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International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Caribbean Regional Technical Assistance Center (CARTAC) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Mr. Ian S McCarthy

Accompanying the explosive growth of the Eurocurrency market, there has been a proliferation of offshore banking centers. This article briefly analyzes why this proliferation has occurred and discusses the benefits to and costs for such centers.