4  In the BIS statistics on cross-border credit outstanding by maturity, it is not evident that borrowing of less than one-year maturity has been decreasing. However, the authorities report the considerable reduction in those of very short-term maturities. BIS central bankers’ speeches  3  institutions.
For example, in the areas of project finance and trade finance, the Asian region has continued to depend considerably on foreign financial institutions, particularly European banks. In fact, in the wake of the European sovereign debt problem, net capital outflows were observed from August to December last year, except in October. Recent data suggests that capital flows returned to the region in January.