	Of which:
		Algeria		-0.6	-0.3	0.9	0.9	—
		Côte d’Ivoire		—	0.1	—	0.1	0.2
		Liberia		—	—	—	—	—
		Morocco		—	-0.2	—	—	—
		Nigeria		-0.1	0.5	-0.1	-0.1	-0.1
		South Africa		0.6	-0.7	0.4	0.2	-0.4
Asia				8.7	10.1	6.0	1.4	0.4
	Of which:
		China		3.7	-0.2	-5.9	-3.4	-1.4
		India		0.7	0.8	-0.2	—	—
		Indonesia		2.1	1.3	0.1	0.4	-0.6
		Korea		-0.2	1.2	0.5	-0.8	-1.1
		Malaysia		0.1	-0.5	0.7	0.2	-0.1
		Philippines		-1.5	-0.1	0.1	0.1	0.1
		Thailand		-0.2	-0.2	0.5	0.4	0.1
Europe				0.9	3.9	0.2	—	-0.1
	Of which:
		Greece		—	0.3	—	0.1	0.2
		Hungary		0.5	0.8	1.0	0.3	0.3
		Portugal		—	0.7	0.3	0.3	-0.1
		Romania		0.2	0.3	-0.6	-0.3	0.1
		Turkey		—	1.2	-0.7	-0.1	0.2
		Yugoslavia		0.2	0.6	—	-0.2	-0.8
Middle East				-6.8	-2.1	-2.2	-1.0	-9.4
	Of which:
		Egypt		1.7	-0.3	—	0.4	-0.2
		Israel		-0.7	-0.9	-0.6	-1.5	-0.9
		Kuwait		-1.1	-0.6	0.1	0.1	-1.2
		United Arab Emirates		-0.2	2.7	-0.3	-0.5	0.1
Western Hemisphere				0.9	10.4	-2.9	-2.6	-5.3
	Of which:
		Argentina		-1.3	-0.1	0.7	0.4	-0.2
		Bolivia		—	0.1	-0.2	-0.2	—
		Brazil		1.1	6.8	-2.3	-0.8	-1.0
		Chile		0.2	0.2	-0.4	-0.9	-0.3
		Colombia		-1.1	-0.2	-0.2	—	0.1
		Ecuador		0.4	-0.1	0.1	-0.1	-0.2
		Mexico		3.0	3.1	-2.8	-1.2	-1.5
		Peru		0.1	0.2	0.1	-0.3	-0.2
		Uruguay		-0.1	0.1	0.1	—	0.2
		Venezuela		-1.2	-0.2	1.7	0.4	-1.7
			Total	4.3	21.8	2.6	-0.9	-14.8
Memorandum item
	Fifteen heavily indebted countries			-0.3	10.7	-3.2	-2.9	-5.4

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 43.

Deposit Taking from Banks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

							1985	1986
				1983	1984	1985	First half	First half
Africa				0.5	-0.4	1.5	1.4	-0.5
	Of which:
		Algeria		-0.6	-0.3	0.9	0.9	—
		Côte d’Ivoire		—	0.1	—	0.1	0.2
		Liberia		—	—	—	—	—
		Morocco		—	-0.2	—	—	—
		Nigeria		-0.1	0.5	-0.1	-0.1	-0.1
		South Africa		0.6	-0.7	0.4	0.2	-0.4
Asia				8.7	10.1	6.0	1.4	0.4
	Of which:
		China		3.7	-0.2	-5.9	-3.4	-1.4
		India		0.7	0.8	-0.2	—	—
		Indonesia		2.1	1.3	0.1	0.4	-0.6
		Korea		-0.2	1.2	0.5	-0.8	-1.1
		Malaysia		0.1	-0.5	0.7	0.2	-0.1
		Philippines		-1.5	-0.1	0.1	0.1	0.1
		Thailand		-0.2	-0.2	0.5	0.4	0.1
Europe				0.9	3.9	0.2	—	-0.1
	Of which:
		Greece		—	0.3	—	0.1	0.2
		Hungary		0.5	0.8	1.0	0.3	0.3
		Portugal		—	0.7	0.3	0.3	-0.1
		Romania		0.2	0.3	-0.6	-0.3	0.1
		Turkey		—	1.2	-0.7	-0.1	0.2
		Yugoslavia		0.2	0.6	—	-0.2	-0.8
Middle East				-6.8	-2.1	-2.2	-1.0	-9.4
	Of which:
		Egypt		1.7	-0.3	—	0.4	-0.2
		Israel		-0.7	-0.9	-0.6	-1.5	-0.9
		Kuwait		-1.1	-0.6	0.1	0.1	-1.2
		United Arab Emirates		-0.2	2.7	-0.3	-0.5	0.1
Western Hemisphere				0.9	10.4	-2.9	-2.6	-5.3
	Of which:
		Argentina		-1.3	-0.1	0.7	0.4	-0.2
		Bolivia		—	0.1	-0.2	-0.2	—
		Brazil		1.1	6.8	-2.3	-0.8	-1.0
		Chile		0.2	0.2	-0.4	-0.9	-0.3
		Colombia		-1.1	-0.2	-0.2	—	0.1
		Ecuador		0.4	-0.1	0.1	-0.1	-0.2
		Mexico		3.0	3.1	-2.8	-1.2	-1.5
		Peru		0.1	0.2	0.1	-0.3	-0.2
		Uruguay		-0.1	0.1	0.1	—	0.2
		Venezuela		-1.2	-0.2	1.7	0.4	-1.7
			Total	4.3	21.8	2.6	-0.9	-14.8
Memorandum item
	Fifteen heavily indebted countries			-0.3	10.7	-3.2	-2.9	-5.4

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 44.

Deposit Taking from Nonbanks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 44.

Deposit Taking from Nonbanks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

							1985	1986
				1983	1984	1985	First half	First half
Africa				1.1	-0.8	2.3	1.8	-0.3
	Of which:
		Algeria		0.1	—	0.1	0.1	—
		Côte d’Ivoire		—	—	0.1	0.1	-0.1
		Liberia		0.2	0.2	0.7	0.6	-0.2
		Morocco		0.1	0.1	0.1	0.1	—
		Nigeria		0.1	-0.1	0.2	0.2	—
		South Africa		0.3	-1.7	0.3	0.2	0.1
Asia				2.9	-0.7	2.6	1.2	-1.2
	Of which:
		China		—	-0.1	0.3	0.2	0.1
		India		0.2	-0.2	1.0	0.3	—
		Indonesia		0.1	0.1	0.2	0.1	-0.1
		Korea		-0.3	0.2	0.2	—	-0.2
		Malaysia		0.1	0.3	-0.3	—	-0.4
		Philippines		0.3	0.3	-0.1	-0.1	0.1
		Thailand		—	0.1	0.1	0.1	—
Europe				0.6	-0.2	1.9	1.3	0.3
	Of which:
		Greece		—	-0.1	0.9	0.6	0.1
		Hungary		—	—	—	—	—
		Portugal		0.1	—	0.4	0.4	0.2
		Romania		—	—	—	—	—
		Turkey		—	-0.2	-0.1	—	—
		Yugoslavia		-0.1	—	0.1	0.1	—
Middle East				3.2	-0.4	6.2	2.2	-2.3
	Of which:
		Egypt		—	0.4	0.8	0.1	-0.4
		Israel		0.2	-0.1	—	0.2	-0.1
		Kuwait		0.7	0.2	0.2	0.1	0.5
		United Arab Emirates		—	-0.6	1.8	0.7	-0.1
Western Hemisphere				9.6	3.3	8.5	4.6	0.5
	Of which:
		Argentina		0.9	-0.2	0.8	0.6	0.1
		Bolivia			—	—	0.1	—
		Brazil		4.0	0.2	1.5	0.8	0.5
		Chile		0.6	-0.2	0.3	0.1	0.1
		Colombia		…	-0.2	0.2	0.2	0.2
		Ecuador		0.2	0.2	0.2	0.1	-0.1
		Mexico		2.3	1.7	1.7	1.0	-0.2
		Peru		0.2	0.2	0.2	0.1	0.1
		Uruguay		0.4	0.3	0.2	0.1	0.1
		Venezuela		0.9	1.2	1.9	1.0	-0.7
			Total	17.2	1.1	21.4	11.0	-3.0
Memorandum item
	Fifteen heavily indebted countries			9.8	3.6	7.4	4.3	0.1

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 44.

Deposit Taking from Nonbanks in Developing Countries, 1983-First Half 1986

(In billions of U.S. dollars)

							1985	1986
				1983	1984	1985	First half	First half
Africa				1.1	-0.8	2.3	1.8	-0.3
	Of which:
		Algeria		0.1	—	0.1	0.1	—
		Côte d’Ivoire		—	—	0.1	0.1	-0.1
		Liberia		0.2	0.2	0.7	0.6	-0.2
		Morocco		0.1	0.1	0.1	0.1	—
		Nigeria		0.1	-0.1	0.2	0.2	—
		South Africa		0.3	-1.7	0.3	0.2	0.1
Asia				2.9	-0.7	2.6	1.2	-1.2
	Of which:
		China		—	-0.1	0.3	0.2	0.1
		India		0.2	-0.2	1.0	0.3	—
		Indonesia		0.1	0.1	0.2	0.1	-0.1
		Korea		-0.3	0.2	0.2	—	-0.2
		Malaysia		0.1	0.3	-0.3	—	-0.4
		Philippines		0.3	0.3	-0.1	-0.1	0.1
		Thailand		—	0.1	0.1	0.1	—
Europe				0.6	-0.2	1.9	1.3	0.3
	Of which:
		Greece		—	-0.1	0.9	0.6	0.1
		Hungary		—	—	—	—	—
		Portugal		0.1	—	0.4	0.4	0.2
		Romania		—	—	—	—	—
		Turkey		—	-0.2	-0.1	—	—
		Yugoslavia		-0.1	—	0.1	0.1	—
Middle East				3.2	-0.4	6.2	2.2	-2.3
	Of which:
		Egypt		—	0.4	0.8	0.1	-0.4
		Israel		0.2	-0.1	—	0.2	-0.1
		Kuwait		0.7	0.2	0.2	0.1	0.5
		United Arab Emirates		—	-0.6	1.8	0.7	-0.1
Western Hemisphere				9.6	3.3	8.5	4.6	0.5
	Of which:
		Argentina		0.9	-0.2	0.8	0.6	0.1
		Bolivia			—	—	0.1	—
		Brazil		4.0	0.2	1.5	0.8	0.5
		Chile		0.6	-0.2	0.3	0.1	0.1
		Colombia		…	-0.2	0.2	0.2	0.2
		Ecuador		0.2	0.2	0.2	0.1	-0.1
		Mexico		2.3	1.7	1.7	1.0	-0.2
		Peru		0.2	0.2	0.2	0.1	0.1
		Uruguay		0.4	0.3	0.2	0.1	0.1
		Venezuela		0.9	1.2	1.9	1.0	-0.7
			Total	17.2	1.1	21.4	11.0	-3.0
Memorandum item
	Fifteen heavily indebted countries			9.8	3.6	7.4	4.3	0.1

Sources: International Monetary Fund, International Financial Statistics; and Fund staff estimates.

Table 45.

Concerted Lending: Commitments and Disbursements, 1983-Third Quarter 1986 ¹

(In millions of U.S. dollars; classified by year of agreement in principle)

Sources: Restructuring agreements; and Fund staff estimates.

^¹These data exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Table 45.

Concerted Lending: Commitments and Disbursements, 1983-Third Quarter 1986 ¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		First-Third Quarter 1986
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200
	Trade deposit facility		—	—	500	—	—	500	—	—
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	216
	Cofinancing arrangement with World Bank		—	—	—	—	300 ²	194	—	106
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	—
Costa Rica
	Revolving trade facilities		202	202	—	—	75	75	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—
Mexico
	Medium-term loan		5,000	5,000	3,800	2,850	—	950	5,000	—
	Cofinancing arrangement with World Bank		—	—	—	—	—	—	1,000 ²	—
	Contingent investment support facility		—	—	—	—	—	—	1,200	—
	Growth contingency cofinancing with World Bank		—	—	—	—	—	—	500 ²	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	21
Peru
	Medium-term loan		450	250	—	100	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	175
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—
		Total	14,401	13,054	16,509	10,377	2,220	5,443	7,700	1,718

Sources: Restructuring agreements; and Fund staff estimates.

^¹These data exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Table 45.

Concerted Lending: Commitments and Disbursements, 1983-Third Quarter 1986 ¹

(In millions of U.S. dollars; classified by year of agreement in principle)

			1983		1984		1985		First-Third Quarter 1986
			Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements	Commitments	Disbursements
Argentina
	Medium-term loan		1,500	500	3,700	—	—	2,500	—	1,200
	Trade deposit facility		—	—	500	—	—	500	—	—
Brazil
	Medium-term loan		4,400	4,400	6,500	6,500	—	—	—	—
Chile
	Medium-term loan		1,300	1,300	780	780	785	520	—	216
	Cofinancing arrangement with World Bank		—	—	—	—	300 ²	194	—	106
Colombia
	Medium-term loan		—	—	—	—	1,000	—	—	—
Costa Rica
	Revolving trade facilities		202	202	—	—	75	75	—	—
Côte d’Ivoire
	Medium-term loan		—	—	104	—	—	104	—	—
Ecuador
	Medium-term loan		431	431	200	—	—	200	—	—
Mexico
	Medium-term loan		5,000	5,000	3,800	2,850	—	950	5,000	—
	Cofinancing arrangement with World Bank		—	—	—	—	—	—	1,000 ²	—
	Contingent investment support facility		—	—	—	—	—	—	1,200	—
	Growth contingency cofinancing with World Bank		—	—	—	—	—	—	500 ²	—
Panama
	Medium-term loan		278	131	—	147	60	—	—	21
Peru
	Medium-term loan		450	250	—	100	—	—	—	—
Philippines
	Medium-term loan		—	—	925	—	—	400	—	175
Uruguay
	Medium-term loan		240	240	—	—	—	—	—	—
Yugoslavia
	Medium-term loan		600	600	—	—	—	—	—	—
		Total	14,401	13,054	16,509	10,377	2,220	5,443	7,700	1,718

Sources: Restructuring agreements; and Fund staff estimates.

^¹These data exclude bridging loans.

^²These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Table 46.

Chronology of Bank Debt Restructurings and Financial Packages, 1978-September 1986

Note: “Restructuring” covers rescheduling and also certain refinancings of member countries. Sources: Restructuring agreements; and Fund staff estimates.

^¹If signature has not yet taken place, by month of agreement in principle.

^²The restructuring agreement includes new financing.

^³Agreed in principle or tentative agreement with banks’ Steering Committees.

Table 47.

Amounts of Long-Term Bank Debt Restructured, 1983-Third Quarter 1986 ¹

(In billions of U.S. dollars; classified by year of agreement in principle)

Sources: Restructuring agreements; and Fund staff estimates.

^¹Including short-term debt converted into long-term debt.

^²Deferment agreement.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Agreement in principle with Steering Committee.

^⁵Multiyear restructuring agreement (MYRA).

^⁶Consists of MYRA for maturities of $707 million falling due in 1985–89 and restructuring of $79.8 million of arrears at the end of 1984.

^⁷Agreements signed in March and August 1985. Consists of $5 billion in the form of the syndicated credit raised in 1983, $20.1 billion of public medium- and long-term debt not previously restructured falling due during 1985–90; $5.8 billion in the form of public medium- and long-term debt previously restructured falling due in 1987, and of $17.8 billion in the form of public medium- and long-term debt previously restructured falling due during 1988–90. Excludes $950 million in deferment agreed in October 1985.

^⁸Including restructuring of $2,059 million in medium- and long-term public debt, $16 million in medium- and long-term private financial sector debt, and $585 million in medium- and long-term corporate debt.

^⁹Modification of 1981 agreement.

^¹⁰Total excludes amounts deferred which are given in parentheses.

Table 47.

Amounts of Long-Term Bank Debt Restructured, 1983-Third Quarter 1986 ¹

(In billions of U.S. dollars; classified by year of agreement in principle)

								1986
		1983		1984		1985		First-third qtr.
Argentina		—		14.200		—		—
Bolivia		(0.309)	²	—		—		—
Brazil		4.452		4.846		—		6.671	³
Chile		2.169		1.160		6.007		—
Costa Rica		0.709		—		0.440		—
Côte d’Ivoire		—		0.501		—		0.691	⁴, ⁵
Dominican Republic		0.500		—		0.787	⁶	—
Ecuador		1.835		4.260	⁵	—		—
Guyana		(0.024)	²	(0.035)	²	(0.047)	²	—
Jamaica		—		0.165		0.195		—
Madagascar		—		0.195		—		—
Malawi		0.057		—		—		—
Mexico		18.800		48.700	⁵, ⁷	—		43.700	⁵
Morocco		—		—		0.538		—
Nicaragua		—		(0.145)	²	—		—
Niger		—		0.027		—		—
Nigeria		1.935		—		—		—
Panama		—		—		0.579		—
Peru		0.380		0.460		—		—
Philippines		—		2.660	⁸	—		—
Poland		—		—		—		1.847
Romania		0.567		—		—		0.800
Senegal		—		0.078		0.020		—
Sierra Leone		—		0.025		—		—
Sudan		0.790	⁹	0.838	⁹	0.920	⁹	—
Togo		0.084		—		—		—
Uruguay		0.575		(0.104)	²	—		1.958	⁵
Venezuela		—		21.037	⁵	—		—
Yugoslavia		0.950		1.250		3.600	⁵	—
Zaïre		(0.058)	²	(0.064)	²	(0.061)	²	(0.065)	²
Zambia		—		0.074	⁴	—		—
	Total	33.803	¹⁰	100.476	¹⁰	13.086	¹⁰	55.667	¹⁰

Sources: Restructuring agreements; and Fund staff estimates.

^¹Including short-term debt converted into long-term debt.

^²Deferment agreement.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Agreement in principle with Steering Committee.

^⁵Multiyear restructuring agreement (MYRA).

^⁶Consists of MYRA for maturities of $707 million falling due in 1985–89 and restructuring of $79.8 million of arrears at the end of 1984.

^⁹Modification of 1981 agreement.

^¹⁰Total excludes amounts deferred which are given in parentheses.

Table 47.

Amounts of Long-Term Bank Debt Restructured, 1983-Third Quarter 1986 ¹

(In billions of U.S. dollars; classified by year of agreement in principle)

								1986
		1983		1984		1985		First-third qtr.
Argentina		—		14.200		—		—
Bolivia		(0.309)	²	—		—		—
Brazil		4.452		4.846		—		6.671	³
Chile		2.169		1.160		6.007		—
Costa Rica		0.709		—		0.440		—
Côte d’Ivoire		—		0.501		—		0.691	⁴, ⁵
Dominican Republic		0.500		—		0.787	⁶	—
Ecuador		1.835		4.260	⁵	—		—
Guyana		(0.024)	²	(0.035)	²	(0.047)	²	—
Jamaica		—		0.165		0.195		—
Madagascar		—		0.195		—		—
Malawi		0.057		—		—		—
Mexico		18.800		48.700	⁵, ⁷	—		43.700	⁵
Morocco		—		—		0.538		—
Nicaragua		—		(0.145)	²	—		—
Niger		—		0.027		—		—
Nigeria		1.935		—		—		—
Panama		—		—		0.579		—
Peru		0.380		0.460		—		—
Philippines		—		2.660	⁸	—		—
Poland		—		—		—		1.847
Romania		0.567		—		—		0.800
Senegal		—		0.078		0.020		—
Sierra Leone		—		0.025		—		—
Sudan		0.790	⁹	0.838	⁹	0.920	⁹	—
Togo		0.084		—		—		—
Uruguay		0.575		(0.104)	²	—		1.958	⁵
Venezuela		—		21.037	⁵	—		—
Yugoslavia		0.950		1.250		3.600	⁵	—
Zaïre		(0.058)	²	(0.064)	²	(0.061)	²	(0.065)	²
Zambia		—		0.074	⁴	—		—
	Total	33.803	¹⁰	100.476	¹⁰	13.086	¹⁰	55.667	¹⁰

Sources: Restructuring agreements; and Fund staff estimates.

^¹Including short-term debt converted into long-term debt.

^²Deferment agreement.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Agreement in principle with Steering Committee.

^⁵Multiyear restructuring agreement (MYRA).

^⁶Consists of MYRA for maturities of $707 million falling due in 1985–89 and restructuring of $79.8 million of arrears at the end of 1984.

^⁹Modification of 1981 agreement.

^¹⁰Total excludes amounts deferred which are given in parentheses.

Table 48.

Concerted Short-Term and Medium-Term Facilities Outstanding, 1983-Third Quarter 1986

(In billions of U.S. dollars)

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³The 1984 agreement with the Steering Committee was not signed, inter alia, due to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁴Total excludes amounts deferred which are given in parentheses.

Table 48.

Concerted Short-Term and Medium-Term Facilities Outstanding, 1983-Third Quarter 1986

(In billions of U.S. dollars)

									1986
			1983		1984		1985		First-third qtr.
Argentina
	Trade deposit facility		—		0.500		0.500		0.500
	Stand-by money market facility		—		1.400		1.400		1.400
	Trade credit maintenance facility		—		1.200	¹	1.200	¹	1.200	¹
Brazil
	Interbank exposure		5.500		5.300		5.300		5.250
	Trade-related		10.175		9.800		9.800		9.500
Chile
	Trade-related		1.700		1.700		1.700		1.700
	Nontrade-related		1.160		(1.160)	²	—		—
Costa Rica
	Revolving trade facilities		0.202		0.202		0.277		0.277
Ecuador
	Trade-related credits		0.700		0.700		0.700		0.700
	Nontrade credits		(0.580)	²	—		—		—
Madagascar
	Short-term debt		—		(0.117)	²	—		—
Mexico
	Interbank exposure		5.200		5.200		5.200		5.200
Morocco
	Short-term debt		—		0.750		0.750		0.750
Panama
	Money-market facility		0.133		0.133		0.133		0.133
	Trade-related facilities		0.084		0.084		0.084		0.084
Peru
	Short-term working capital		1.200		0.965	³	…	³	…	³
	Short-term trade-related credit lines		0.800		0.800	³	…	³	…	³
Philippines
	Short-term debt of:
		Public sector	—		1.432	¹	1.432	¹	1.183	¹
		Private financial sector	—		1.516	¹	1.516	¹	1.594	¹
		Corporate sector	—		0.417	¹	0.417	¹	0.448	¹
	Revolving trade facility		—		2.944	¹	2.944	¹	2.974	¹
Poland
	Short-term revolving trade credit facilities		0.335		0.515		0.800		0.800
Uruguay
	Nontrade-related credits		(0.359)	²	—		—		—
	Treasury notes outstanding		0.084		0.128		0.171		0.171
Yugoslavia
	Revolving trade facility		0.600		0.600		0.600		0.600
	Nontrade-related facility		0.200		0.200		0.200		0.200
		Total	28.073	⁴	36.486	⁴	35.124		34.664

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³The 1984 agreement with the Steering Committee was not signed, inter alia, due to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁴Total excludes amounts deferred which are given in parentheses.

Table 48.

Concerted Short-Term and Medium-Term Facilities Outstanding, 1983-Third Quarter 1986

(In billions of U.S. dollars)

									1986
			1983		1984		1985		First-third qtr.
Argentina
	Trade deposit facility		—		0.500		0.500		0.500
	Stand-by money market facility		—		1.400		1.400		1.400
	Trade credit maintenance facility		—		1.200	¹	1.200	¹	1.200	¹
Brazil
	Interbank exposure		5.500		5.300		5.300		5.250
	Trade-related		10.175		9.800		9.800		9.500
Chile
	Trade-related		1.700		1.700		1.700		1.700
	Nontrade-related		1.160		(1.160)	²	—		—
Costa Rica
	Revolving trade facilities		0.202		0.202		0.277		0.277
Ecuador
	Trade-related credits		0.700		0.700		0.700		0.700
	Nontrade credits		(0.580)	²	—		—		—
Madagascar
	Short-term debt		—		(0.117)	²	—		—
Mexico
	Interbank exposure		5.200		5.200		5.200		5.200
Morocco
	Short-term debt		—		0.750		0.750		0.750
Panama
	Money-market facility		0.133		0.133		0.133		0.133
	Trade-related facilities		0.084		0.084		0.084		0.084
Peru
	Short-term working capital		1.200		0.965	³	…	³	…	³
	Short-term trade-related credit lines		0.800		0.800	³	…	³	…	³
Philippines
	Short-term debt of:
		Public sector	—		1.432	¹	1.432	¹	1.183	¹
		Private financial sector	—		1.516	¹	1.516	¹	1.594	¹
		Corporate sector	—		0.417	¹	0.417	¹	0.448	¹
	Revolving trade facility		—		2.944	¹	2.944	¹	2.974	¹
Poland
	Short-term revolving trade credit facilities		0.335		0.515		0.800		0.800
Uruguay
	Nontrade-related credits		(0.359)	²	—		—		—
	Treasury notes outstanding		0.084		0.128		0.171		0.171
Yugoslavia
	Revolving trade facility		0.600		0.600		0.600		0.600
	Nontrade-related facility		0.200		0.200		0.200		0.200
		Total	28.073	⁴	36.486	⁴	35.124		34.664

Sources: Restructuring agreements; and Fund staff estimates.

^¹Converted into medium-term facility.

^²Converted into medium-term debt.

^³The 1984 agreement with the Steering Committee was not signed, inter alia, due to Peru’s nonpayment of interest since July 1984, and no agreement is currently in effect for these facilities.

^⁴Total excludes amounts deferred which are given in parentheses.

Table 49.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1978-September 1986

Sources: Restructuring agreements; press reports; and Fund staff calculations.

^¹An agreement in principle to reschedule arrears at the end of 1982 and public debt falling due in 1983 was reached in January 1983, but the new government requested a renegotiation of this agreement.

^²The cumulative loan disbursements could never exceed $1.1 billion per annum.

^³The agreement also provided that the $750 million outstanding under the 1982 bridge loan would be repaid in early 1985 on the date of the first borrowing under the new loan; Argentina would pay at least $750 million before the end of 1984 to reduce interest arrears on Argentine public sector indebtedness; interest arrears on public sector indebtedness would be brought current during the first half of 1985; and foreign exchange would be made available to private sector borrowers so that interest on Argentine private sector indebtedness could be brought current during the first half of 1985.

^⁴Bolivia made payments of 10 percent of the amount to be consolidated until early September 1982. Since then, no more payments were made and the refinancing agreement on the April 1982-March 1983 maturities did not take effect.

^⁵The agreement would be finalized, subject to payment of interest arrears according to the schedule agreed on in March; the payment of the existing arrears on the 10 percent of principal due on the basis of the 1981 agreement; and the reaching of an agreement with the Fund. Since Bolivia was unable to make the final payment of $30 million in interest arrears by September 1983 as agreed, an interim agreement was reached with the banks in which Bolivia made a good faith deposit of $3 million and agreed to repay $30 million in monthly installments of $7.5 million each between October 1983 and January 1984. In return the banks agreed to extend the standstill agreement on repayments and regular maturities falling due after April 1, 1983 without penalty payments until January 31, 1984. After the expiration of the interim plan, Bolivia made two more payments of $7.5 million each in February and March 1984. On May 30, 1984, the Bolivian Government announced a temporary suspension of all foreign debt payment to private banks. On November 2, 1984, the Government renewed Bolivia’s request for a contractual arrangement to postpone all debt service to banks until the end of 1985.

^⁶On arrears as of June 5, 1983. By April 5, 1983, $28 million of arrears on interest payments was paid. The remainder was divided into five monthly payments.

^⁷First principal payment due 30 months after rescheduling.

^⁸The spreads over LIBOR/U.S. prime rate are 2⅛ percent/1⅞ percent for amounts on deposit with the Central Bank or—as generally acceptable maximums—for loans to public sector borrowers with official guarantee, Petrobras, and Companhia Vale do Rio Doce (CVRD); 2¼ percent/2 percent as the generally acceptable maximums for public sector borrowers without official guarantee, private sector borrowers with Development Bank guarantee, and for commercial and investment banks under Resolution 63; and 2½ percent/2¼ percent as generally acceptable maximums for private sector borrowers.

⁹The Central Bank stands ready to borrow the committed funds at either 2⅛ percent over LIBOR or 1⅞ percent over U.S. prime rate. For loans to other borrowers, the spreads agreed must be acceptable to the Central Bank, which indicated the following maximums for spreads over LIBOR to be generally acceptable (spreads over U.S. prime rate in parentheses): public sector borrowers with official guarantee as well as Petrobras and CVRD—2⅛ percent (1⅞ percent); public sector borrowers without official guarantee, private sector borrowers with Development Bank guarantee, and Resolution 63 loans to commercial and investment banks—2¼ percent (2 percent); private sector borrowers, including multinationals—2½ percent (2½ percent). Brazil is also prepared to pay a 0.5 percent commitment fee on undisbursed commitments, payable quarterly in arrears, and a 1.5 percent flat facility fee on amounts disbursed, payable at the time of disbursement.

^¹⁰Latest estimate of amount subject to rescheduling. Total may be lower, as some of Brazil’s debt to banks and suppliers may be eligible for rescheduling through Paris Club. A definitive accounting of Paris Club rescheduling will be available upon termination of bilateral agreements. In addition, trade financing was maintained at approximately $9.8 billion and interbank exposure was restored to $6 billion.

^¹¹These rates also apply to the outstanding parts of the 1983 and 1984 agreements.

^¹²$150 million of the later maturities carries a guarantee from the World Bank for which it will charge commercial banks a fee ranging from 1⅛ percent to 1¼ percent.

^¹³There is also a facility fee of ⅛ percent per year.

^¹⁴Refers to those certificates which were issued by the Central Bank against existing arrears of the private sector (mainly with regard to imports) and which were held by the foreign commercial banks.

^¹⁵The banks agreed to provide Costa Rica with a revolving trade-related credit facility equivalent to 50 percent of interest payments actually made in 1983, which were either in arrears or had accrued in 1983.

^¹⁶1⅝ percent over “domestic reference rate,” equal to U.S. dollar certificate of deposit rate adjusted to reserves and insurance, -or a comparable yield for loans denominated in other currencies.

^¹⁷Payments of 100 percent of the maturities falling due were deferred until December 31, 1984, when 90 percent of the amount was refinanced.

^¹⁸Maximum amount; actual amount of financing may be lower, depending, inter alia, on oil prices. Spread calculated over one-month LIBOR.

¹⁹In June 1982, banks indicated their intention to negotiate a refinancing agreement to convert the principal repayment into a longer-term loan prior to January 31, 1983, conditional upon successful completion of negotiations for an upper credit tranche program with the Fund. As negotiations with the Fund have not yet been completed, further deferments under the same conditions were agreed in July 1983 and January and July 1984.

²⁰Agreement in principle was tentatively reached in early 1983.

^²¹Original proposals were for repayments to start in March 1984, for the maturities due in 1983, and in March 1985, for the maturities due in 1984, but no agreement has yet been reached.

^²²Grace period and maturity were measured from the date of the first disbursement of the refinancing loan.

^²³The rescheduled amounts were rolled over on a short-term basis and were converted into medium-term loans on April 1, 1980 and on April 1, 1981 for the 1979–80 and 1980–81 reschedulings, respectively.

^²⁴It was also agreed to consolidate all debt falling due April 1987 to March 1989; a spread of 2¼ percent over LIBOR will apply to the consolidated debt.

^²⁵The repayment schedule is 4 quarterly payments of $1 million starting October 15, 1988 with the remainder to be paid in 25 equal quarterly installments.

^²⁶In addition, the bank that was owed most of the arrears informally agreed to allow Liberia to repay the arrears in 12 monthly installments.

^²⁷Includes about $50 million of arrears on overdrafts rescheduled on similar terms in late 1980.

^²⁸The agreement is subject to Madagascar’s being current on interest payments. The agreement also envisages the provision of a revolving trade facility, for an amount equivalent to the principal payments falling due in 1983 ($12 million) or a one-year grace period on that amount.

^²⁹Based on outstanding debt, including short-term debt, as of December 31, 1982, and including payments arrears on both short- and medium-term debt. Includes a special agreement for the rescheduling of Air Madagascar debt, secured by aircraft.

³⁰Agreement took effect with disbursement of a new loan in March 1983.

³¹For the purpose of the rescheduling, Mexico’s public sector debt (short-, medium-, and long-term) excludes loans made, guaranteed, insured, or subsidized by official agencies in the creditor countries; publicly issued bonds, private placements (including Japanese yen-denominated registered private placements) and floating rate certificates of deposit and notes (including floating rate notes); debt to official multilateral entities; forward exchange and precious metal contracts; spot and lease obligations in respect of movable property, short-term import- and export-related trade credits; interbank obligations (including placements) of the foreign agencies and branches of Mexican banks, excluding guarantees on interbank placements; financing secured by legally recognized security interest in ships, aircraft, and drilling rigs; and the Central Bank’s obligations arising from the arrangements to liquidate interest payments in arrears.

^³²The $5 billion loan was raised in the form of a medium-term international syndicated credit in which banks participated on the basis of their pro rata exposure to Mexico as of August 23, 1982. The loan document included a specific reference to a written explanation and confirmation from the Managing Director of the Fund with respect to $2-2.5 billion in financial assistance to be obtained from official creditors (other than the Fund), a requirement to provide information about the implementation of the financial program, a request on the part of the lending syndicate not to object to the final restructuring principles of the contemplated rescheduling operation, the customary cross-default clause, a specification of events of default (including the failure of Mexico to comply with the performance criteria agreed with the Fund in connection with the three-year extended arrangement, and nonmembership), and the implementation of the proposed mechanism to eliminate the interest arrears on the private sector debt. In addition, interbank exposure was restored and would be maintained through the end of 1986 at $5.2 billion.

^³³Specifically, Mexican private borrowers owing interest on foreign bank debts payable in foreign currency and outstanding prior to September 1, 1982 could use the procedures proposed by the Mexican authorities to settle interest payments due in the period from August 1, 1982 to January 31, 1983. Settlement had to be made by depositing the local currency equivalent of the amount of interest due in foreign currency, at the controlled exchange rate of the date at which the deposit was constituted. Special foreign currency deposits were being opened by the foreign lenders with the Bank of Mexico, and the amounts of interest owed were being credited to these accounts. Ten percent of the outstanding balance in these accounts was paid to creditors on January 31, 1983, while the remainder had to be settled subject to the availability of foreign exchange. As of March 7, 1984, all outstanding arrears were eliminated.

^³⁴Maturities shown relate to the date of the agreement in principle.

^³⁵$1.2 billion of the 1983 $5 billion syndicated loan was to be prepaid in 1985 and the balance restructured to match the repayment schedule on the 1984 $3.8 billion new money loan. However, only $250 million was prepaid in 1985 and the remaining $950 million became the subject of repeated short-term rollovers.

^³⁶There are no rescheduling fees and, under certain conditions, banks are allowed to switch their loans from dollars to home country currencies. Rescheduling of previously rescheduled debt falling due from 1987 to 1990 is conditional upon the achievement of Mexico’s own economic targets to be monitored on the basis of enhanced Article IV consultations with the Fund.

^³⁷Including the restructuring of the $950 million prepayment which had been deferred since October 1, 1985.

^³⁸These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

³⁹On short- and medium-term debt. Banks agreed to recalculate the interest due but unpaid at a spread of ½ percentage point above the actual LIBOR during the relevant period rather than at the higher spreads specified in the original contracts.

^⁴⁰All four categories of debt are subject to interest accrual at a spread of 1 percent above LIBOR between December 15, 1980 and December 14, 1983; of 1¼ percent between December 15, 1983 and December 14, 1986; of 1½ percent between December 15, 1986 and December 14, 1990; and of 1¾ percent between December 15, 1990 and December 14, 1992. However, actual payments of interest can be limited to 7 percent a year for the agreement of 1980, and to 6 percent for the agreements of 1981 and 1982. Any excess of accrued interest will be added to a deferred interest payment pool which will be repaid whenever the accrued interest rate payments are less than 7 percent per annum, or, if this does not exhaust the pool by December 15, 1985, the balance will be amortized between 1986 and 1990 with 10 percent due in each of 1986 and 1987, and the rest during the remaining three years. The agreement also contains an interest recapture clause. If Nicaragua fulfills all the terms of the contract, the interest rate spread would be reduced by ⅛ percentage point for every $20 million of principal repaid after 1985 for up to 1 percentage point.

^⁴¹Backloaded in the last years.

^⁴²At the end of the grace period, the repayment schedule provides for repayments of 1 percent of the total per quarter during the first year, 1½ percent per quarter during the second year, and equal quarterly installments of the remainder thereafter.

^⁴³All rescheduling agreements cover only public sector obligations. Bank loans with creditor country guarantees were included in the Paris Club agreement, rather than in the bank reschedulings.

^⁴⁴Under the 1978 and 1980 bank reschedulings, amounts were initially rolled over on a short-term basis to be consolidated into a medium-term loan at a specified date early in the following year.

^⁴⁵In January 1980, Peru prepaid the 1979 bank rescheduling and the terms of the 1980 rescheduling were renegotiated.

^⁴⁶$1.2 billion of working capital and $800 million of trade-related lines.

^⁴⁷Signing of the agreement has been delayed, inter alia, by Peru’s nonpayment of interest since July 1984.

^⁴⁸Ten years from the earlier of signing date or December 31, 1984, with five years of grace.

^⁴⁹The agreement, which covers maturities due during March 26-December 31, 1981, was effective May 10, 1982. Short-term facilities and interbank deposits were specifically excluded.

^⁵⁰A six-month trade credit, revolving up to three years, was extended under separate agreement; the amount of the credit was equivalent to 50 percent of interest due, and, in effect, amounted to $355 million.

^⁵¹A six-month trade credit, amounting to $180 million and revolving up to five years, was extended under separate agreement.

^⁵²The short-term revolving credit facility of $335 million that was provided under the 1982 agreement was renewed for a period of up to five years. In addition, a new six-month credit facility, revolving up to three to four years, was provided in an amount equivalent to 4½ percent of the banks’ base exposure.

^⁵³The remaining 20 percent is to be paid in eight equal quarterly installments starting in 1985.

^⁵⁴The new agreement includes the option for the debtor to redenominate the debt in Swiss francs.

^⁵⁵From April 1985.

^⁵⁶Repayments are in 17 quarterly installments beginning April 1988.

^⁵⁷Interest above $36 million a year will be capitalized.

^⁵⁸The disbursement was to be based on letter-of-credit financing for imports. Other conditions for the first disbursement (50 percent) included making the first purchase under the Fund stand-by arrangement and the signing of the agreement on convertible Turkish lira deposits. For the second and third disbursements (25 percent each), other conditions included making the purchases under the Fund stand-by arrangement scheduled for November 1979 and March 1980, and the implementation of programs for third-party reimbursement claims and arrears on nonguaranteed debts.

^⁵⁹All previously rolled over.

^⁶⁰Holders were allowed to switch currency of denomination, with liability being switched from commercial banks to the Central Bank. The amount includes $2 billion rolled over prior to June 30, 1979 and $0.2 billion due in second half of 1979.

^⁶¹The amount rescheduled is equivalent to the sum of obligations rescheduled in June and August 1979, including a new syndicated credit extended at that time.

^⁶²The years shown represent the extension to the grace period and maturity granted under the original rescheduling arrangement.

^⁶³In March 1983, with the endorsement of the Steering Committee, Venezuela declared a deferral on principal payments of external public sector debt owed to foreign commercial banks. The amount of short-term debt involved was about $8.5 billion. The deferral was extended by successive 90-day periods until September 1984.

^⁶⁴Maturity shown relates to the date of the agreement in principle. Payments are to be made in increasing amounts; in addition, Venezuela will make an initial payment of $750 million during the last quarter of 1986.

^⁶⁵Conditional upon refinancing of $700 million in officially guaranteed loans.

^⁶⁶The agreement provides for a 1¼ percent reduction of interest on the debt rescheduled in 1983 and 1984.

^⁶⁷Bank debt refinancing agreement covers only syndicated loans (and other floating rate loans) without creditor country guarantee.

^⁶⁸Under this agreement, Zaire would make monthly payments of $5 million to the London Club banks. This amount is to be increased to $6 million if U.S. producer prices for copper rise above the threshold price of $0.75 per pound.

^⁶⁹Under this agreement, Zaire would make monthly payments of $2 million in the first two quarters of 1984, of $5 million in the third quarter, of $7 million in the fourth quarter, and of $4 million in the first quarter of 1985.

^⁷⁰Under this agreement, Zaire would make monthly payments to the London Club banks amounting to $4.5 million for the period May-December 1985, increasing to $6 million for the first four months of 1986. The agreement specifies that monthly payments are to be revised by $0.5 million if the copper price (as quoted for London in the Fund’s International Financial Statistics) exceeds $0.66 per pound, by $1 million if the price exceeds $0.7 per pound, and by $1.5 million if it exceeds $0.74 per pound.

^⁷¹There will be monthly payments amounting to $3.5 million for the period May 1986-April 1987.

^⁷²Arrears as of February 28, 1983 are to be paid in 12 equal monthly installments starting from January 15, 1985.

^⁷³The remaining 10 percent amounting to $1.2 million is to be paid off in two equal installments in June and December 1985.

^⁷⁴All lines of credit with Banco Nacional de Cuba were scheduled to remain at the level of February 28, 1983 until September 30, 1984.

^⁷⁵A refinancing fee of ⅜ percent also applies.

^⁷⁶These credit lines are to be renewed for the year between September 30, 1985 and September 30, 1986.

^⁷⁷A facility fee of ⅛ percent also applies.

Table 49.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1978-September 1986

Country, Date of Agreement, and Type of Debt Rescheduled						Basis		Amount Provided	Grace Period	Maturity		Interest Rate
								(In millions of U.S. dollars)	(In years, unless otherwise noted)			(In percent spread over LIBOR/U.S. prime)
Argentina
	Bridging loan (1982) ¹							1,300 ²	7 months	14 months		1⅝–1½
	New medium-term loan (1983)					New financing		1,500	3	4½		2¼2⅛
	Agreement in principle (December 3, 1984), final agreement ³ of August 27, 1985:
		Refinancing of medium- and long-term debt
			Public and publicly guaranteed debt
				Due in 1982 and 1983		100 percent of principal		14,200	3	10		1⅜
				Due in 1984 and 1985		100 percent of principal			3	12		1⅜
			Private sector nonguaranteed debt						3	10		1⅜
		New medium-term loan				New financing		3,700	3	10		1⅝–1¼
		New trade credit deposit facility						500	—	4		1⅜–1
		Trade credit maintenance facility				Banks would maintain trade credit at levels of September 30, 1984 (estimate)		1,200	—	—		1⅛–¾
	Stand-by money market facility					Banks would make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 1984		1,400				¼
Bolivia
	Deferment agreement of August 1980 and December 1980: short- and medium-term debt falling due August 1980-March 1981					100 percent of principal		200		To April 1981		1¾
	Refinancing agreement of April 1981:
		Conversion and consolidation of:
			Deferred short-term debt			80 percent of principal		99	2	3½		2
			Deferred medium-term debt			90 percent of principal		69	3	7		2¼
		Refinancing of debt:
			Due April 1981-March 1982			90 percent of principal		120	3	6		2¼
			Due April 1982-March 1983 ⁴			90 percent of principal		124	2	5		2¼
	Normalization plan of May 1983: ⁵
		Principal payments falling due April 1-October 6, 1983				Moratorium on 100 percent of principal		87				Originally contracted rates
		Arrears on interest payments				New schedule of payments ⁶		118	—	Within September 1983
	Interim plan of October 1983:
		Deferment of:
			Obligations arising from 1981 rescheduling			100 percent of principal		48	2 more years	…		…
			Maturities falling due April 1983-January 1984			100 percent of principal		261	4	…		…
Brazil
	Agreement of February 25, 1983:
		Rescheduling of:
			Medium- and long-term debt due in 1983			100 percent of principal		4,452	2½ ⁷	8		2⅛–1⅞ ⁸
			Short-term debt (1983)			100 percent rollover in 1983		15,675	—	—		…
		New loan commitments (1983)				New financing		4,400	2½	8		2⅛–1⅞ ⁸
	Agreement of January 27, 1984:
		Rescheduling of:
			Medium- and long-term debt due in 1984			100 percent of principal		4,846 ¹⁰	5	9		2–1¾
			Short-term debt (1984)			100 percent rollover		15,100	—	—		…
		New loan commitment (1984)				New financing		6,500	5	9		2–1¾
	Agreement of September 5, 1986:
		Rescheduling of medium- and long-term debt due in 1985				100 percent of principal		6,671	5	7		1⅛
		Deferment of medium- and long-term debt due in 1986				100 percent of principal		9,600		To March 1987		Original rates
		Maintenance of trade credit and interbank credit lines				100 percent rollover		14,750	—	To March 1987		Original rates
Chile
	Agreement of July 28, 1983:
		New loan agreed in principle				New financing		1,300	4	7		2¼–2⅛
		Rescheduling of medium-term debt due:
			In 1983			100 percent of principal		1,150	4	8		2⅛–2
			In 1984			100 percent of principal		1,019	4	8		2⅛–2
		Rollover of trade-related short-term debt				100 percent rollover until December 1984		1,700				1½
	Agreement of January 25, 1984:
		Short-term nontrade-related debt converted to medium-term debt				100 percent of principal		1,160	4	8		2⅛
	Agreement of June 14, 1984:
		New loan				New financing		780	5	9		1¾–1½
	Agreement of November 26, 1984:
		Continuation of rollover of short-term trade-related line of credit until June 30, 1985						1,700	—	6 months		Originally contracted rates
	Agreement of November 1, 1985:
		Restructuring of public and private debt due in 1985–87				100 percent of principal		6,007	6	12		1⅜ ¹¹
		New medium-term loan				New financing		785	5	10		1⅝–1¼
		World Bank cofinancing				New financing		300 ¹²	10½	12		1⅝–1¼
		Extension of short-term trade-related facility until 1990				100 percent rollover		1,700	—	—		1⅜–1⅛ ¹³
Colombia
	Agreement of December 1985:
		New loan				New financing		1,000	3	8½		1½ for first 4 years, and 1⅜ thereafter
Congo
	Under negotiaion:
		Rescheduling of public sector debt falling due in 1986				Principal	…		…	…		…
Costa Rica
	Agreement of September 10, 1983:
		Principal in arrears prior to 1983				97½ percent		363	3¼	7½		2¼–2⅛
		Principal falling due in 1983				97½ percent		110	3¼	7½		2¼–2⅛
		Principal falling due in 1984				100 percent		136	3¼	6½		2¼–2⅛
		Certificates of deposit: ¹⁴
			Falling due prior to 1983			100 percent of principal and interest accrued prior to 1983		100	4	8		—
			Falling due in 1984			100 percent of principal			5	8		—
		New revolving facility ¹⁵				Revolving credit equivalent to 50 percent of interest payments actually made in 1983		202	2	3		1¾–1⅝
	Agreement of May 27, 1985:
		Increase in revolving facility originally agreed in September 1983				New financing		75	—	—		1¾–1⅝
		Rescheduling of principal falling due in 1985 and 1986				100 percent		440	3	10		1⅝–1⅝¹⁶
		Change in the terms of the revolving facility of 1983				100 percent of principal		202	3	4		1¾–1⅝
		Rescheduling of agreed repayments under 1983 agreement
			Due in July 1984			2½ percent of amounts due up to December 1983 (including arrears)		…	2¾	7¼		1⅝–1⅝ ¹⁶
			Due in January 1985			5 percent of amounts due in 1984		…	3¼	7		1¾–1⅝
Côte d’Ivoire
	Agreement of March 1, 1985:
		Public and publicly guaranteed medium- and long-term debt:
			Due in December 1983 and 1984			100 percent of principal		280	2	7		1⅞–1⅝
			Due in 1985			90 percent of principal		221	3	8		1⅞–1⅝
		New loan						104	3	7		1⅞–1⅝
	Agreement with Steering
		Committee (May 21, 1986):
			Public and publicly guaranteed medium- and long-term debt:
				Due in 1986		80 percent of principal		200	3	9		1⅝–1⅜
				Due in 1987		70 percent of principal		196	3	9		1⅝–1⅜
				Due in 1988		60 percent of principal		170	3	9		1⅝–1⅜
				Due in 1989		50 percent of principal		125	3	9		1⅝–1⅜
Dominican Republic
	Agreement of December 21, 1983:
		Letters of credit outstanding on November 30, 1982, and in arrears at that date
		Central Bank acceptances
		Public and private debt in arrears as of November 30, 1983				95 percent		500	1	5		2¼–2⅛
		Public and private debt falling due between December 1, 1982 and December 31, 1983
	Agreement of February 24, 1986:
		Rescheduling of public and private debt
			In arrears as of December 31, 1984			100 percent		80	3	13		1⅜
			Due in 1985–89			100 percent		707	3	13		1⅜
Ecuador
	Agreement of October 1983:
		Refinancing of private debt falling due in 1983				100 percent of principal		940	1	7		2¼–2⅛
		Refinancing of public debt falling due in 1983 (effective December 31, 1983) ¹⁷				90 percent of principal		895 (including 580 in short-term debt)	1	6		2¼–2⅛
		New loan				New financing		431	1½	6		2⅜–2¼
		Trade credit				100 percent rollover until December 1984		700	—	—		1½–1⅝
	Agreement of December 19, 1985:
		Refinancing of the 1985–89 public sector debt				100 percent of principal		2,473	3	12		1⅜
		Rescheduling of deposit facility falling due in 1985–89				100 percent of principal		1,356	3	12		1⅜
		Rescheduling of public medium-and long-term maturities rescheduled under the 1983 agreement				100 percent of principal		431	2	10		1⅝–1¼
		New loan				New financing		200	2	10		1⅝–1¼
		Extension of trade finance				100 percent rollover until March 1987		700	—	—		—
	Under negotiation:
		Oil export prefinancing facility				New financing		220 ¹⁸	—	1½		1½–1 ¹⁸
Guyana
	Deferment agreement of June 1982: 19
		Public and publicly guaranteed medium- and long-term debt due during March 11, 1982-March 31, 1983				100 percent of principal		15				2½
	Deferment agreement of July 1983:
		Amount deferred in June 1982, plus amount due until January 1984				100 percent of principal		24				2½
	Deferment agreement of January 1984:
		Amount deferred in July 1983, plus amount due until July 1984				100 percent of principal		35				2½
	Deferment agreement of July 1984:
		Amount deferred in January 1984, plus amount due until July 1985				100 percent of principal		42	—	—		2½
	Deferment agreement of July 1985:
		Amount deferred in July 1984 plus amount due until January 1986				100 percent of principal		47	—	—		2½
Honduras
	Requested by the authorities in January 1982: 20
		Refinancing of medium- and long-term debt (public entities):
			Due in 1981 (arrears)			100 percent of principal		11	9 months	6		2¼
			Due in 1982 (arrears)			100 percent of principal		41	9 months	6		2¼
			Due in 1983 (arrears)			100 percent of principal		36	3-15 months ²¹	6		2¼
			Due in 1984			100 percent of principal		32	3-15 months ²¹	6		2¼
Jamaica
	Agreement of September 1978:
		Due April 1978-March 1979				⅞ of principal		63	2 ²²	5 ²²		2
	Agreement of April 1979:
		Due April 1979-March 1980				⅞ of principal ²³		77	2	5		2
		Due April 1980-March 1981				⅞ of principal ²³		72	2	5		2
	Agreement of June 1981:
		Due April 1981-March 1983				100 percent of principal		89	2	5		2
			Of which: 1982–83			100 percent of principal		41	2	5		2
		Syndicated loan (July 1981)				New financing		71	3	7		2¼
		Other new loans (March 1982)				New financing		18	2	7		2½
	Agreement of June 1984:
		Due July 1983-March 1984				100 percent of principal		65	2	5		2½
		Due April 1984-March 1985				100 percent of principal		100	2	5		2½
	Agreement of September 1985:
		Due April 1985-March 1987 ²⁴				100 percent of principal		195	3 ²⁵	10		1⅞
Liberia
	Agreement of December 1, 1982: ²⁶
		Due July 1, 1981-June 30, 1983				95 percent of principal		30	3	6		1¾
Madagascar
	Agreement of July-November 1981:
		Rescheduling of arrears on overdrafts				100 percent of principal		147 ²⁷	—	3½		1½
	Agreement of October 25, 1984: ²⁸
		Global restructuring of outstanding public debt ²⁹
			Of which: In arrears
				Medium-term		100 percent of principal		18	2½	8		2
			Short-term			100 percent of principal		52	2½	6		1¾
			Of which: Future maturities
				Medium-term		100 percent of principal		60	2½	8		2
				Short-term		100 percent of principal		65	2½	6		1¾
Malawi
	Agreement of March 6, 1983:
		Medium- and long-term debt
			Due September 1982-August 1983			85 percent of principal		28	3	6½		1⅞
			Due September 1983-August 1984			85 percent of principal		29	3	6½		1⅞
Mexico
	Agreement of August 27, 1983: 30
		Rescheduling of public sector short-, medium-, and long-term debt 31 due August 23, 1982-December 31, 1984				100 percent of principal		18,800	4	8		1⅞–1¾
		Syndicated loan ³²				New financing		5,000	3	6		2¼–2⅛
		Settlement of interest in arrears on private sector’s debt ³³				—	1,367					1–⅞
	Agreement of April 1984:
		New loan				New financing		3,800	5½	10		1½–1⅛
	Agreement of March 29, 1985:
		Rescheduling of public medium-and long-term debt previously rescheduled
			Due in 1987			100 percent of principal		5,800	—	14 ³⁴		⅞ in 1985–86
			Due from 1988 to 1990			100 percent of principal		17,800	—	14 ³⁴		1⅛ in 1987–91 1¼ in 1992–98
		Rescheduling of 1983 syndicated loan ³⁵				100 percent of principal		5,000	5	10		1½–1⅛
	Agreement of August 29, 1985: ³⁶
		Rescheduling of public medium- and long-term debt not previously rescheduled falling due from 1985 to 1990				100 percent of principal		20,100	1	14 ³⁴		⅞ in 1985–86 1⅛ in 1987–91 1¼ in 1992–98
	Deferment agreement of October 1, 1985:
		First principal payment under the $5 billion agreement as amended March 29, 1985				100 percent of principal		950	½	…		…
	Agreement with Steering Committee (September 30, 1986):
		Restructuring of previous restructured debt				100 percent of principal		43,700	1	20		$\frac{13}{16}$
		Change in spread for 1983 and 1984 new money facilities ³⁷					—	8,600	5	10		$\frac{13}{16}$
		1986-87 new money facility				New money		5,000	5	12		$\frac{13}{16}$
		Cofinancing arrangement with World Bank ³⁸				New money		1,000	9	15		$\frac{13}{16}$
		Growth contingency cofinancing with World Bank ³⁸				New money		500	7	12		$\frac{13}{16}$
		Contingent investment support facility				New money		1,200	4	8		$\frac{13}{16}$
Morocco
	Agreement of February 1986:
		Medium- and long-term debt due
			September 9, 1983-December 31, 1983			100 percent of principal
		Medium- and long-term debt						538	3	7		1¾
			due in 1984			90 percent of principal				3	7	1¾
		Rollover of short-term debt						750	—	—		—
	Under negotiation:
		Rescheduling of public debt due in 1985–87						1,190	…	…		…
Nicaragua
	Agreement of December 1980:
		Arrears on interest or amount due up to December 1980 ⁴⁰				75 percent of arrears and amount due		90		5		¾-1¼, but with deferred interest payment provision and interest recapture clause ⁴⁰
		Arrears on principal as of December 1979 ⁴⁰				100 percent of arrears on principal		252	5	11
		Due after December 1979				100 percent of principal		240	5	12
	Agreement of December 1981 (debt of nationalized banks):
		Accumulated arrears				90 percent of interest and principal			5	10		¼–1¼, but with deferred interest payment
		Principal due after September 1981				100 percent of principal		195	5	10		provision and recapture clause ⁴⁰
	Agreement of March 1982 (debt of nationalized enterprises and of private enterprises):
		Accumulated arrears				90 percent of interest and principal			—	10		¾–1¼, but with deferred interest payment provision and recapture clause ⁴⁰
		Due after March 1982				100 percent of principal		100	5	10		…
Agreement of February 1984:
		Deferment of principal and interest due July 1983—June 1984 (previously rescheduled in 1980–82)				95-100 percent of principal		145	—	8 ⁴¹		1¼–1¾
Niger
	Agreement of March 9, 1984:
		Rescheduling of medium-term debt:
			Due October 1983-September 1984			90 percent of principal		12	3½	7½		Originally contracted rate plus 2 percent
			Due October 1984-September 1985			90 percent of principal		15	3½	7½		Originally contracted rate plus 2 percent
Nigeria
	Agreement of July 1983:
		Arrears as of end-March 1983				100 percent of arrears on letters of credit		1,350	5½ months	3		1½–1⅜
	Agreement of September 1983:
		Arrears as of end-July 1983				100 percent of arrears on letters of credit		585	3½ months	2⅚		1½–1⅜
Panama
	Agreement of September 1983:
		New loan				New financing		278	3	6		2¼–2⅛
		Rollover of short-term credit lines				Principal		217	—	—		…
	Agreement of October 1985:
		Public sector debt
			Due in 1985			Principal		225	3½ ⁴²	12		1⅜
			Due in 1986			Principal		354	3½ ⁴²	12		1⅜
		New loan				New financing		60	3	9		1⅝–1¼
		Rollover of short-term credit lines				Principal		217	—	—		…
Peru 43
	Agreement of June 1978:
		Due during second half of 1978				Rollover of 100 percent of principal		186 ⁴⁴	—	Due January 3, 1979		…
	Agreement of December 1978:
		Due in 1979				90 percent of principal			2	6		1⅞
		Due in 1980				90 percent of principal		200 ⁴⁴	2	5		…
		Due in January 1979 as per June 1978 agreement				50 percent of amount rolled over			—	1		1¾
	Agreement of January 1980: ⁴⁵
		Due in 1980				90 percent of principal		340 ⁴⁴	2	5		1¼
	Agreement of July 1983:
		Medium- and long-term maturities falling due between March 7, 1983 and March 7, 1984				100 percent		380	3	8		2¼
		Bridge loan				—		200	…	…		…
		New loan				New financing		450	3	8		2¼
		Short-term credit lines outstanding as of March 7, 1983				100 percent of principal		2,000 ⁴⁶	…	1		2¼
	Agreement with Steering Committee (February 1984): ⁴⁷
		Medium- and long-term maturities falling due between March 7, 1984 and June 30, 1985				100 percent		460	5	9		1⅝–1¼
		Short-term working capital outstanding on March 6, 1984				100 percent		965	5	9		1⅝–1¼
		Loan covering the undisbursed portion of the 1983 new loan				New financing		200	3	8		2¼
		Short-term trade-related credit lines committed as of March 6, 1984				100 percent		800	—	Rollover		⅝ + 1½ Percent acceptance commission
Philippines
	Agreement of May 20, 1985:
		Rescheduling of public and publicly guaranteed debt:
			Due between October 17, 1983 and December 31, 1985			100 percent of principal		1,406	5 ⁴⁸	10 ⁴⁸		1⅝
			Due in 1986			100 percent of principal		653	5 ⁴⁸	10 ⁴⁸		1⅝
			Short-term debt					1,183	5	10		1⅝
		Rescheduling of private financial sector debt, medium- and long-term:
			Due between October 17, 1983 and December 31, 1985			100 percent of principal		10	5 ⁴⁸	10 ⁴⁸		1⅝
			Due in 1986			100 percent of principal		6	5 ⁴⁸	10 ⁴⁸		1⅝
			Short-term debt					1,594	4	4		Less than 2
		Rescheduling of corporate debt, medium- and long-term:
			Due between October 17, 1983 and December 31, 1985			100 percent of principal		378	5	10		1⅝
			Due in 1986			100 percent of principal		207	5	10		1⅝
			Short-term debt					448	5	10		1⅝
		New medium-term loan				New money		925	5	9		1¾–1⅜
		Revolving short-term trade facility				Trade-related outstanding and central bank overdrafts as of October 17, 1983		2,974	Revolving per annum	…		1¼
Poland
	Agreement of April 1982: ⁴⁹
		Medium-term debt due March 26, 1981-December 1981				95 percent of principal		1,957	4	7		1¾
	Agreement of November 1982: ⁵⁰
		Medium-term debt due in 1982, including arrears on unrescheduled maturities due in 1981				95 percent of principal		2,225	4	7½		1¾
	Agreement of November 1983: ⁵¹
		Medium-term debt due in 1983				95 percent of principal		1,192	4½	9		1⅞
	Agreement of July 1984: ⁵²
		Medium- and long-term debt due in 1984–87				95 percent of principal		1,390	5	10		1¾
	Agreement of September 1986:
		Restructuring of medium-and long-term debt included in April and November 1982 agreements
			Due in 1986			95 percent of principal		855	5	5		1¾
		Due in 1987				80 percent of principal		992	5	5		1¾
Romania
	Agreement of December 7, 1982:
		Arrears on the 1981 debt obligations				80 percent of such debt obligations		1,598	3	6½		1¾
		Due in 1982 on all debts (including short-term)				80 percent of principal			3	6½		1¾
	Agreement of June 20, 1983:
		Medium- and long-term debt due in 1983				10 percent of principal		81	1½	1½		1¾
						60 percent of principal		486	3½	6½		1¾
	Agreement of September 1986:
		Maturities on loans already rescheduled in 1982–83 falling due in
				1986		100 percent of principal		350	3	4½		1⅜
				1987		85 percent of principal		450	4	5½		1⅜
Senegal
	Agreement of February 1984:
		Due between May 1, 1981 and June 30, 1982 (including arrears)				100 percent of principal
		Due between July 1, 1982 and June 30, 1984				100 percent of principal		78	3	7		2
	Agreement of May 1985:
		Due between July 1, 1984 and June 30, 1986				80 percent of principal ⁵³		20	3	7		2
Sierra Leone
	Agreement of February 1984:
		Principal arrears				90 percent		25	2	7		1¾
South Africa
	Standstill agreement of March 25, 1986					95 percent of amounts due between August 28, 1985 and June 30, 1987		14	1¾	1¾		No more than margin applicable in August 1985 plus 1 percent
Sudan
	Agreement of December 1981:
		Arrears on principal as of end-1979				100 percent		383	3	7		1¾
		Arrears on interest due:
			January-June 1980			60 percent
			July 1980-April 1982			100 percent		115	1	3		1¾
		Excess balances on Nostro accounts over end-1979 level				40 percent
	Modification of December 1981 agreement (March 1982):
		Arrears on interest as of end-1979
		Arrears on interest due January-June 1980				40 percent
		Excess balance on Nostro accounts over end-1979 level				60 percent		55	5 months	9 months		1¾
		Modification of December 1981 agreement (April 1983):
			Principal and interest			100 percent		790	2	6		1¾
		Modification of December 1981 agreement (April 1984):
			Principal and interest			100 percent		838	1	5		1¾
		Modification of December 1981 agreement (October 1985): ⁵⁴
				Rescheduling of
					Interest accrued as a result of the 1983 and 1984 modifications	100 percent			3 ⁵⁵	7½ ⁵⁶		1¾
					All other outstanding public debt	100 percent		920	3	7½		1¾ ⁵⁷
Togo
	Agreement of March 1980:
		Arrears as of end-1979				100 percent of arrears
			Interest					8	Settlement to be made in 1980 in 3 equal installments
			Principal					17	6 months	1½		Original rates maintained However, spreads on Euroloan reduced to 1½
		Due in 1980 on a number of specific loans				100 percent of principal		44	1	3½		Original rates maintained
	Agreement of October 1983:
		Arrears as of end-1982				100 percent of arrears		58	—	7¼		2
		Due in 1983 and 1984 on medium-and long-term public and publicly guaranteed loans				100 percent of principal		26	—	7¼		2
Turkey
	Eurocurrency loan of June 1979 ⁵⁸					New financing (net)		407	3	7		1¾
	Agreement of June 1979:
		Bankers’ credits				100 percent of principal		429 ⁵⁹	3	7		1¾
	Agreement of August 1979:
		Convertible Turkish lira deposits ⁶⁰				100 percent of principal		2,269 ⁶⁰	3	7		1¾
	Agreement of August 1981:
		Third-party reimbursement claims				100 percent of principal		100	—	3		1½
	Agreement of March 1982:
		Improvement of the maturity profile of the August 1979 rescheduling agreement				100 percent of principal		… ⁶¹	2 ⁶²	3 ⁶²		1¾
Uruguay
	Agreement of July 29, 1983:
		New medium-term loan				New financing		240	2	6		2¼–2⅛
		Short-term nontrade-related credits				90 percent of principal		359	2	6		2¼–2⅛
		Medium-term maturities falling due in 1983				90 percent of principal		105	2	6		2¼–2⅛
		Medium-term maturities falling due in 1984				90 percent of principal		111	2	6		2¼–2⅛
	Agreement of July 1986:
		Maturities falling due in 1985–89 and not previously restructured				100 percent of principal		844	3	12		1⅜
		Previously restructured maturities falling due in 1985–89				100 percent of principal		621	3	12		1⅝
		Medium-term loan granted in 1983				100 percent of principal		230	3	12		1⅝
		Bearer treasury bonds				100 percent of principal		263	3	12		1⅜
Venezuela
	Agreement with Steering Committee (September 1984); final agreement (February 1986): ⁶³
		Rescheduling of short-, medium-, and long-term debt falling due during 1983–88				Principal		20,037	—	12½ ⁶⁴		1⅛
Yugoslavia
	Agreement of September 1983:
		Refinancing of:
			Medium-term loans due in 1983			100 percent of principal		950	3	6		⅞–1¾
			Short-term debt			Rolled over (through January 1985)
				Nontrade-related credits				200	2	2		⅜–1¼
				Revolving trade facility				600	2	2		⅜–1¼
			New loan			New financing		600	3	6		1⅞–1¾
	Agreement of May 16, 1984: ⁶⁵
		Refinancing of:
			Medium- and long-term maturities falling due in 1984			100 percent of principal		1,250	4	7		1⅝–1½ ⁶⁶
	Agreement of December 1985:
		Refinancing of medium- and long-term debt falling due in
			1985-86			100 percent of principal		2,300	4	10½		1⅛
			1987-88			100 percent of principal		1,300	3	9½		1⅛
Zaire ⁶⁷
	Agreement of April 1980:
		Arrears on principal as of end-1979				76 percent of principal		287	5	10		1⅞ for first 5 years, 2 thereafter
		Principal payments due after end-1979				100 percent of principal		115	5	10		1⅞ for first 5 years, 2 thereafter
	Deferment agreement of January 1983: ⁶⁸					Principal		58	…	…		Originally contracted rate
	Deferment agreement of June 1984: ⁶⁹					Principal		64	…	…		Originally contracted rate
	Deferment agreement of May 1985: ⁷⁰					Principal		61	…	…		Originally contracted rate
	Deferment agreement of May 1986: ⁷¹					Principal		65	…	…		Originally contracted rate
Zambia
	Agreement in principle with Steering Committee (December 1984):
		Refinancing of medium- and long-term public and publicly guaranteed unsecured debt in arrears as of February 28, 1983				100 percent of principal		16	—	1 ⁷²		2¼
			Due March 1, 1983-February 29, 1984			100 percent of principal		26	1	4		2¼
			Due March 1, 1984-February 28, 1985			100 percent of principal		21	2	5		2¼
			Due March 1, 1985-December 31, 1985 ⁷³			90 percent of principal		11	3	6		2¼
Memorandum item
	Non-Fund member
		Cuba
			Agreement of December 30, 1983:
				Rescheduling of medium-term debt due between September 1, 1982 and December 31, 1984		100 percent of principal		128	2	5½		2¼
			Rollover of short-term credit ⁷⁴			—		490	—	—		1¼
			Agreement with Steering Committee (July 1985):
				Rescheduling of medium-term debt due in 1985		100 percent of principal		85	6	10		1½ ⁷⁵
				Rollover of short-term credit ⁷⁶				373	—	—		1⅛ ⁷⁷