Thursday, July 28, 2011

BVI FSC Issues Quarterly Statistical Bulletin

The British Virgin Islands Financial Services Commission has issued regular volume of Quarterly Statistical Bulletin, providing information on financial services activities in the jurisdiction in the first quarter of 2011.

According to the information published by the Registry of Corporate Affairs, in the reported period 19,010 Business companies were registered, a significant increase as compared to 14,267 companies registered in the fourth quarter of 2010, and to 16,596 companies registered in the first quarter of 2010. In fact, the number of companies registered in the reported period approached the level of the year 2008, when in Q1 20,752 companies were registered. Cumulative number of Business companies incorporated in the British Virgin Islands by the end of Q1 2011 was 456,146. Also, in the period that ended March 31, 2011, 25 new Limited Partnerships were registered, cumulative number of Limited Partnerships by the end of Q1 2011 was 521.

By the statistics of Banking and Fiduciary Services sector, in the first quarter of 2011 two Class I trusts licences were issued. Cumulatively, there were 223 currently licensed entities as at March 31, 2011.

The statistics of Banking Sector for commercial banks showed the following figures: total assets were US$2,408 mln, cash items were US$729,2, loans and advances made US$1,538 mln, total liabilities were US$2,011 mln.

According to the Investment business statistics, 57 mutual funds were registered in Q1 2011; of them 45 are professional funds and 12 are private funds. Cumulative number of mutual funds as of March 31, 2011 was 2673. The Investment business statistics has also shown that 90 mutual funds licences and 8 Investment business licences were cancelled.

In the Insurance industry, one licence was granted in Q1 2011, cumulative number of insurance and functionaries licences as at 31 March 2011 was 41. In the sphere of Legal and International co-operation there were 35 International Co-operation Matters, 32 of them were formal requests requiring disclosure of the non-public information.

In the first quarter period, there were 452 matters before the Licensing and Supervisory Committee, and one matter of on-site inspection.

Other statistical data, facts and figures can be found on the site of Financial Services Commission of the British Virgin Islands.

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