The Isle of Man Financial Supervision Commission has published its Annual Report for 2008/09, to be tabled in the Isle of Man’s parliament, the Tynwald.
John Aspden, Chief Executive of the Commission, said “The financial environment has been extremely difficult and the island cannot be immune to external forces. We have been exposed to developments in the UK, as well as in Iceland. However, the fact that our banking system was not directly exposed to sub-prime debt or other asset quality issues has meant that we can face these issues from a position of some stability.”
The IMF has conducted a full assessment of the island’s regulatory and financial soundness arrangements. While the IMF report has not yet been released for publication (but is expected shortly) Aspden foretold that “it will provide a very strong endorsement of the island’s regulatory regime and its anti-money laundering and countering the financing of terrorism measures”. Aspden was clear that “at times like this, a credible supervisory regime and a responsible approach to dealing with inevitable difficulties when they arise, are prerequisites”.
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