No 13 • November 2015
Statistics on foreign financial claims of Portuguese
banks on a consolidated basis
Banco de Portugal will publish statistical information in
the Statistical Bulletin (Tables C.5.1 to C.5.3) as of
today on foreign financial claims of Portuguese banks
on a consolidated basis and the respective time series
and multidimensional components in the BPstat |
Statistics online.
This information focuses on the exposure to risks of
banks having their head office in Portugal, particularly
to country-risk associated with financial claims (except
financial derivatives) held by them in the context of
their international activity, including foreign claims of
branches and subsidiaries abroad.
These statistics are compiled according to the
methodological guidelines established by the Bank for
International Settlements (BIS) in the field of
international banking statistics, which in addition to
statistics on a consolidated basis, comprise locational
banking statistics. The latter focus on financial claims
and liabilities in the unconsolidated balance sheet of
resident banks in Portugal, and are currently published
by Banco de Portugal as part of the balance sheet of
other monetary financial institutions under monetary
and financial statistics.
International banking statistics, on a locational and
consolidated basis, are reported by Banco de Portugal
to BIS, which releases the information collected from
31 countries on a consolidated basis and 44 countries
on a locational basis at:
http://stats.bis.org/bis-statstool/org.bis.stats.ui.StatsApplication/StatsApplication.
html
Immediate risk, ultimate risk
and risk transfers
One of the most relevant aspects of these statistics is
the provision of information on risk transfers, derived
on two different bases:

Immediate risk basis (Table C.5.1 of the Statistical
Bulletin) - Corresponds to foreign financial claims
against the counterpart which signed the
agreement with the bank, and which is primarily
responsible for its compliance, even when
guaranteed by a third party.

Ultimate risk basis (Table C.5.2 of the Statistical
Bulletin) - Corresponds to foreign financial claims
against the counterpart that is ultimately
responsible for the compliance with the
agreement, i.e. when there is a third party that
guarantees compliance with the agreement, it
takes the place of the immediate counterparty.
2
STATISTICAL PRESS RELEASE • November 2015
Table 1 sums up the categories of foreign financial
claims included in both bases.
Table 1
Classification of foreign claims
of Portuguese banks
that aggregate stemming from net risk transfers. These
are associated with situations where the geographical
aggregate of the ultimate risk counterpart of foreign
claims is different from that of the immediate risk
counterpart.
Currency of the claim
Holder of the claim
Head office
in Portugal
Subsidiary or
Branch in another
country within the
Monetary Union
Subsidiary or
Branch in another
country outside the
Monetary Union
(1)
(2)
Counterparty
country
Portugal
Another country
Portugal
Host country of
the Subsidiary or
Branch
Another country
Portugal
Host country of
the Subsidiary or
Branch
Another country
Local (1)
External (2)
N.A.
External claim
N.A.
Local claim
Local claim in
in local
foreign
currency
currency
External claim
N.A.
Local claim
Local claim in
in local
foreign
currency
currency
Foreign claim
Includes the euro, in the case of countries within the Monetary Union.
Includes the euro, in the case of countries outside the Monetary Union.
Table C.5.1 of the Statistical Bulletin also includes net
risk transfers to other countries by Portugal, which
reflect the difference between the ultimate risk basis
and the immediate risk basis.
Highlights
According to available data (Table C.5.1 of the
Statistical Bulletin), the value of the consolidated
foreign claim outstanding amount of Portuguese banks
on an immediate risk basis nearly doubled during the
2004-2010 period, from €67 billion to €121 billion. It
subsequently decreased by approximately one-third,
up to the second quarter of 2015 (€87 billion). These
developments were mostly due to the ‘external claims
and local claims of subsidiaries and branches
denominated in foreign currency’ component, which
also accounts for the largest share (Chart 1).
Chart 1
Foreign financial claims on an immediate risk basis
(end-of-period outstanding amounts)
140,000
Table C.5.2 of the Statistical Bulletin also breaks down
other potential exposures to risks (memo itens), which
despite not corresponding to foreign claims, when
effectively used, may account for an increase in risks
associated with foreign claims of Portuguese banks.
This includes financial derivatives (with a positive
market value), guarantees and credit commitments.
Table C.5.3 of the Statistical Bulletin includes foreign
claims of Portuguese banks broken down into both risk
basis and by geographical aggregate of the
counterparty.
For each geographical aggregate, the difference
between the figures under both risk basis reflects the
increase or decrease in Portuguese banks’ exposure to
120,000
EUR millions
When the ultimate risk of a foreign claim held by a
Portuguese bank is addressed by a resident entity in
Portugal, the associated risk transfer is recorded with a
negative sign. When the ultimate risk of a domestic
asset held by a Portuguese bank is addressed by a nonresident entity, the risk transfer is recorded with a
positive sign.
100,000
80,000
60,000
40,000
20,000
0
Local claims in local currency
External claims and local claims in foreign currency
Total
On a consolidated basis, the share of local claims in
total foreign claims of Portuguese banks has increased.
According to the assessment by immediate risk basis
(Table C.5.2 of the Statistical Bulletin), where this
increase was most notable, local claims are, as of the
third quarter of 2012, the component with the largest
share in the total (from 27% in 2004 to 52% in the
second quarter of 2015) (Chart 2).
3
STATISTICAL PRESS RELEASE • November 2015
Chart 2
Foreign financial claims on an ultimate risk basis by type of
asset
Chart 4
Foreign financial claims on an ultimate risk basis by
counterparty sector
(end-of-period outstanding amounts)
(end-of-period positions)
60
120,000
60,000
50
100,000
40
40,000
30
30,000
%
EUR millions
50,000
20
20,000
EUR millions
70,000
80,000
60,000
40,000
10
10,000
0
20,000
0
0
External claims
Local claims
Share local claims/total (r-h scale)
This reflects the higher relative importance of
subsidiaries and branches of Portuguese banks in their
host countries, most notably in the African (Angola and
Mozambique) and European markets (particularly
Poland and Spain) (Chart 3; Table C.5.3 of the
Statistical Bulletin).
Chart 3
Local claims on an ultimate risk basis - main geographical
aggregates
(end-of-period outstanding amounts)
Non-resident public sector
Other non-resident monetary financial institutions
Non-resident non-monetary private sector
The analysis of net risk transfers indicates that over the
past 10 years there have been three different stages of
exposure to international risk of financial claims held
by Portuguese banking groups (Chart 5).
Chart 5
Foreign financial claims of Portuguese banks – risk bases and
risk transfers
(end-of-period outstanding amounts)
140,000
4,000
40,000
120,000
2,000
100,000
0
EUR millions
50,000
30,000
20,000
-2,000
80,000
-4,000
60,000
-6,000
10,000
40,000
-8,000
0
20,000
-10,000
0
-12,000
Portuguese-speaking African countries
European Union
Total
The analysis by counterparty sector of foreign claims
held by Portuguese banks, on a consolidated basis,
points to a reduction in the share of other monetary
financial institutions and an increase in other sectors,
most notably the non-monetary private sector, which
includes non-financial corporations, non-monetary
financial institutions and households (Chart 4).
Risk transfers (r-h scale)
Immediate risk
EUR millions
EUR millions
60,000
Ultimate risk
Between 2004 and 2008, risk transfers were
systematically positive, reflecting a period where
foreign financial claims of Portuguese banking groups
were more exposed to other countries in terms of
ultimate risk than in terms of immediate risk.
Between 2008 and 2011, there was a reversal of net
risk transfers and exposure to ultimate risk fell below
that on an immediate risk basis. This shows that part of
international immediate risk was ultimately borne by
residents in Portugal. This stemmed from Portuguese
banks’ acquisition of securities issued by non-resident
credit securitisation companies, namely from Ireland,
4
STATISTICAL PRESS RELEASE • November 2015
whose underlying assets were credits held by those
banks (Chart 6).
Chart 6
Net risk transfers by counterparty country
(differences between end-of-period outstanding amounts)
4,000
EUR millions
2,000
0
-2,000
-4,000
-6,000
-8,000
-10,000
-12,000
-14,000
Germany
Luxembourg
Cayman Islands
Spain
United Kingdom
Malta
France
Ireland
Netherlands
As of 2012, the size of net risk transfers has decreased
markedly. This suggests that the value of foreign claims
on an immediate risk basis is very similar to that of
claims on an ultimate risk basis.
C.
ESTATÍSTICAS DA BALANÇA
DE PAGAMENTOS E DA
POSIÇÃO DE INVESTIMENTO
INTERNACIONAL
Balance of payments and International
investment position statistics
C.0 Estatísticas da balança de pagamentos | Balance of
payments statistics
C.1 Balanças corrente e de capital | Current and capital
accounts
C.2 Balança financeira | Financial account
C.3 Posição de investimento internacional | International
investment position
C.4 Dívida externa | External debt
C.5 Estatísticas bancárias internacionais em base
consolidada | International consolidated banking statistics
Novembro 2015
C.5.1
Ativos internacionais dos bancos portugueses Em base consolidada - Ótica do risco imediato
Foreign claims of portuguese banks Consolidated activity - Immediate risk basis
Posições em fim de período
End-of-period outstanding amounts
106 euros
Fonte / Source: Banco de Portugal
Total
Ativos externos e ativos locais das sucursais e filiais em moeda estrangeira
Total
Maturidade residual
Até 1 ano
Total
Residual maturity
Setor público(1)
12
13
14
15
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Transferências de risco
líquidas(2)
Setor privado não
monetário
Institutional sector of the non resident counterparty
of which:
Up to and including
1 year
Por memória:
dos quais:
Outras instituições
financeiras monetárias
External claims and local claims of foreign affiliates and branches in non-local currencies
Total
Ativos locais das
sucursais e filiais em
moeda local
Setor institucional da contraparte não residente
dos quais:
11
191
Local claims of foreign
affiliates and branches in
local currency
Memo items:
of which:
Other monetary
financial institutions
Official sector(1)
Net risk transfers(2)
Non-monetary private
sector
1=2+7
2
3
4
5
6
7
8
112 919
108 087
104 245
105 957
107 573
104 017
101 319
96 937
93 897
85 137
82 683
84 644
87 107
90 235
89 470
87 172
88 089
86 844
76 007
71 554
68 572
69 824
70 528
65 806
62 270
58 512
55 189
51 700
48 556
49 812
51 865
54 296
54 411
49 838
52 242
51 512
20 318
20 198
18 575
21 203
22 967
24 723
22 600
18 294
16 481
14 586
11 837
12 401
13 696
16 560
18 174
13 411
14 534
14 085
14 810
13 008
12 466
12 638
13 191
13 408
13 919
11 163
9 598
7 521
6 591
6 943
8 530
8 497
11 713
8 449
10 370
9 521
5 780
5 391
5 341
5 163
5 246
5 399
5 866
6 615
8 098
7 977
7 860
7 932
8 705
10 315
9 603
10 004
9 084
9 771
55 188
52 927
50 536
51 779
51 804
46 712
42 237
40 484
36 927
35 635
33 746
34 698
34 390
35 246
33 084
31 301
32 696
32 137
36 912
36 533
35 673
36 133
37 045
38 211
39 048
38 425
38 708
33 437
34 127
34 833
35 243
35 938
35 059
37 334
35 846
35 332
-9 254
-9 567
-7 932
-7 494
-7 952
-1 376
-396
760
-637
-969
-981
-1 432
-158
111
774
180
627
181
(1) Os Bancos Centrais e as Organizações Internacionais estão incluídos no setor público. / Central Banks and International Organizations are included in the official sector.
(2) As transferências de risco líquidas correspondem à diferença entre a ótica do risco de última instância e a ótica do risco imediato. O sinal positivo (negativo) reflete uma maior (menor) exposição ao risco de Portugal face ao exterior na
ótica de última instância. / Net risk transfers represent the difference between ultimate risk basis and immediate risk basis. A positive (negative) sign reflects a higher (lower) risk exposure of Portugal vis-à-vis foreign countries at the ultimate
risk basis.
C.5.2
Ativos internacionais dos bancos portugueses Em base consolidada - Ótica do risco de última instância
Foreign claims of portuguese banks Consolidated activity - Ultimate risk basis
Posições em fim de período
End-of-period outstanding amounts
106 euros
Fonte / Source: Banco de Portugal
Total
Setor institucional da contraparte não residente
dos quais:
Outras instituições
financeiras monetárias
Total
Setor público(1)
1=5+6
12
13
14
15
103 665
98 521
96 313
98 463
99 621
102 640
100 923
97 697
93 259
84 168
81 702
83 213
86 950
90 346
90 244
87 352
88 716
87 026
2
17 978
15 820
14 982
15 295
15 793
16 413
17 006
14 533
12 839
10 647
9 986
10 716
12 033
12 184
15 194
11 101
13 393
12 634
Official sector(1)
3
11 860
11 677
11 388
11 908
12 264
12 622
13 431
13 969
14 972
15 395
14 946
15 760
16 677
18 399
17 454
20 989
18 774
18 665
Ativos locais
External claims
4
Outras exposições potenciais ao risco(2)
5
Compromissos de
crédito
Memo items:
Local claims
Other potencial risk exposures(2)
Financial derivatives
55 901
51 450
49 833
50 695
51 451
52 778
50 142
48 604
44 424
41 350
38 244
38 954
41 962
44 639
46 123
40 668
42 236
41 754
Garantias
Type of claims
Non-monetary private
sector
73 556
70 759
69 476
70 808
71 078
73 124
70 045
68 751
64 686
57 521
56 482
56 479
57 977
59 497
57 570
55 164
56 441
55 633
Por memória:
Derivados financeiros
Institutional sector of the non resident counterparty
Other monetary
financial institutions
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Ativos externos
Setor privado não
monetário
of which:
11
Tipo de ativos
6
47 764
47 071
46 480
47 768
48 171
49 862
50 781
49 093
48 835
42 817
43 458
44 258
44 987
45 707
44 121
46 684
46 480
45 272
(1) Os Bancos Centrais e as Organizações Internacionais estão incluídos no setor público. / Central Banks and International Organizations are included in the official sector.
(2) As outras exposições potenciais ao risco não estão incluídas no total de ativos. / Other potencial risk transfers are not included in total claims.
7
5 824
5 407
6 276
6 041
6 176
6 411
4 752
4 490
5 009
3 836
3 852
3 840
3 384
3 641
3 820
3 901
3 705
3 106
Guarantees
8
7 305
6 541
6 007
6 162
5 902
6 205
6 456
6 193
5 708
6 539
6 094
5 845
5 709
5 814
6 009
5 230
5 002
5 077
Credit commitments
9
5 596
5 702
5 364
5 136
5 082
4 926
4 767
4 572
3 964
4 093
4 428
4 559
4 183
4 260
4 413
4 161
4 033
3 640
192
C.5.3
BANCO DE PORTUGAL • Boletim Estatístico
Ativos internacionais dos bancos portugueses Em base consolidada - Por agregado geográfico da contraparte não
residente
Foreign claims of portuguese banks Consolidated activity - By geographical aggregate of the non resident
counterparty
Posições em fim de período
End-of-period outstanding amounts
106 euros
Fonte / Source: Banco de Portugal
Ótica do risco
imediato(1)
Ótica do risco
de última
instância(1)
União Europeia(2)
Ótica do risco
imediato(1)
Immediate risk
basis(1)
1
12
13
14
15
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
Set
Dez
Mar
Jun
112 919
108 087
104 245
105 957
107 573
104 017
101 319
96 937
93 897
85 137
82 683
84 644
87 107
90 235
89 470
87 172
88 089
86 844
dos quais:
Área do Euro
Ótica do risco
imediato(1)
Ultimate risk
basis(1)
2
103 665
98 521
96 313
98 463
99 621
102 640
100 923
97 697
93 259
84 168
81 702
83 213
86 950
90 346
90 244
87 352
88 716
87 026
3
79 547
76 777
73 699
71 269
73 107
67 609
66 664
65 134
65 598
58 621
56 402
56 474
56 926
59 415
58 817
56 027
56 876
57 100
Total
of which:
Ultimate risk
basis(1)
Euro Area
4
68 950
66 010
64 603
62 241
64 395
65 170
65 648
64 768
64 560
57 170
54 399
54 669
55 707
58 084
57 976
54 778
56 288
56 269
Immediate risk
basis(1)
5
63 286
60 079
57 531
55 090
56 271
50 738
49 468
47 725
48 516
42 611
39 818
40 019
40 132
41 951
41 044
39 566
39 094
38 717
Ótica do risco
imediato(1)
Ótica do risco
de última
instância(1)
European Union(2)
Immediate risk
basis(1)
11
Total
Ótica do risco
de última
instância(1)
Países Africanos de Língua
Oficial Portuguesa(2)
Ótica do risco
de última
instância(1)
BRICS(2)
Ótica do risco
imediato(1)
Portuguese Speaking African
Countries(2)
Immediate risk
basis(1)
Ultimate risk
basis(1)
Ótica do risco
de última
instância(1)
BRICS(2)
Immediate risk
basis(1)
Ultimate risk
basis(1)
Centros Financeiros Off-shore(2)
Ótica do risco
imediato(1)
Ótica do risco
de última
instância(1)
Off-shore Financial Centers(2)
Immediate risk
basis(1)
Ultimate risk
basis(1)
Ultimate risk
basis(1)
6
52 721
49 331
48 607
46 211
47 717
48 371
48 503
47 444
47 528
41 245
37 784
38 343
38 550
40 250
39 803
37 966
38 143
37 535
7
10 478
11 218
11 536
11 803
12 115
13 159
12 807
13 216
12 243
12 325
12 668
13 417
14 572
14 773
16 835
16 961
17 221
16 408
8
10 461
11 149
11 492
11 765
12 000
13 158
12 816
13 372
12 430
12 542
12 889
13 261
14 727
14 949
17 057
17 163
17 490
16 483
9
6 842
5 577
5 345
5 325
5 132
5 405
5 234
5 362
4 549
4 126
3 991
3 907
4 454
4 733
4 479
3 899
4 199
3 920
10
7 831
6 353
5 911
5 913
5 770
6 119
5 742
6 159
4 811
4 350
4 532
4 242
4 886
5 362
5 111
4 347
4 595
4 308
11
6 122
5 411
4 358
8 297
8 086
8 483
7 659
5 372
5 001
4 711
4 591
5 262
5 234
5 578
4 706
4 466
4 376
4 987
12
6 392
5 729
4 509
8 776
8 171
8 775
7 761
5 501
4 959
4 756
4 710
5 372
5 349
5 656
4 786
4 552
4 322
4 953
(1) Para cada agregado geográfico, a diferença entre a ótica do risco de última instância e a ótica do risco imediato corresponde às transferências de risco líquidas, onde um sinal positivo (negativo) reflete uma maior (menor) exposição ao
risco de Portugal face a esse agregado geográfico. / For each geographical aggregate, the difference between the ultimate risk basis and the immediate risk basis corresponds to net risk transfers, where a positive (negative) sign reflects a
higher (lower) risk exposure of Portugal vis-à-vis that geographical aggregate.
(2) Ver composição dos agregados geográficos no BPstat | Estatísticas online. / The composition of geographical aggregates can be found in BPstat | Statistics online.