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2003 Annual Report: Financial Review: Statistical Financial Information: Table XI Selected Emerging Markets

Table XI

Selected Emerging Markets(1)
(Dollars in millions) Loans and
Loan
Commitments		 Other
Financing		 (2) Derivative
Assets		 Debt
Securities/
Other
Investments		 (3) Total
Cross-
border
Exposure		 (4) Gross
Local
Country
Exposure		 (5) Total
Foreign
Exposure
December 31,
2003		 Increase/
(Decrease)
from
December 21,
2002
Region/Country
Asia
China $ 49 $ 23 $ 82 $ 45 $ 199 $ 99 $ 298 $ 54
Hong Kong(6) 166 19 118 113 416 3,489 3,905 101
India 132 543 61 275 1,011 942 1,953 580
Indonesia 31 - 13 84 128 3 131 11
Malaysia 7 2 3 27 39 146 185 (55 )
Philippines 22 35 2 55 114 62 176 20
Singapore 189 11 65 13 278 890 1,168 (500 )
South Korea 638 636 41 83 1,398 531 1,929 693
Taiwan 226 173 32 - 431 458 889 (200 )
Thailand 20 5 16 37 78 173 251 (12 )
Other 8 16 4 - 28 99 127 24
     Total 1,488 1,463 437 732 4,120 6,892 11,012 716
Central and Eastern Europe
Poland - 15 10 84 109 24 133 (99 )
Turkey 8 3 - 19 30 - 30 (28 )
Other 16 17 31 43 107 - 107 33
     Total 24 35 41 146 246 24 270 (94 )
Latin America
Argentina 106 56 2 123 287 56 343 (122 )
Brazil 115 217 7 139 478 263 741 (434 )
Chile 75 49 5 2 131 - 131 (10 )
Colombia 31 14 1 8 54 4 58 (30 )
Mexico 556 208 105 1,914 2,783 259 3,042 1,453
Venezuela 93 19 - 144 256 - 256 24
Other 93 75 202 33 403 - 403 178
     Total 1,069 638 322 2,363 4,392 582 4,974 1,059
          Total $ 2,581 $ 2,136 $ 800 $ 3,241 $ 8,758 $ 7,498 $ 16,256 $ 1,681
(1) There is no generally accepted definition of emerging markets. The definition that we used included all countries in Asia excluding Japan; all countries in Latin America excluding Cayman Islands and Bermuda; and all countries in Central and Eastern Europe except Greece.
(2) Includes acceptances, standby letters of credit, commercial letters of credit and formal guarantees.
(3) Amounts outstanding in the table above for Philippines, Argentina, Mexico, Venezuela and Latin America Other have been reduced by $13, $0, $0, $136 and $37, respectively, at December 31, 2003, and $12, $90, $505, $131 and $37, respectively, at December 31, 2002. Such amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.
(4) Cross-border exposure includes amounts payable to the Corporation by borrowers with a country of residence other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with FFIEC reporting rules.
(5) Gross local country exposure includes amounts payable to the Corporation by borrowers with a country of residence in which the credit is booked, regardless of the currency in which the claim is denominated. Management does not net local funding or liabilities against local exposures as allowed by the FFIEC.
(6) Gross local country exposure to Hong Kong consisted of $1,911 of consumer loans and $1,578 of commercial exposure at December 31, 2003 compared to $1,828 of consumer loans and $1,572 of commercial exposure at December 31, 2002. The consumer loans were collateralized primarily by residential real estate. The commercial exposure was primarily to local clients and was diversified across many industries.


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