4  BIS Review 52/2004  A consumer driven sector It is not far-fetched to say that tourism is moving from a supplier-dominated industry to a consumer driven business.
In coming to that assessment, one of the considerations is the sizeable share of government securities held by offshore investors. In the case of AGS, this currently amounts to more than 60 per cent of the stock. Many of these investors are buy-and-hold investors. They generally do not undertake securities lending.