A report that finds that offshore financial centres such as Bermuda play a positive role in supporting growth around the world is published today. "International Finance Centres and the World Economy" was commissioned by the Society of Trust and Estate Practitioners (STEP) from prominent US economist Professor James R Hines Jr of the University of Michigan and NBER. Ahead of this weekend's G20 Finance Ministers' meeting the report gives a strong indication of the key role well regulated offshore centres now play in the global economy by providing capital to support business activity in neighbouring economies.

The report finds strong evidence from a range of sources that offshore centres such as Bermuda play a vital role in the international financial system, improving the availability of credit and encouraging competition in domestic banking systems.