David Dodge appeared on CBC News Network’s On the Money for a one-on-one interview on the Bank for International Statements’ quarterly review. The BIS estimates that non-bank borrowers outside the U.S. have very large off-balance sheet dollar obligations in FX forwards and currency swaps, probably exceeding the $10.7 trillion of on-balance sheet debt. David also spoke about the heavy reliance of borrowing in U.S. dollars by companies around the world. This can create a currency risk, especially when the borrowing is financing long-term investments.