During this crisis, the Government of Bermuda is committed to ensuring that we communicate as often as possible, with information that is vital to our community, who are looking for answers to natural concerns.

The COVID-19 Pandemic has already had significant health, economic and social impact on people and countries around the globe. This Government has therefore already taken key steps to address this serious threat to the safety and welfare of the residents of Bermuda.

Yesterday (3 March), in a move intended to stave off the negative economic effects of the coronavirus on the US economy, the US Federal Reserve cut its benchmark interest rate by 50 basis points to a range of 1.00% to 1.25%.  This followed an earlier announcement by the G7 finance ministers in which they stated they will use "all appropriate policy tools" to tackle the negative economic impact of the coronavirus.  Federal Reserve Chair Jerome Powell stated that, "The virus and the measures that are being taken to contain it will surely weigh on economic activity for some time, bot

HAMILTON, BERMUDA – Bermuda Financial Policy Council (Council) held its twelfth meeting on 5th December 2019. The meeting was hosted by the Bermuda Monetary Authority (BMA).

Mr. Speaker, I rise today to advise Honourable Members of the completion of the audit of the Consolidated Fund Financial Statements for the year-ended March 31, 2019, which were tabled in this Honourable House today.

Mr. Speaker, I rise today to advise Honourable Members of the recent rating report by Standard and Poor’s on Bermuda.

Mr. Speaker, Standard & Poor’s, most commonly referred to as “S&P,” is a US company that provides credit reviews, issues reports and it issues credit ratings on public and private company debt, as well as government debts.

Mr. Speaker, I am pleased to be able to provide the House of Assembly with an update on the National Association of Insurance Commissioners Qualified and Reciprocal jurisdiction status for the Bermuda insurance market.

Mr. Speaker, in accordance with section 64(1) of the National Pension Scheme (Occupational Pensions) Act 1998 (“the Act”), I am pleased to table the Pension Commission Annual Report for the years 2011 to 2017.

Mr. Speaker, in accordance with Section 2 AA (3) of the Government Loans Act 1978, I rise to inform this Honourable House of the execution of a Government Guarantee on behalf of Hotelco Bermuda Holding Ltd, part of the Hotelco International group of companies, in relation to loans to finance the development costs & related expenses associated with the construction of the proposed St Regis Bermuda Hotel in St. George’s. This is indeed a historic project for the tourism industry, the St. George's community and Bermuda as a whole.

The Ministry of Finance announced today that on October 7th it successfully completed the purchase of the Caroline Bay project loans that were subject to Government of Bermuda guarantees.

Good morning,

On March 14, 2016, the Government of Bermuda under former Minister of Finance Bob Richards, provided irrevocable guarantee agreements to lenders providing certain credit facilities on behalf of Morgan’s Point Limited (“MPL”) for use in the construction of a new hotel and condominium project at Morgan’s Point. The guarantees provide that the Government would be required to fund the project at a maximum cost of US$165 million if the borrowers are unable to meet their obligations to the lenders.