Media statement from the Acting Minister of Finance, the Hon. Michael Fahy, JP.

Land Tax for the period 1 July through 31 December 2016 is due as follows:

Yesterday (Sept. 12) the Minister of National Security, Sen. Jeffrey Baron visited the offices of RenaissanceRe, Windward Place to discuss Bermuda’s strength, resilience and solid reputation as an offshore centre.

The RenaissanceRe meeting is an annual one which brings together the reinsurance company’s executives as well as its Legal, Regulatory and Compliance teams.

The Government of Bermuda is responsible for the integrity, objectivity and fair presentation of the financial statements of the Consolidated Fund. The Accountant General prepares the statements on behalf of the Minister of Finance in accordance with public sector accounting standards, using the Government's best estimates and judgement where appropriate.

Financial Comparison Report

The Ministry of Finance has released a Financial Comparison Report on the Airport Redevelopment Project.

The report provides additional information to the public about the financial characteristics of various procurement options available for the Airport Redevelopment Project (the “Project”), and the benefits of the procurement option selected relative to the most viable alternatives.

The Department of Social Insurance would like to advise the public that as a result of the temporary office move to Global House in May,  there is still a possibility that not all new pension applications were processed in time for the August 15, 2016 payment.

New applicants for benefits who submitted prior to May 31, 2016, and whose 65^th birthday was on or prior to that date and who did not receive a payment on August 15, 2016, should contact the Department at 294 9246 to allow for an expedited payment.

I was pleased to hear that People’s Campaign have finally acknowledged that Bermuda really does need a new airport.

However, placing an infrastructure project that will benefit all Bermudians plus our leisure and business visitors in the context of slavery is unfortunate, misplaced and deliberately inflammatory.

I wonder if those Bermudians who will leave the ranks of the unemployed to return to the dignity of honest work will consider themselves enslaved.

The Hon. Everard T. Richards Ministerial Statement:

Mr. Speaker, I am pleased to be able to inform the House of the highlights of my fourth visit to Brussels and Paris as Finance Minister. I was accompanied by Alastair Sutton; Bermuda’s Advisor in Brussels’ and part of our “competent authority” there.

The Deputy Premier and Minister of Finance the Hon. E.T. Richards JP MP today advised that Moody’s Investors Service has downgraded Bermuda’s rating to A2 from A1 with a stable outlook.

”Given the momentum we continue to gain in reducing the deficit, as outlined in the government medium-term expenditure framework, it is disappointing that Moody’s has chosen to downgrade Bermuda,” the Minister said.

The ratings agency stated that the “key drivers” of the downgrade were the following:

Deputy Premier and Finance Minister E.T. Richards JP MP had a front row seat at key meetings of the Anti-Corruption Summit 2016 in London today, as UK Prime Minister David Cameron pressed an ambitious agenda of global change.

Meanwhile, the Deputy Premier articulately and firmly told UK journalists why Bermuda is not willing to lead the way in making public the details of the beneficial ownership register of companies that the island has maintained since 1939.