Asian banks continue to fund Australian mining
(25 October 2012 – Australia) As European banks continue to withdraw from Australia, Japanese banks are stepping into the funding gap, as Asian financiers bankroll the mining expansion.
European banks continued to withdraw during the June quarter, pulling another US$17.7 billion (A$17.1 billion) in loans, figures from the Bank for International Settlements show.
In the past six months, the value of European bank lending to Australia has fallen by US$27.8 billion.
Throughout the June quarter, Japanese lenders boosted loans to Australia by US$13.7 billion, loans from Taiwan fell by US$200 million, the figures do not cover China.
Mining investment continues to be the major focus for Asian banks in funding the sectors expansion.
In the past six months, the value of European bank lending to Australia has fallen by US$27.8 billion.
Throughout the June quarter, Japanese lenders boosted loans to Australia by US$13.7 billion, loans from Taiwan fell by US$200 million, the figures do not cover China.
Mining investment continues to be the major focus for Asian banks in funding the sectors expansion.