On 21 September 2021, the MBA published two Frequently Asked Questions (FAQ) brochures on the London Interbank Offered Rate (LIBOR). These have been prepared by the MBA Working Group on LIBOR, in consultation with the MBA Legal sub-committee. The long form FAQ is aimed at finance professionals & larger businesses, while the standard version targets the public, and small businesses. Member banks would also be uploading the set of FAQ on their individual websites, for clients’ information and benefit.
Cover Story: In spite of the crisis, the banking sector has remained resilient, states the CEO of HSBC and Chairperson of the Mauritius Bankers Association. For instance, as at end of March 2021, banks’ capital adequacy ratio stood at 18.7%, comfortably above the regulatory minimum 11.9%. Similarly, the quality of assets remains good with non-performing loan ratio standing at 5.0%. In the interview below, Bonnie Qiu also talks about the interconnectedness between the banking sector and global business and expresses confidence that Mauritius will soon be removed from the European union’s blacklist.