Commonwealth Development Corporation
(asked on 30th November 2016) - View Source
Question to the Department for International Development:
To ask the Secretary of State for International Development, what the total value was of (a) Commonwealth Development Corporation (CDC) assets held and (b) financial plans relating to CDC investments in each of the last six years in (i) the Cayman Islands, (ii) Mauritius, (iii) Guernsey, (iv) Jersey, (v) Luxembourg and (vi) Barbados.
CDC only uses offshore financial centres when it is necessary to do so, in situations in which legal and regulatory systems are weak or inadequate, or when investors come from different parts of the world and their funds need to be pooled somewhere neutral that has strong legal systems and stable financial sectors.
a) Total value of assets held
Sum of Valuation GBP m | ||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
Cayman Islands | 444.6 | 473.0 | 480.6 | 496.5 | 653.4 | 575.2 |
Barbados | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Guernsey | 0.0 | 0.0 | 0.0 | 0.0 | 18.4 | *315.8 |
Jersey | 8.6 | 10.4 | 12.3 | 11.5 | 10.2 | 5.2 |
Luxembourg | 14.7 | 15.9 | 22.0 | 35.6 | 57.5 | 67.8 |
Mauritius | 434.9 | 452.7 | 594.0 | 629.6 | 725.8 | 772.2 |
Grand Total | 902.8 | 951.9 | 1,109.0 | 1,173.3 | 1,465.2 | 1,736.2 |
* Globeleq is registered in Guernsey because CDC needed to have assets in Guernsey as security for the $1.2bn emergency borrowing facility.
The borrowing facility exists in order for CDC to be able to service new investment commitments in the event of a major liquidity crisis. If CDC ran out of money for instance, it would still be able to pay money into Funds it had made commitments to.
b) financial plans (interpreted as commitments to investments using OFCs by year)
| CDC annual Commitment (USD m) |
| |||||
Year | Cayman Islands | Barbados | Guernsey | Luxembourg | Mauritius | Total portfolio value (at year end) | |
2010 | 10.0 | 0.00 | 0.00 | 94.7 | 164.6 | 1933.2 | |
2011 | 15.0 | 0.00 | 0.00 | 20.0 | 127.5 | 1913.3 | |
2012 | 15.0 | 0.00 | 30.0 | 0.00 | 110.6 | 2246 | |
2013 | 0.00 | 0.00 | 75.0 | 63.1 | 105.4 | 2504.2 | |
2014 | 0.00 | 0.00 | 40.0 | 0.00 | 111.6 | 2926.3 | |
2015 | 95.0 | 0.00 | 0.0 | 0.00 | 170.0 | 2999.2 | |
Grand Total | 135.0 | 0.00 | 145.0 | 177.7 | 789.8 |
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