BMA Hosts Meeting Of Financial Policy Council

May 9, 2016

On 2nd May, the Bermuda Monetary Authority hosted the second meeting of the Financial Policy Council at its offices in Hamilton, Bermuda.

The Council, established in 2015, advises the Ministry of Finance and the Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats.

It also advises on development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country.

Members of the Council are the Deputy Premier and Minister of Finance Bob Richards [chair], Sir Andrew Large [deputy chair], Authority CEO Jeremy Cox, Sir Courtney Blackman and Michael Butt.

The Council was established under a Memorandum of Understanding between the Ministry and the Authority, signed by Authority CEO Jeremy Cox [left] and Minister of Finance Bob Richards in August 2015:

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At their meeting on 2nd May, Council members reviewed recent developments in the international economy, and assessed their potential risks and vulnerabilities to financial stability in Bermuda. Among topics discussed were the level of external government debt and developments in the financial sector.

Members also explored international financial policy developments where Bermuda needs to remain at the forefront in order to retain its position as a leading international financial centre.

In this respect, the Council reviewed the Financial Stability Board’s 2015 Global Shadow Banking Monitoring Report, particularly the work being undertaken to strengthen the policy tools available to regulators addressing potential systemic risks associated with non-bank financial intermediation.

The importance of the forthcoming Caribbean Financial Action Task Force assessment of Bermuda’s AntiMoney Laundering and Anti-Terrorist Financial framework was also discussed.

In addition, the Council reviewed recent enhancements to the recovery and resolution framework for Bermuda’s banks in line with international developments; examined the implementation plan for the Special Resolution Regime enacted by the Legislature in February; and  received an update on the planned implementation of Bermuda’s Deposit Insurance Regime. The Council’s next meeting is scheduled for early September

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  1. If you didn’t read this…

    B.M.A. Hosts Meeting Of Financial Policy Council

    “The Council was established under a Memorandum of Understanding between the Ministry and the Authority, signed by Authority CEO Jeremy Cox [left] and Minister of Finance Bob Richards in August 20
    The Council, established in 2015, advises the Ministry of Finance and the Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats.”