## 1. Status of Participation in the Information Framework Initiative ## Source details **Canonical URL:** [1. Status of Participation in the Information Framework Initiative](https://www.imf.org/-/media/files/publications/ofca/english/050808a.pdf) ## Other formats - [Markdown version](/-/media/files/publications/ofca/english/050808a.pdf.md) - [Structured JSON version](/-/media/files/publications/ofca/english/050808a.pdf.json) --- ### Overview - Purpose: - Help improve the transparency of activities in offshore and international financial centers. - Provide the Fund with data to monitor developments in financial centers. - Data template: - Covers, inter alia, aggregate data on banking, insurance and securities. - Developed in consultation with the centers. - 46 jurisdictions were invited to participate at end-2004. - Participation: - Increased from 16 jurisdictions (as reported in the February 2006 progress report) to 28 jurisdictions. - Framework recommendations: - Identified a minimum set of variables for dissemination and recommended jurisdictions publish those variables; jurisdictions could choose to publish more. - Identified additional variables to be provided to the Fund to help staff monitor developments in financial centers. ### Monitoring — Banking - Coverage: - Twenty-seven jurisdictions provided data on total assets of the banking sector. - Asset composition and counterparties: - In most jurisdictions a high proportion of banking assets are cross-border assets. - Most offshore banks deal mostly with other banks; only a few have a relatively large exposure to the nonbank sector. - Typical external nonbank asset share: generally less than 30 percent of external assets; only three centers have as much as 50 percent of their external assets placed with nonbanks. - External nonbank liabilities: range from 30 to 90 percent of total external liabilities. - Regional patterns: - European offshore centers gather funds from the rest of Europe and channel them to institutions in Europe. - Asian and Western Hemisphere centers show similar regional concentration (major markets in their regions: U.K. for Europe, Japan for Asia, and the U.S. for Western Hemisphere). - Banking fee and fiduciary activity: - Eighteen participants reported data on fees and commission as a percent of gross income. - Reported average fees and commission: 23 percent. - Reported highest fees and commission: 56 percent. - Twelve jurisdictions reported data on assets under management. - For three of these twelve jurisdictions, assets under management were larger than their on-balance sheet assets. - Data gaps and follow-ups: - About one third of jurisdictions that submitted banking data did not provide aggregate cross-border asset data broken down by bank and non-bank exposures. - Three jurisdictions with assets above the threshold did not provide breakdown vis-à-vis partner countries for cross-border assets and liabilities. - As a result of the initiative: - Macau SAR is now reporting locational banking statistics (including partner country data on cross border assets and liabilities) to the BIS. - Gibraltar and Mauritius are providing the Fund with partner country data on banks’ cross border assets and liabilities. ### Monitoring — Insurance - Size and structure: - The insurance industry in OFCs shows a wide range in size of activity. - Bermuda accounts for the bulk of insurance business conducted in OFCs and is one of the largest centers for reinsurance in the world. - Captives and reinsurance companies dominate the insurance business in OFCs. - Captive insurance was initially established as a significant business activity in offshore jurisdictions. - Risk characteristics: - Reinsurance in OFCs (primarily Bermuda) is characterized by a dominant line of business in catastrophe reinsurance, requiring relatively large amounts of capital to meet sudden large outflows of cash. - Geography of premia: - At end-2005, three quarters of captives’ gross premiums were sourced from North American companies. ### Monitoring — Collective Investment Schemes (CIS) - Scope and services: - The number and value of funds based in OFCs are significant. - CIS, both public (mutual funds) and private (hedge funds), are offered mostly by the more advanced OFCs. - OFCs provide a range of supporting services to the fund industry (directors, trustees, general partners, fund administrators, audit functions, registered office service providers, investment managers). - Funds often draw upon different services from different jurisdictions. - Outcomes: - Following implementation of the initiative, the Cayman Islands has initiated measures to collect and compile data on CIS. ### Other Financial Sector Indicators - Contribution to GDP and employment: - Sixteen jurisdictions provided data on their financial sector’s contribution to GDP. - Reported ratio of value-added to GDP: ranges from 6 to 60 percent, with a majority of ratios being in double digits. - Nineteen jurisdictions reported some data on employment; for some jurisdictions the financial sector is a significant employer. ### Transparency: survey of participating jurisdictions - Responses: - Eleven jurisdictions responded to a brief survey assessing progress in transparency over the last three years. - Banking sector disclosure (of the 11 respondents): - Six already published data on most of the banking sector variables. - Four of the remaining started disseminating additional banking sector data in response to the initiative (particularly on external assets and liabilities). - One indicated that it currently does not disseminate data on those banking variables. - Insurance sector disclosure (of the ten jurisdictions with an insurance sector among respondents): - Eight were already publishing relevant insurance data. - One made a small improvement by disseminating additional insurance data in response to the initiative. - CIS disclosure (of the nine with CIS activity among respondents): - Seven already publish data on the number of funds registered. - Six publish data on the value of the funds (either total or net assets). - One jurisdiction started to disseminate data on net asset value following the initiative. - Five publish the number of funds managed in the jurisdictions; four also publish the net value of assets managed. - Following the initiative one jurisdiction started publishing both the total and net value of assets managed in the jurisdiction. - Other variables: - Seven jurisdictions indicated they already publish most of the data on other variables. - Of the remaining four jurisdictions, three do not publish data on these variables and one did not respond regarding these variables. - Survey respondents: Aruba, British Virgin Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Macau SAR, Monaco, Montserrat, Panama, and Singapore. One respondent excluded responses on CIS and another provided no response regarding non-sectoral variables. ### Data Issues and Coverage - General gaps: - Data gaps remain, particularly for smaller low income jurisdictions. - All but one participating center provided some banking data. - Specific banking data coverage: - Aggregate cross-border assets broken down by bank and non-bank exposures were not provided by about one third of jurisdictions that submitted banking data. - About 60 percent of participants have provided some off-balance sheet data. - Eight jurisdictions have provided limited data on derivatives. - Eighteen jurisdictions have provided data on fees and commissions. - Twelve jurisdictions provided data on assets under management. - The information framework requested core financial soundness indicators (FSIs) on an optional basis; eighteen of the 27 jurisdictions who provided banking sector data provided data on FSIs. - Insurance and CIS coverage: - Twenty jurisdictions provided data on gross premiums in the insurance sector. - Thirteen jurisdictions provided data on net asset value of CIS. - Ten jurisdictions provided separate data on assets of private CIS (hedge funds) and public CIS (mutual funds). - Positive follow-ups reiterated: - Macau SAR reporting to the BIS. - Gibraltar and Mauritius providing partner country banking data. - Cayman Islands initiating CIS data collection and compilation. ### Integration with FSAP and outreach - Integration plans: - The Information Framework Initiative would continue with the integration of the OFC program with the Financial Sector Assessment Program (FSAP). - The initiative would focus, in particular, on jurisdictions that do not receive Article IV consultations. - Staff will follow-up with jurisdictions to improve the coverage of data being submitted and to encourage jurisdictions to improve data collection and dissemination. ### Participation status in the Information Framework Initiative - Status totals: - Jurisdictions that have submitted data: 28 - Jurisdictions that have committed or indicated intent to participate but not yet submitted data: 7 - Jurisdictions that have yet to confirm participation: 3 - Jurisdictions that have declined to participate: 8 - Additional notes: - Of the jurisdictions active in offshore business, only one jurisdiction is yet to commit to participate: Turks and Caicos Islands. - Niue and Nauru no longer have offshore financial business; two jurisdictions that participated in the wider Coordinated Compilation Exercise for FSIs numbered 2. ### Banking sector — external assets and external liabilities (end-2006) — selected highlights (BIS data) - Total external assets (end-2006), selected jurisdictions (in billions of US dollars) and related shares: - Cayman Islands: 1,672; External assets to non-banks as a percentage of total external assets: 28.5; Total external loans as a percentage of total external assets: 90.5; External loans to nonbanks as a percentage of total external loans: 23.8 - United Kingdom: 5,178; External assets to non-banks as a percentage of total external assets: 47.0; Total external loans as a percentage of total external assets: 76.0; External loans to nonbanks as a percentage of total external loans: 38.6 - United States: 2,383; External assets to non-banks as a percentage of total external assets: 23.7; Total external loans as a percentage of total external assets: 99.3; External loans to nonbanks as a percentage of total external loans: 23.6 - Switzerland: 1,122; External assets to non-banks as a percentage of total external assets: 12.5; Total external loans as a percentage of total external assets: 92.9; External loans to nonbanks as a percentage of total external loans: 11.6 - Jersey: 444; External assets to non-banks as a percentage of total external assets: 3.7; Total external loans as a percentage of total external assets: 91.9; External loans to nonbanks as a percentage of total external loans: 3.8 - Singapore: 604; External assets to non-banks as a percentage of total external assets: 23.1; Total external loans as a percentage of total external assets: 94.8; External loans to nonbanks as a percentage of total external loans: 24.4 - Total external liabilities (end-2006), selected jurisdictions (in billions of US dollars) and related shares: - Cayman Islands: 1,630; External liabilities to non-banks as a percentage of total external liabilities: 37.7; Total external deposits as a percentage of total external liabilities: 91.3; External deposits to nonbanks as a percentage of total external deposits: 39.2 - United Kingdom: 5,432; External liabilities to non-banks as a percentage of total external liabilities: 28.6; Total external deposits as a percentage of total external liabilities: 85.2; External deposits to nonbanks as a percentage of total external deposits: 27.7 - United States: 3,111; External liabilities to non-banks as a percentage of total external liabilities: 28.9; Total external deposits as a percentage of total external liabilities: 96.9; External deposits to nonbanks as a percentage of total external deposits: 27.9 - Switzerland: 1,001; External liabilities to non-banks as a percentage of total external liabilities: 44.2; Total external deposits as a percentage of total external liabilities: 100.0; External deposits to nonbanks as a percentage of total external deposits: 44.2 - Jersey: 309; External liabilities to non-banks as a percentage of total external liabilities: 52.1; Total external deposits as a percentage of total external liabilities: 98.4; External deposits to nonbanks as a percentage of total external deposits: 51.6 - Singapore: 607; External liabilities to non-banks as a percentage of total external liabilities: 34.4; Total external deposits as a percentage of total external liabilities: 87.9; External deposits to nonbanks as a percentage of total external deposits: 39.1 ### Banking sector time series (2004–2006) — selected figures (millions of US dollars) - Total Assets / Total External Assets — selected reported values: - Cayman Islands (Total Assets): 2004: 1,227,804; 2005: 1,244,472; 2006: 1,646,141 - Cayman Islands (Total External Assets, Table 5): 2004: 964,748; 2005: 1,216,137; 2006: 1,671,922 - Switzerland (Total External Assets, Table 5): 2004: 920,627; 2005: 966,270; 2006: 1,122,005 - Singapore (Total External Assets, Table 5): 2004: 506,190; 2005: 541,495; 2006: 603,565 - Bahamas (Total External Assets, Table 5): 2004: 298,623; 2005: 303,781; 2006: 343,250 - Jersey (Total External Assets, Table 5): 2004: 307,022; 2005: 360,077; 2006: 444,064 - External liabilities time series — selected: - Cayman Islands (Total External Liabilities): 2004: 923,164; 2005: 1,160,514; 2006: 1,630,032 - Switzerland (Total External Liabilities): 2004: 827,312; 2005: 864,032; 2006: 1,001,012 - Singapore (Total External Liabilities): 2004: 515,331; 2005: 544,975; 2006: 606,501 - Jersey (Total External Liabilities): 2004: 226,894; 2005: 265,245; 2006: 309,422 ### Insurance sector and Collective Investment Schemes (CIS) — size and activity (2004–2006) - CIS incorporated/registered — selected totals and asset metrics (in millions of US dollars): - Guernsey (Total Asset Value, Including Fund of Funds): 2004: 73,688; 2005: 91,255; 2006: 122,088 - Jersey (Total Asset Value, Including Fund of Funds): 2004: 119,014; 2005: 129,462; 2006: 188,615 - Bermuda (Number of CIS incorporated/registered): 2004: 1,149; 2005: 1,182; 2006: 1,302 - Monaco (Number of CIS incorporated/registered): 2004: 62; 2005: 61; 2006: 63 - Bahrain (Number of CIS incorporated/registered): 2004: 58; 2005: 86; 2006: 97 - CIS managed in the jurisdiction — selected manager totals (in millions of US dollars): - Guernsey (Number of CIS managed): 2004: 187; 2005: 194; 2006: 217; Total Asset Value (Including Fund of Funds): 32,835; 35,624; 49,147 - Jersey (Number of CIS managed): 2004: 182; 2005: 222; 2006: 253; Total Asset Value (Including Fund of Funds): 80,461; 106,753; 162,286 - Gibraltar (Number of CIS managed): 2004: (noted entries) 5; 2005: 22; Total Asset Value (Including Fund of Funds): 3,184; 3,276 - Insurance sector indicators: - Gross premiums, number of insurance companies and branches, and reinsurance/captive activity are reported across jurisdictions for 2004–2006; gross-premium series for selected jurisdictions include Bermuda (life and non-life reported in Table 9) and Singapore (Table 9: Gross premiums for Singapore: Life/Non-Life/Reinsurance/Captives entries reported in the Information Framework). ### Cross-border geography and sectoral contribution (Figures) - Figures present: - Size of the banking sector in participating jurisdictions and select financial centers (log scale), and external assets as a share of total assets (Figure 1). - Geographical distribution of banks' cross-border assets and liabilities (2004–2006) for reporting jurisdictions grouped as EU+ME+AF, WH, and AP, with counterpart regions including UK, JP, US, AF, WH, EU, AP, ME, UA (Figure 2). Reporting jurisdictions for Figure 2: The Bahamas, Bahrain, Bermuda, Cayman Islands, Gibraltar, Guernsey, Hong Kong SAR, Ireland, Isle of Man, Jersey, Macao SAR, Mauritius, Netherlands Antilles, Panama, Singapore, and Switzerland. - Insurance sector size (gross premiums on log scale) and CIS sector size (net asset value on log scale) for participating jurisdictions and select financial centers (Figure 3). - Other-sector indicators (end-2006): employed in financial service sector as a percentage of total employment; contribution of financial service sector to GDP (percent); number of company and trust service providers (Figure 4). *International Monetary Fund; Source: Information Framework.* ### 1. Status of Participation in the Information Framework Initiative ...........................................7 ### 1. Status of Participation in the Information Framework Initiative ### Overview - The information dissemination and monitoring framework initiative was undertaken to (i) help improve the transparency of activities in offshore and international financial centers and (ii) provide the Fund with data to monitor developments in financial centers. - A data template (covering, inter alia, aggregate data on banking, insurance and securities) was developed in consultation with the centers and 46 jurisdictions were invited to participate at end-2004. - Participation increased from 16 jurisdictions, when last reported in the February 2006 progress report, to 28 jurisdictions. - The framework identified a minimum set of variables for dissemination and recommended that jurisdictions publish data on those variables; jurisdictions could choose to publish more. The framework also identified additional variables to be provided to the Fund to help Fund staff monitor developments in financial centers. ### Monitoring — Banking - Twenty-seven jurisdictions provided data on total assets of the banking sector. - In most jurisdictions a high proportion of banking assets are cross-border assets. - Most offshore banks deal mostly with other banks; only a few have a relatively large exposure to the nonbank sector. - Typical external nonbank asset share: generally less than 30 percent of external assets; only three centers have as much as 50 percent of their external assets placed with nonbanks. - External nonbank liabilities: range from 30 to 90 percent of total external liabilities. - Regional patterns: - European offshore centers gather funds from the rest of Europe and channel them to institutions in Europe. - Asian and Western Hemisphere centers show similar regional concentration (major markets in their regions: U.K. for Europe, Japan for Asia, and the U.S. for Western Hemisphere). - Banking fee and fiduciary activity: - Eighteen participants reported data on fees and commission as a percent of gross income. - Reported average fees and commission: 23 percent. - Reported highest fees and commission: 56 percent. - Twelve jurisdictions reported data on assets under management. - For three of these twelve jurisdictions, assets under management were larger than their on-balance sheet assets. - About one third of jurisdictions that submitted banking data did not provide aggregate cross-border asset data broken down by bank and non-bank exposures. - Three jurisdictions with assets above the threshold did not provide breakdown vis-à-vis partner countries for cross-border assets and liabilities. - As a result of the initiative, Macau SAR is now reporting locational banking statistics (including partner country data on cross border assets and liabilities) to the BIS; Gibraltar and Mauritius are providing the Fund with partner country data on banks’ cross border assets and liabilities. ### Monitoring — Insurance - The insurance industry in OFCs shows a wide range in size of activity; Bermuda accounts for the bulk of insurance business conducted in OFCs and is one of the largest centers for reinsurance in the world. - Captives and reinsurance companies dominate the insurance business in OFCs. - Captive insurance was initially established as a significant business activity in offshore jurisdictions. - Reinsurance in OFCs (primarily Bermuda) is characterized by a dominant line of business in catastrophe reinsurance, requiring relatively large amounts of capital to meet sudden large outflows of cash. - Geography matters: at end-2005, three quarters of captives’ gross premiums were sourced from North American companies, indicating most captives were established by North American companies. ### Monitoring — Collective Investment Schemes (CIS) - The number and value of funds based in OFCs are significant. - Collective investment schemes, both public (mutual funds) and private (hedge funds), are offered mostly by the more advanced OFCs. - OFCs provide a range of supporting services to the fund industry (directors, trustees, general partners, fund administrators, audit functions, registered office service providers, investment managers). - Funds often draw upon different services from different jurisdictions. - Following the implementation of this initiative, the Cayman Islands has initiated measures to collect and compile data on CIS. ### Other Financial Sector Indicators - Sixteen jurisdictions provided data on their financial sector’s contribution to GDP. - Reported ratio of value-added to GDP: ranges from 6 to 60 percent, with a majority of ratios being in double digits. - Nineteen jurisdictions reported some data on employment; for some jurisdictions the financial sector is a significant employer. ### Transparency: survey of participating jurisdictions - Eleven jurisdictions responded to a brief survey assessing progress in transparency over the last three years. - Of the 11 respondents: - Six already published data on most of the banking sector variables. - Four of the remaining started disseminating additional banking sector data in response to the initiative (particularly on external assets and liabilities). - One indicated that it currently does not disseminate data on those banking variables. - Insurance sector disclosure among respondents: - Eight of the ten jurisdictions with an insurance sector were already publishing relevant insurance data. - One jurisdiction made a small improvement in response to the initiative by disseminating additional insurance data. - CIS disclosure among respondents: - Seven of the nine with CIS activity already publish data on the number of funds registered. - Six publish data on the value of the funds (either total or net assets). - One jurisdiction started to disseminate data on net asset value following the initiative. - Five publish the number of funds managed in the jurisdictions; four also publish the net value of assets managed. - Following the initiative one jurisdiction started publishing both the total and net value of assets managed in the jurisdiction. - Other variables: - Seven jurisdictions indicated they already publish most of the data on other variables. - Of the remaining four jurisdictions, three do not publish data on these variables and one did not respond regarding these variables. - The survey respondents were: Aruba, British Virgin Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Macau SAR, Monaco, Montserrat, Panama, and Singapore. One respondent excluded responses on CIS and another provided no response regarding non-sectoral variables. ### Data Issues and Coverage - Data gaps remain, particularly for smaller low income jurisdictions. - All but one participating center provided some banking data. - Aggregate cross-border assets broken down by bank and non-bank exposures were not provided by about one third of jurisdictions that submitted banking data. - Data submission on banking sector monitoring variables has been mixed: - About 60 percent of participants have provided some off-balance sheet data. - Eight jurisdictions have provided limited data on derivatives. - Eighteen jurisdictions have provided data on fees and commissions. - Twelve jurisdictions provided data on assets under management. - The information framework requested core financial soundness indicators (FSIs) on an optional basis; eighteen of the 27 jurisdictions who provided banking sector data provided data on FSIs. - Insurance sector and CIS data gaps are greater than in banking: - Twenty jurisdictions provided data on gross premiums in the insurance sector. - Thirteen jurisdictions provided data on net asset value of CIS. - Ten jurisdictions provided separate data on assets of private CIS (hedge funds) and public CIS (mutual funds). - Positive follow-ups: Macau SAR reporting to the BIS; Gibraltar and Mauritius providing partner country banking data; Cayman Islands initiating CIS data collection and compilation. *International Monetary Fund* ### 15. Consistent with the recommendations in the main paper, the Information ### Information Framework Initiative — Integration with FSAP and OFC Data Coverage ### Integration with FSAP and outreach - The Information Framework Initiative would continue with the integration of the OFC program with the Financial Sector Assessment Program (FSAP). - The initiative would focus, in particular, on jurisdictions that do not receive Article IV consultations. - Staff will follow-up with jurisdictions to improve the coverage of data being submitted and to encourage jurisdictions to improve data collection and dissemination. ### Participation status in the Information Framework Initiative - Of the jurisdictions active in offshore business, only one jurisdiction is yet to commit to participate: Turks and Caicos Islands. - Participation status totals (Table 1): - Jurisdictions that have submitted data: 28 - Jurisdictions that have committed or indicated intent to participate but not yet submitted data: 7 - Jurisdictions that have yet to confirm participation: 3 - Jurisdictions that have declined to participate: 8 - Note: Niue and Nauru no longer have offshore financial business; two jurisdictions that participated in the wider Coordinated Compilation Exercise for FSIs numbered 2. *Source: Information Framework.* ### Banking sector — external assets and external liabilities (end-2006) — selected highlights (BIS data) - Total external assets (end-2006), selected jurisdictions (in billions of US dollars) and related shares: - Cayman Islands: 1,672; External assets to non-banks as a percentage of total external assets: 28.5; Total external loans as a percentage of total external assets: 90.5; External loans to nonbanks as a percentage of total external loans: 23.8 - United Kingdom: 5,178; External assets to non-banks as a percentage of total external assets: 47.0; Total external loans as a percentage of total external assets: 76.0; External loans to nonbanks as a percentage of total external loans: 38.6 - United States: 2,383; External assets to non-banks as a percentage of total external assets: 23.7; Total external loans as a percentage of total external assets: 99.3; External loans to nonbanks as a percentage of total external loans: 23.6 - Switzerland: 1,122; External assets to non-banks as a percentage of total external assets: 12.5; Total external loans as a percentage of total external assets: 92.9; External loans to nonbanks as a percentage of total external loans: 11.6 - Jersey: 444; External assets to non-banks as a percentage of total external assets: 3.7; Total external loans as a percentage of total external assets: 91.9; External loans to nonbanks as a percentage of total external loans: 3.8 - Singapore: 604; External assets to non-banks as a percentage of total external assets: 23.1; Total external loans as a percentage of total external assets: 94.8; External loans to nonbanks as a percentage of total external loans: 24.4 - Total external liabilities (end-2006), selected jurisdictions (in billions of US dollars) and related shares: - Cayman Islands: 1,630; External liabilities to non-banks as a percentage of total external liabilities: 37.7; Total external deposits as a percentage of total external liabilities: 91.3; External deposits to nonbanks as a percentage of total external deposits: 39.2 - United Kingdom: 5,432; External liabilities to non-banks as a percentage of total external liabilities: 28.6; Total external deposits as a percentage of total external liabilities: 85.2; External deposits to nonbanks as a percentage of total external deposits: 27.7 - United States: 3,111; External liabilities to non-banks as a percentage of total external liabilities: 28.9; Total external deposits as a percentage of total external liabilities: 96.9; External deposits to nonbanks as a percentage of total external deposits: 27.9 - Switzerland: 1,001; External liabilities to non-banks as a percentage of total external liabilities: 44.2; Total external deposits as a percentage of total external liabilities: 100.0; External deposits to nonbanks as a percentage of total external deposits: 44.2 - Jersey: 309; External liabilities to non-banks as a percentage of total external liabilities: 52.1; Total external deposits as a percentage of total external liabilities: 98.4; External deposits to nonbanks as a percentage of total external deposits: 51.6 - Singapore: 607; External liabilities to non-banks as a percentage of total external liabilities: 34.4; Total external deposits as a percentage of total external liabilities: 87.9; External deposits to nonbanks as a percentage of total external deposits: 39.1 - Source for Tables 3 and 4: Bank for International Settlements (as cited in the Information Framework). ### Banking sector time series (2004–2006) — selected figures (millions of US dollars) - Total Assets, Total Loans, Total Deposits, Number of Banks — selected reported values (Table 2 / Table 5 / Table 6): - Cayman Islands (Total Assets): 2004: 1,227,804; 2005: 1,244,472; 2006: 1,646,141 - Cayman Islands (Total External Assets, Table 5): 2004: 964,748; 2005: 1,216,137; 2006: 1,671,922 - Switzerland (Total External Assets, Table 5): 2004: 920,627; 2005: 966,270; 2006: 1,122,005 - Singapore (Total External Assets, Table 5): 2004: 506,190; 2005: 541,495; 2006: 603,565 - Bahamas (Total External Assets, Table 5): 2004: 298,623; 2005: 303,781; 2006: 343,250 - Jersey (Total External Assets, Table 5): 2004: 307,022; 2005: 360,077; 2006: 444,064 - External liabilities time series (Table 6), selected: - Cayman Islands (Total External Liabilities): 2004: 923,164; 2005: 1,160,514; 2006: 1,630,032 - Switzerland (Total External Liabilities): 2004: 827,312; 2005: 864,032; 2006: 1,001,012 - Singapore (Total External Liabilities): 2004: 515,331; 2005: 544,975; 2006: 606,501 - Jersey (Total External Liabilities): 2004: 226,894; 2005: 265,245; 2006: 309,422 ### Insurance sector and Collective Investment Schemes (CIS) — size and activity (2004–2006) - Collective Investment Schemes incorporated/registered — selected totals and asset metrics (Table 11, in millions of US dollars): - Guernsey (Total Asset Value, Including Fund of Funds): 2004: 73,688; 2005: 91,255; 2006: 122,088 - Jersey (Total Asset Value, Including Fund of Funds): 2004: 119,014; 2005: 129,462; 2006: 188,615 - Bermuda (Number of CIS incorporated/registered): 2004: 1,149; 2005: 1,182; 2006: 1,302 - Monaco (Number of CIS incorporated/registered): 2004: 62; 2005: 61; 2006: 63 - Bahrain (Number of CIS incorporated/registered): 2004: 58; 2005: 86; 2006: 97 - CIS managed in the jurisdiction — selected manager totals (Table 12, in millions of US dollars): - Guernsey (Number of CIS managed): 2004: 187; 2005: 194; 2006: 217; Total Asset Value (Including Fund of Funds): 32,835; 35,624; 49,147 - Jersey (Number of CIS managed): 2004: 182; 2005: 222; 2006: 253; Total Asset Value (Including Fund of Funds): 80,461; 106,753; 162,286 - Gibraltar (Number of CIS managed): 2004: (noted entries) 5; 2005: 22; Total Asset Value (Including Fund of Funds): 3,184; 3,276 - Insurance sector indicators (Tables 7–10 and Figures): - Gross premiums, number of insurance companies and branches, and reinsurance/captive activity are reported across jurisdictions for 2004–2006; gross-premium series for selected jurisdictions include Bermuda (life and non-life reported in Table 9) and Singapore (Table 9: Gross premiums for Singapore: Life/Non-Life/Reinsurance/Captives entries reported in the Information Framework). ### Cross-border geography and sectoral contribution (Figures) - Figures present: - Size of the banking sector in participating jurisdictions and select financial centers (log scale), and external assets as a share of total assets (Figure 1). - Geographical distribution of banks' cross-border assets and liabilities (2004–2006) for reporting jurisdictions grouped as EU+ME+AF, WH, and AP, with counterpart regions including UK, JP, US, AF, WH, EU, AP, ME, UA (Figure 2). Reporting jurisdictions for Figure 2: The Bahamas, Bahrain, Bermuda, Cayman Islands, Gibraltar, Guernsey, Hong Kong SAR, Ireland, Isle of Man, Jersey, Macao SAR, Mauritius, Netherlands Antilles, Panama, Singapore, and Switzerland. - Insurance sector size (gross premiums on log scale) and CIS sector size (net asset value on log scale) for participating jurisdictions and select financial centers (Figure 3). - Other-sector indicators (end-2006): employed in financial service sector as a percentage of total employment; contribution of financial service sector to GDP (percent); number of company and trust service providers (Figure 4). --- _Source: https://www.imf.org/-/media/files/publications/ofca/english/050808a.pdf_