BEA further expanded its coverage of U.S. nonbank claims on foreign banks by substituting counterpart data for an additional 10 European countries plus the Caribbean and Asian banking (financial) centers covered by the Bank for International Settlements (BIS) reporting system; these data provide a measure of foreign banks’ liabilities to U.S. nonbanking concerns. The BIS data have substantially more complete coverage than the bilateral substitutions made in 1993 and 1992, and in addition, incorporate recent improvements made by the U.S. Federal Reserve Board in the reporting of transactions of foreign-owned banks resident in the Caribbean Islands.
Published