Executive director of the Financial Services Commission (FSC) Lieutenant Colonel Keron Burrell has disclosed that the regulator transferred $500 million from its reserves to the Government under a directive issued through the Ministry of Finance, a move he said reduced the Commission’s financial cushion.

The disclosure came during Thursday’s sitting of the Senate’s Regulations Committee as lawmakers sought to determine why the FSC had moved from recording surpluses in previous years to reporting losses exceeding $500 million.

Burrell identified the transfer as one of three major developments that significantly affected the regulator’s finances, alongside increased staff costs and spending arising from a major cyberattack in 2023.