Day-to-day administration of banking in British Overseas Territories varies from territory to territory; some, such as South Georgia and the South Sandwich Islands, have too small a population to warrant a banking system while others, such as Bermuda, have a thriving financial sector. The use of the IBAN is up to the local government—Gibraltar, being part of the European Union is required to use the IBAN, as are the Crown dependencies, which use the British clearing system, and the British Virgin Islands have chosen to do so. , no other British Overseas Territories have chosen to use the IBAN. Banks in the Caribbean Netherlands also do not use the IBAN.