My view is that Bermuda is very well placed for this assessment process and is to be commended for the work that Jeremy Cox and his team have undertaken to drive forward enhancements to the Bermuda regulatory framework. These are by no means insignificant and have included the development of a risk based solvency framework and introduction of group solvency requirements.
This facility would only be activated in the event of an acute shortage of U.S. dollars in Canada, but it does provide the Bank with additional flexibility to address rapidly evolving developments in financial markets. 2  Proceeds from new issuance of government debt related to Bank operations are held on deposit at the Bank of Canada.