Cross-border lending by banks is expanding at a “rapid” pace, hitting growth levels last seen in early-2008, despite persistent geopolitical tensions that have undermined global trade.
In the third quarter of last year, global cross-border bank claims grew by 9 per cent, primarily driven by a 17 per cent surge in lending to non-bank financial institutions such as insurance companies, pension managers and hedge funds, the Bank for International Settlements said in its latest report on Wednesday.
There are now $31tn of outstanding loans worldwide after the $660bn increase during the three months ending September, closing in on the peak of $35.5tn in 2008.
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