Bermuda has paid out its creditors more than $1 million in penalties over two years of late submissions for the Government’s financials.

The penalties apply to private placement notes rather than to public bonds, according to details from Bob Richards, the Minister of Finance.

The figures were given in response to parliamentary questions from Opposition leader David Burt, and show that the late fees paid to note holders total $410,000 for the 2015, and $640,000 for 2016.