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Mix-Ansicht- Zum Thema: Argentinienrisiko Spanischer Banken beasten Euro - XERXES, 29.01.2002, 10:01
Zum Thema: Argentinienrisiko Spanischer Banken beasten Euro
U.S. Banks Top Argentine Lenders - BIS
By REUTERS
Filed at 3:02 p.m. ET
ZURICH (Reuters) - United States banks had the largest volume of loans and debt securities outstanding to borrowers in Argentina at the end of September, based on new data released by the Bank for International Settlements (BIS).
In its latest quarterly report, data collected by the BIS -- the Basel, Switzerland-based bank that is a forum for the world's central banks -- showed U.S. banks' ``contractual claims'' -- essentially loans and debt securities -- to Argentine-based borrowers stood at $23.11 billion as of September 30, 2001.
The figures are significant because for the first time they include not only cross-border lending, but also all loans done within the country in both foreign currencies and in the domestic peso currency, which was devalued early this year.
Under the new system, the figure reported by the BIS on U.S. banks for Argentina, which has defaulted on part of its huge $141 billion public debt, more than doubles.
The figures also show higher exposure by U.S. banks than a report released by the U.S. Federal Reserve in December, which showed these banks' lending at $10.30 billion as of Sept. 30.
In the past, because of how the individual countries provided the figures, the BIS numbers omitted local claims of affiliates of U.S. banks. Previously the figures did however include at least foreign affiliates' claims in foreign currencies of other lenders, including Spanish banks.
With all domestic loans included, U.S. banks' exposure to Argentina at end-September now outstrips Spanish banks' total of $19.998 billion.banks' cross-border business only, these banks' exposure to Argentine was just $10.179 billion at the end of June, well behind $17.675 billion for Spanish banks.
The BIS said it changed the way it reported the data to make the figures more comparable. The changes should also satisfy banks and banking analysts who complained the data did not give an accurate picture of banks' real international lending exposures because of omitting some local exposures.
STATE OF FLUX ON STATUS, VALUE OF ARGENTINE LOANS
Banks in both the United States and Spain accounted for 53 percent of total foreign claims on Argentine borrowers, the BIS said. Total claims on the country fell by five percent to $81.68 billion in the third quarter versus the second quarter.
The data are a snapshot taken before Argentina plunged into crisis in late December.
As the economy collapsed, 27 people died in riots, which were followed by President Fernando de la Rua's resignation on December 20. He was replaced briefly in office by Adolfo Rodriguez Saa, quickly succeeded by Eduardo Duhalde.
One of Duhalde's first decisions upon taking office was to cut the peso loose from its decade-old peg to the dollar. When freed, it plummeted nearly 30 percent.
Peso loans included in latest BIS statistics would have lost substantial value with the depreciation. But because the dollar value of peso lending by foreign banks' loans is not reported separately, it is difficult to say exactly how much they fell.
The BIS did note, however, that local currency claims booked by subsidiaries of its reporting banks made up only about 25 percent of total claims on Argentine borrowers.
That was much lower than for other Latin American countries: 65 percent in local currencies for Mexico, 48 percent for Brazil, and 48 percent for Latin America as a whole.
Such distinctions could be moot for banks unsure what portion of loans they are likely to recover from Argentina, although the BIS noted that a large part of U.S. banks' lending in the country was to Argentine subsidiaries of mainly U.S. corporations, which should make them more secure.
Spanish banking giant Santander Central Hispano (SCH), (SAN.MC) said on Tuesday it has set aside enough money -- 1.29 billion euros ($1.12 billion) to cover its entire investment in Argentina -- giving it the option to become the first major foreign bank to simply walk away from the problems.
Citibank parent Citigroup (news/quote) (C.N.), the world's largest financial services group, had Argentine exposure of $1.3 billion in capital and $6 billion in loans in the fourth quarter.
Citigroup took a $470 million hit in the fourth-quarter from a currency devaluation and defaults in Argentina. Mexico's second-largest bank, Banamex, now part of Citibank, sold its Argentine Banasud unit in January.
The crisis in the country followed attempts to impose a harsh budget regime followed by curbs limiting how much money citizens could withdraw from Argentine banks.
BIS third quarter data taken prior to the restrictions showed Argentine peso-denominated deposits placed with banks reporting to the BIS falling by ``as much as 20 percent between end-June and end-September.'' The funds were probably not withdrawn, but converted into U.S. dollars, the BIS said.
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