The immediate past governor of the Central Bank of Barbados has joined Bermuda’s Financial Policy Council.

DeLisle Worrell joins the seven-person council, which was created three years ago to advise on the development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial wellbeing of the country.

Other members of the council include David Burt, the Premier and Minister of Finance; Sir Andrew Large, the former deputy governor of the Bank of England; and Jeremy Cox, chief executive officer of the Bermuda Monetary Authority.

The council is supported by the Ministry of Finance and the BMA.

Announcing the news of Dr Worrell joining the council, the Premier said: “Bermuda is fortunate for the expertise brought to the council by Dr Worrell. His insight will add to the significant knowledge base already present among the distinguished members.”

Dr Worrell founded the research department of the Central Bank of Barbados in 1973, and served with the bank until 1998, by which time he was deputy governor. He served as governor of the bank from 2009 to November.

His areas of expertise include economic modelling and forecasting; financial risk analysis and stress testing; exchange rates and currency unions; monetary, fiscal and exchange rate policies; competitiveness; and, pricing and price formation.

The Financial Policy Council assesses possible threats to Bermuda’s financial stability and identifies policies and actions to mitigate or eliminate such threats.

Other members of the council are Michael Butt, chairman of Axis Capital Holdings; Dame Amelia Fawcett, chairwoman of the Hedge Fund Standards Board; and Gil Tucker, former Bermuda managing partner of EY, who is on the board of HSBC Bermuda.

In April, at its seventh and most recent meeting, the council took note of the possible impacts arising from increases in global interest rates, the rise of protectionist policies among the major economies and recent cyber incidents. In respect to the latter, council members urged the Bermuda Government and the BMA to continue to strengthen their cyber resilience capabilities, noting the complexities inherent in cyber-risk.

The council also reviewed the impact on the Bermuda international insurance industry of recent reinsurance renewal rates, the latest mergers and acquisitions, and the US tax reform approved by the US Congress in December.

Also discussed was the growing importance of fintech and blockchain technology within the global economy and the implications of the initiatives under way aimed at developing Bermuda as a global centre for fintech. Risks and opportunities emerging from fintech were discussed, including the rapidly evolving regulatory frameworks that were being developed in a number of countries, including Bermuda.

Other topics discussed included developments related to the European Union’s noncooperative jurisdictions initiative and the importance of Bermuda taking necessary action to avoid being blacklisted as noncooperative, as well as work under way by the National Anti-Money Laundering Committee to strengthen Bermuda’s anti-money laundering and counter-terrorist financial framework and the status of work under way in advance of the 2018 Caribbean Financial Action Task Force Mutual Evaluation Review next month.

Also discussed was progress towards enhancing Bermuda’s recovery and resolution framework for its domestic banking sector. The council’s next meeting is scheduled for next month.