Friday, July 15, 2011
The Bermuda Monetary Authority (BMA) has released its latest regulatory update, containing figures for the first quarter of 2011, and providing year-on-year statistics in respect of the island's financial services industry.
In the banking sector, total assets were down 1.2% (USD278m) on the previous quarter, at USD23.1bn. They were, however, up 5.3% year-on-year. According to the BMA, this fall was due to declines in other non-capital liabilities in the sector. Deposits also dropped, by 0.5% to USD19.5bn, representing a slight reverse from Q4 2010, when there had been a 5.4% jump.
Numbers continued to fall in the funds industry. The BMA's figures show that there has been a steady decline since Q4 2009. Then, total funds numbered 955. In the last quarter, there were 900 funds, and, in Q1 2011, this decreased to 884. The total net asset value of these funds was also cut, from USD178.44bn to USD171.97bn. This is also slightly lower than the Q1 2010 figure of USD174.38bn.
There were eight new insurance company registrations. In the previous quarter, there were 13, and, in Q1 2010, there had been 16. Of these new registrations, the majority were either captive insurers underwriting more than 20% and less than 50% of unrelated businesses, or single purpose, customer or transaction insurance companies. 249 company applications were approved, from a rate of 299 the quarter before. 226 of these were exempted companies, with the majority of the rest being exempted partnerships.