On July 31, the BVI Financial Services Commission published the fourteenth volume of its Quarterly Statistical Bulletin providing information on financial services activities in the first quarter of the year (ended with March 2009). By the data of the Registry of Corporate Affairs, the number of new offshore company incorporations in this period made 12,307 - meaning there is quite a significant increase compared to the fourth quarter of 2008, but not a very large number compared to the first quarter of 2008, and especially to the same period of 2007. Also, in the first quarter of 2009 just 14 Limited Partnerships were established. The cumulative number of company incorporations as of March 31, 2009 was 435,679, and the number of limited partnerships was 596.
In the first quarter 2009, Banking & Fiduciary Services sector reported total assets of $2,362,258,000 and investments of $4,229,000. Total shareholders equity made $327,500,000. Banking sector reported net income in the amount of $20,060,000, and operating income of $29,463,000. Liquid assets made 25.25% of the total assets, and 35.73% of total deposits; loans made 68.41% of total assets and 103.93% of total deposits.
Investment Business statistics showed 10 licenses were newly issued to investment managers (cumulative number 504), and 61 Certificates of Recognition and Registration. Also, in the first quarter 2009 four Public Mutual Funds (bringing total number to 69) and one Private Mutual Fund (total number 20) were registered. According to the Insurance Services sector, in Qtr1 2009 1 new Captive Insurers license was issued and 265 renewed.
Legal and International Cooperation statistics showed that there were 42 International Cooperation matters, 27 of them requiring the disclosure of public information, 38 Enforcement Matters and 2 Advisory Warnings issued.
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