"Changes in Claims of BIS Reporting Banks: Largest Reduction E.V.E.R.
After a relatively small change in total outstanding stocks in the third quarter, banks’ external claims shrank by 5.4% in the fourth quarter of 2008 ($1.8 trillion at constant exchange rates), to $31 trillion. This was the largest reduction ever recorded. Claims denominated in US dollars and yen were down by 6% and 15%, respectively. Claims vis-à-vis non-banks declined 8%.
In the third quarter of 2008, at current exchange rates, most of the decline in outstanding stocks had been due to a 10% depreciation of the euro relative to the US dollar. In contrast, in the fourth quarter 80% of the reported decrease was due to an actual reduction in banks’ claims.
B.I.S. Release of preliminary locational and consolidated banking statistics"