How different was the world of 2000: an improving external position (improving, uncharacteristically, despite good growth); inflation well contained both currently and in prospect (reflected in bond yields, where the $ bond yield has remained just a few tenths of a per cent higher than the $ bond); wages growing at a moderate pace; a budget continuing in surplus but nevertheless able to provide offset to the GST and overall macro stimulus.
We also observe that home-supervised institutions, which have no overseas parent, have been growing their staff relative to host-supervised institutions. In 2012, about a quarter of the industry worked for Bahamian-owned or headquartered firms, and this proportion has increased to a third. We expect to see the Bahamian-owned international banking sector continue to increase in proportion to the offshore-owned sector.