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.
The FSI’s show a sound banking sector, well-capitalised and nearer Luxemburg on most measures with, for example, non-performing loans at less than 4%, half the level of Malta, and regulatory capital to risk-weighted assets at 17%, very close to Luxemburg’s 19%. We started on our offshore journey in 1988.