BVI FSC Publishes Financial Statistics for Q2 and Q3 of the Year

Last week, the BVI Financial Services Commission published the twenty-third and twenty-fourth volumes of its Quarterly Statistical Bulletin, providing information on financial services activities in the territory in the second quarter and the third quarter of 2011, respectively.

In the second quarter period, ended 30 June 2011, there were 15,689 business companies newly registered in the BVI, as compared to 12,815 in the same quarter of 2010. Also, there were 13 Limited Partnerships registered in the second quarter of the year. According to the Banking and Fiduciary Services statistics for commercial banks, in this period total assets were US$2,419 mln, cash items were US$717,028 mln, loans and advances were US$$1,529 mln, total liabilities were about US$2 mln.

Total number of Licensed Insolvency Practitioners, including Full and Restricted Licenses, in the second quarter of 2011 was 25. In the sphere of Legal and International Cooperation, there were 24 International Cooperation Matters, and 44 Enforcement Matters. The Licensing and Supervisory Committee (LSC) in these three months has reviewed 538 matters.

The twenty-fourth volume of the BVI Financial Services Commission's Quarterly Statistical Bulletin, providing information on financial services activities in the third quarter of 2011, informs about 17,056 business companies incorporated in this period. Cumulative number of business companies as at 30 September 2011 was 457,331. In the third quarter of 2011, 12 Limited Partnerships were established, cumulative number of Limited Partnerships was 545.

According to the Banking and Fiduciary Services statistics, total assets in this period were US$$2,450 mln, cash items were US$724,6 mln, loans and advances were US$1,582 mln, total liabilities were US$2,028 mln.

According to Legal and International Cooperation Statistics, in the third quarter of 2011 there were 38 International Cooperation Matters, and 31 Enforcement Matters; 357 matters were reviewed by the Licensing and Supervisory Committee.

BVI FSC Launched New Financial Management Website

Last week, the British Virgin Islands Financial Services Commission launched a new website, dedicated to helping individuals make sound and well informed financial decisions.

According to the information published by the Commission, website offers free, independent and unbiased financial information and advice focused on helping people become better personal finance consumers. Managing director of the BVI FSC, Robert Mathavious, said in his comments: “This website is truly a comprehensive resource that can serve as a one stop shop for critical information on managing personal financial affairs.”

MoneyMattersBVI is a result of the FSC's financial literacy programme launched in the BVI. The new BVI website provides information on a wide range of topics, among them – the ways how to budget, save, invest, start a business, manage, debt, plan for retirement and avoid fraud. It also has useful tools such as calculators and downloadable content.

UK Government Strengthens Relationship with Overseas Territories

The UK's Foreign and Commonwealth Office (FCO) highlighted progress made in strengthening its relationship with the Overseas Territories, including British Virgin Islands.

The consultations that were held during the Overseas Territories Consultative Council (OTCC) were focused on the forthcoming White Paper on enhancing the UK's relationship with Overseas Territories, on strengthening the Overseas Territories' international financial centres and stimulating economic growth in the jurisdictions. According to the FCO, the meetings also covered such issues as good governance, financial management, economic planning and taxation policy.

The FCO noted that 2011 was a “landmark year for Overseas Territories”.