BVI claim no immediate fallout from US financial crisis

The government in the British Virgin Islands said there has been no immediate fallout in the territory from the financial crisis affecting the United States.



Premier Ralph O\'Neal, who is also the country’s finance minister, says the Financial Services Commission has not yet reported any fallout.



Mr O\'Neal says the islands have not been directly affected by the financial crisis mainly because of the limited exposure of the BVI commercial banks to the sub-prime crisis and the subsequent credit crunch.



He has however acknowledged the territory\'s dependence on the US and Europe for tourists and to a lesser extent financial services, and says it is necessary to keep an eye on these areas to assess the impact.