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To: pater tenebrarum who wrote (75807)	3/5/2001 5:59:45 PM
From: NOW	Read Replies (1) \| Respond to of 436258

The international banking market The third quarter of 2000 saw emerging market countries deposit a record $54 billion with banks that report to the BIS. In contrast to the 1970s, when petrodollars deposited with international banks had supported an increase in cross-border lending to developing countries, recent deposit flows were not recycled back into those countries. Indeed cross-border claims on developing countries remained broadly unchanged in the quarter, with further repayments from Asia offsetting modest amounts of credit extended to Argentina, Brazil, Turkey and a few other emerging market countries. Developing countries’ access to the syndicated loan market continued to improve, with $34 billion worth of facilities arranged in the fourth quarter, the largest amount since 1997. However, this improvement has not yet resulted in a sustained increase in cross-border claims. Credit to industrialised countries accounted for most of the $184 billion increase in reporting banks’ cross-border claims in the third quarter. Lending to non-bank borrowers in those countries picked up again after having contracted in the second quarter. Much of this lending was related to drawdowns of large syndicated credits arranged for European telecommunications companies. Banks continued to purchase substantial amounts of debt securities and other assets issued by US and European residents. Japanese banks in particular were active buyers of US agency and corporate securities. bis.org