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Record rise in Iran's liabilities to western banks

London, March 12, IRNA -- Iran's deposits with western banks rose by over half a billion dollars to dlrs 15bn in the first nine months of last year accompanied by an even greater increase of dlrs 3bn in the country's liabilities.

According to the latest figures from the Bank of International Settlement (BIS), Iran retained a surplus of dlrs 5.6bn with reporting banks at the end of September 2002 despite outstanding claims climbing to a record of dlrs 9.4bn.

Liabilities remained largely spread across European banks, led by French and German institutions, with consolidated claims of dlrs 1.7bn and dlrs 1.4bn.

Further outstanding amounts totalling over dlrs 3bn were shared in descending order by Swiss, Italian, Dutch, Belgian and Spanish banks. Smaller claims of dlrs 300 million plus each were listed by British-owned and Swedish banks.

The latest report from the Bank of England put Iran's liabilities with banks operating in the UK at dlrs 2 bn at the end of last year, half of the amount of Iranian deposits in Britain.

BIS reported that dlrs 4.2bn worth of consolidated claims on Iran had a maturity of up to and including one year. Dollars 6bn was listed as undisbursed credit commitments and backup facilities.

Iran's assets with western banks have fluctuated between dlrs 13bn and dlrs 16bn over the past two years after almost doubling in value in 2000 following the steep recovery in oil prices.

During the same period, liabilities have often mirrored increases in deposits, varying from dlrs 6bn to the current peak of dlrs 9.4bn.

... Payvand News - 3/12/03 ... --

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