Prior to the Asian currency crisis the value of overseas syndicated loans to Indonesian corporations was an estimated US$140 billion. The crisis resulted in approximately 60 per cent of these loans going into default. The predominant reason for this was that the repayments were required in US$ while income was generated domestically in rupiah. As a result of the massive movement of rupiah against the US$ the repayments increased by a factor of 400 per cent. The average syndicated loan is estimated to be US$75 million.