Latest data as at end-December 2015. 2. Shaded areas indicate major credit cycle phases. Sources: BIS; IMF. 05  10  15  CY 1980  3  0 85  90  95  2000  05  10  15  USD‐Denominated Foreign Positions of Banks  Chart 2  U.S. and non‐U.S. banks' USD‐denominated foreign claims 20  Non‐U.S.
banks' cross‐currency funding ratio  USD trillions  18  %  16 16 14 12  A‐B A  12  Eurozone sovereign debt crisis  10  8  8 4  Global financial crisis  6 0 CY 2000  02  04  06  08  10  12  14  4 2000 CY  16  02  04  06  08  10  12  14  U.S. banks’ USD‐denominated foreign claims Non‐U.S.