Swaps between UK banks and foreign firms climb in Q2

UK banks built up swap positions with overseas companies in Q2, while their exposures to domestic public sector entities collapsed, data from the Bank of England shows.

Gross derivatives – assets plus liabilities – between UK dealers and foreign banks expanded 20% to £2.09 trillion ($2.54 trillion)  in the three months to end-June, to their highest level since Q4 2016. Those between UK banks and other kinds of foreign firms climbed 18% to £1.05 trillion, to their highest level since Q4 2017. 

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