Financial sector of Bermuda is focused on providing the following financial services:
Banks in Bermuda are mainly focused on the following areas:
Bermuda Monetary Authority
Currently there are 4 credit institutions operating in Bermuda.
In 2017 consolidated banking assets in Bermuda were 21,800.00 mln USD. The consolidated banking assets' evolution is shown at Chart 1 below.
Chart 1. Consolidated banking assets in Bermuda.
Recent structural changes (2013 - 2018) of the banking sector of Bermuda are summarised in Table 1.
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Table 1. Recent structural changes in the banking sector of Bermuda.
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Bermuda are summarised in Table 2.
Table 2. Deposit guarantee scheme in Bermuda.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Bermudian dollar) deposit ceiling for Bermuda is set to Aa3 (high grade), foreign currency deposit ceiling is A2 (upper medium grade).