The BMA’s priority has been to ensure that stability in Bermuda’s local market is maintained for customers using those services and also for the long term health of the local economy. The BMA’s ongoing analysis on the impact of sub-prime in Bermuda has shown that the market in Bermuda has proved, to date, to be resilient. Mr Elderfield reinforced what he said at the BIBA Roundtable conference in New York on 30 September 2008, that no Bermuda bank has suffered a credit rating downgrade as a result of the sub-prime crisis and Bermuda’s banking system remains well capitalized and subject to strict oversight by the BMA. Bermuda’s insurance sector also has limited investment exposure to sub-prime and the BMA continues to work with a few firms that are most impacted through their financial guaranty business.
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