HAMILTON, BERMUDA – The Financial Policy Council (FPC) will be holding its seventeenth meeting on July 23, 2021 via teleconference. Consistent with its mandate to provide advice on current and potential economic and financial developments and threats, items on the agenda will include discussions on international tax developments and a review of the key risks to Bermuda’s financial stability.

Mr. Speaker, I rise to update this Honourable House on the work of the Organisation of Economic Cooperation and Development (“OECD”) Committee known as the Inclusive Framework on Base Erosion and Profit Shifting (“the Inclusive Framework on BEPS” or simply “the Inclusive Framework”).

Bermuda registers concerns, particularly in relation to the financial services sector and timeline for effective implementation

Good afternoon.

Thank you for being here.

Since the beginning of the COVID-19 pandemic in Bermuda, the Government has taken extraordinary measures to manage this crisis appropriately. We focused on the health of our community, we were guided by science, we listened to our local experts, and we have taken vital steps to prevent the spread of the coronavirus on our Island.

Today, the Minister for the Cabinet Office, Wayne Furbert, advised that Government has reached an agreement with some of its union partners on a package of austerity measures “aimed at greatly assisting in reducing its short-term expenditure”.

The Bermuda Public Services Union (BPSU), Bermuda Industrial Union (BIU), and the Bermuda Union of Teachers (BUT) have all agreed the following measures which became effective on August 1st, 2020 for most public officers. The package will come into effect on September 1st, 2020 for teachers and principals.

Mr. Speaker, I rise this morning to provide this Honorable House with an update on the Caroline Bay Development and to provide the House with an interim report describing how we see the development progressing. In doing so I will provide greater context into how we have viewed the project from the time we were made aware it was in financial distress, steps that are being taken currently, and the way forward on the project. 

Mr. Speaker, I rise this morning to inform this Honourable House of the status of Government borrowing and the requirement to increase the authorized debt ceiling. The Government of Bermuda’s borrowing activity is conducted in accordance with the requirements of the Government Loans Act 1978 which sets a legal limit on loan and loan guarantees. Accordingly, later this morning, I will table an amendment to the Government Loans Act 1978 to increase the debt ceiling by $600 million to $3.5 billion.

Mr. Speaker, the purpose of this Ministerial Statement is to provide the House of Assembly with a progress report regarding matters related to public access to beneficial ownership information for companies.

The Government of Bermuda has continually demonstrated its commitment to take the required measures to protect our borders from those who would wish to use them to undertake or hide criminal or other such unacceptable activity, and for over 70 years has imposed safeguards in this regard. As part of our ongoing program of appropriately updating and enhancing our regime, we will continue to review and consider global developments in relation to access and disclosure of beneficial ownership information.

Our success with managing the COVID-19 crisis over the past several months lies mostly in the hands of earnest and hardworking public officers. Your professionalism, mature and thoughtful decisions, operational efficiency, daily grind, and your steadfast efforts have been invaluable. While some public officers were directly engaged in pandemic affairs, others were focused on keeping all areas of the Government operational and providing for the people of Bermuda.