Foreign banks as a group moved from a position of receiving funding from their parents on a net basis in 1999 to providing significant funding to non-U.S. affiliates by the mid-2000s – more than $ billion on a net basis by 2008.12 A good bit of this short-term funding was used to finance long-term, U.S. dollardenominated project and trade finance around the world.
There is also evidence that a  8  Pub. L. No. 102-242, 105 Stat. 2286, amending the International Banking Act of 1978, codified at 12 U.S.C. 3101–3111. 9  Basel Committee on Banking Supervision (1992), “Minimum Standards for the Supervision of International Banking Groups and Their Cross-Border Establishments”, (Basel: BIS, July), www.bis.org/publ/bcbsc314.htm.