## Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures

## Source details

**Canonical URL:** [Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-23.pdf)

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- [Markdown version](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-23.pdf.md)
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### Overview
- Title: Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures
- Core observation statements from figure text:
  - "While dollar bonds outstanding have increased rapidly, loans remain the largest form of credit ..."
  - "... dominated by non-US banks operating through international branch networks."
  - "Non-US banks’ international branches are key dollar intermediation channels ..."
  - "... while subsidiaries play a very limited role."

### Panel labels and series (as presented)
- 1. Dollar Credit Extension by Non-US Entities, by Instrument
  - Units: (Trillions of US dollars)
  - Axis tick values shown: 0, 2, 4, 6, 8, 10, 12, 14
  - Year label sequence shown: 2000 02 04 06 08 10 12 14 16
- 2. Banks’ US Dollar-Denominated Claims Outside the United States
  - Units: (Trillions of US dollars)
  - Axis tick values shown: 0, 2, 4, 6, 8, 10, 12, 14, 16, 18
  - Year label sequence shown: 2000 02 04 06 08 10 12 14 16
- 3. US Branches of Non-US Banks: Intragroup Borrowing and Lending
  - Units: (Billions of US dollars)
  - Series labels: Due to overseas—intragroup; Due from overseas—intragroup; Net—intragroup
  - Axis tick values shown (left/right scales): –800, –600, –400, –200, 0, 200, 400, 600, 800 (left); –10, 0, 10, 20, 30, 40, 50, 60, 70 (right)
  - Year label sequence shown: 2005 07 09 11 13 15 17
- 4. US Subsidiaries of Non-US Banks: Intragroup Borrowing and Lending
  - Units: (Billions of US dollars)
  - Series labels: Due to overseas—intragroup; Due from overseas—intragroup; Net—intragroup
  - Axis tick values shown (left/right scales): –800, –600, –400, –200, 0, 200, 400, 600, 800 (left); –10, 0, 10, 20, 30, 40, 50, 60, 70 (right)
  - Year label sequence shown: 2005 07 09 11 13 15 17

### Key quantitative annotations and scales (verbatim)
- "Bonds issued by nonbank sector (trillions of US dollars, left scale)"
- "Bank loans to nonbanks (trillions of US dollars, left scale)"
- "Bank loan share (percent, right scale)"
- Axis values preserved exactly where shown:
  - Left-scale intragroup borrowing/lending axis: –800, –600, –400, –200, 0, 200, 400, 600, 800
  - Right-scale intragroup percent axis: –10, 0, 10, 20, 30, 40, 50, 60, 70
  - Time series markers: 2005 07 09 11 13 15 17 and 2000 02 04 06 08 10 12 14 16
  - Credit extension axis ticks: 0, 2, 4, 6, 8, 10, 12, 14
  - Claims outside US axis ticks: 0, 2, 4, 6, 8, 10, 12, 14, 16, 18

### Interpretive points explicitly shown in the figure text
- Loans remain the largest form of dollar credit despite rapid increases in dollar bonds outstanding.
- Non-US banks, particularly via international branches, are dominant channels for dollar intermediation.
- US subsidiaries of non-US banks play a very limited role in intragroup borrowing and lending compared with branches.

*Sources: Bank for International Settlements; Federal Financial Institutions Examination Council; Federal Reserve call reports; and IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-23.pdf_