Ministry of Finance
Release Date:
Thursday, 27 October 2016 - 9:22pm

We refer to reports in online media that the Financial Services Commission has concerns in respect to the survivability of the National Bank of the Virgin Islands.

While it is indeed fact that the Financial Services Commission did have some concerns in respect to the size of the non-performing loan portfolio of the bank, these concerns were addressed immediately by the Bank in consultation with Central Government and the Financial Services commission (FSC) itself.

It is the position of the Government of the Virgin Islands that the regulator of the Bank (the Financial Services Commission) must vigorously point out any deficiencies that the Bank may have in order to protect its stakeholders, and continue to be heartened by its objectivity and professionalism in regulating the entire banking industry in the BVI.

The National Bank of the Virgin Islands has thus far demonstrated a proactive and firm commitment to addressing any concerns voiced by the Commission, and has been fully supported and facilitated by Central Government in doing so. We are pleased with the significant progress that the bank has made in improving its operations and regulatory standards in the last few years, and remain confident in its sustainability, strength and continued relevance to the BVI community into the future.