The short story is that the Cyprus episode does have lessons for other jurisdictions but it has no immediate relevance for most of them because they do not run their banking and finance the way Cyprus did. It certainly does not mark the end of the road for solid, transparent, wellregulated IFC’s. III.
Which brings me rather neatly to Mauritius and its home-grown model of an IFC. The previous two slides provide an indication of the size of the Mauritius offshore banking sector and its financial soundness. Our banking sector assets are less than three times our GDP, the lowest in the sample, and evenly divided between domestic and offshore assets.