4 March 2015News

2015 business plan unveiled at BMA briefing

The Bermuda Monetary Authority revealed its 2015 plans at an executive briefing held recently at the Fairmont Hamilton.

Hinting at an expansion of its role, the authority invited other organisations important to the health of Bermuda’s financial services sector to participate in a discussion about Bermuda’s economic future.

In his keynote address, Jeremy Cox, the authority’s chief executive officer said: “In 2015, you’ll see the authority becoming more closely identified with the Bermuda team. This will mean working alongside the Bermuda Business Development Agency (BDA), the Finance Ministry and the Economic Development Ministry.

“It will mean the authority becoming more involved in helping the Government develop Bermuda’s fiscal policies. We must come together, we must come together now, and we must develop a more cohesive and better coordinated strategy that puts Bermuda in a position to win.”

Cox said that as the authority completes international equivalence exercises this year, its challenge will be to adopt an approach that is simultaneously both conservative as well as radical.

He also participated on an expert panel comprising: The Hon E Bob Richards, JP, MP, Deputy Premier and Minister of Finance; The Hon Dr E Grant Gibbons, JP, MP, Minister of Economic Development; Patrick Tannock, president of XL Insurance (Bermuda)/chairman of the Association of Bermuda International Companies (ABIC); and Ross Webber, chief executive officer, Bermuda Business Development Agency (BDA.)

The Hon Michael Dunkley, JP, MP, Bermuda’s Premier and Minister of National Security, also gave an opening address to Bermuda’s business executives.

In conclusion, Cox said: “In 2015 the authority will remain committed to the wider jurisdictional effort to increase understanding about Bermuda’s vital role in the global financial services industry. Believe me, in the current global environment, this has never been a more important exercise.

“A quality supervisory environment lies at the heart of Bermuda’s unique value proposition. In 2015, the authority will continue to foster stability and predictability within Bermuda’s vital financial services sector, while keeping supervisory costs at a reasonable level.”