73% Of Financial Services Employees Back In Territory

Sherine Williams, Journalist | November 14, 2017 12:30 pm MST
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The government has announced that the majority of employees in the financial services industry, who left the Territory after Hurricane Irma, have returned and are working.

Since Hurricane Irma hit, the government has done much to ensure the stability of the financial services industry, which contributes some 70 percent to the BVI's Gross Domestic Product (GDP).

Many buildings that house trust companies, law firms and the BVI's Commercial Court, were badly damaged, forcing employers to move staff and operations to neighboring countries like Cayman and St. Lucia.

However, when Finance Minister, Hon. Dr. D. Orlando Smith gave an update on the industry to the House of Assembly yesterday, November 13, he told the country that most of those who left have returned to the Territory and are back at work.

"The vast majority of the remaining 27% are hoping to be back and working in the BVI by January 2018.  However, this is heavily dependent on the quality of the housing stock," the Finance Minister said in his statement.

He said the percentage of those who have returned was found by BVI Finance, which conducted a study if all firms in the financial industry in late October.

In the meantime, the government will have to shoulder the full cost of repairing the BVI Commercial Court, as the Premier said the building was not insured.

The Commercial Court continues to hear cases in St. Lucia, where it was transferred after the hurricane. The Finance Minister said the court has already heard some 100 cases since it was transferred.
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