Bermuda's highly successful model as an offshore financial centre has inspired its share of imitators, but the banking sector is working hard to keep its edge, Philip Alexander reports from Hamilton. When the credit crunch came in mid-2007, Bermuda appeared to be at the sharp end: it was the domicile for two Bear Stearns hedge funds whose struggle to meet margin calls signalled the start of a crisis that has convulsed US markets ever since. But the leading offshore financial jurisdiction has largely stayed out of the news since then, which is heartening for Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA). He is confident that the country's banking sector, as well as its trusts and funds business, is in good health.
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