Since 2009, the Central Statistics Office (CSO) has reportedly been experiencing difficulties collecting financial information for the banking sector. In a report from the Unit, which was tabled in the House of Assembly on 6 July the difficulty in securing information from the banks was described as a persistent problem.
The report noted that efforts to rectify the situation were undertaken: “In late 2013 dialogue was opened with the Regulatory Division of the Financial Services Commission regarding this situation with a view to revising the methodology used to collect the data.”
It was further announced, that the Central Statistics Office, which is the primary source for statistical information and analysis on the social and economic affairs of the Territory is aiming to have the Statistical Act reviewed.
The report stated that the Unit intends to complete the review of the Statistical Act which will pave the way for the development of regulations that will secure strict enforcement.
It was suggested that the implementation of the regulations would be accompanied by a publicity campaign aimed at educating the public about the particulars of the Statistics Act.