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Cayman Offshore Banking PDF Print E-mail
Thursday, 04 December 2008 15:49

Cayman Offshore Banking

Cayman audits its banks overseas

The first onshore inspection of overseas subsidiaries of Cayman Islands’ banks has taken place in Central America.

The inspection was carried out by the Cayman Islands Monetary Authority (CIMA), the islands’ financial regulatory authority, to help assess banks’ risk-management practices, establish first-hand knowledge of banking and business practices in Latin America and to implement CIMA regulations.

Cayman Offshore Banking & CIMA

Senior specialists from CIMA visited Panama, Costa Rica and Nicaragua, while a local team also met with the banks’ external auditors from Puerto Rico.

The inspection unit, which began operations in 1998, will concentrate on the 110 banks where Cayman is the home-country supervisor. CIMA is required to carry out on-site inspections in three-year intervals, with more frequent reviews if problems emerge.

Meanwhile, CIMA has successfully implemented its internet-based financial regulation system. By the end of March, approximately 85 per cent of the locally-registered banks, trust companies and other financial institutions used the system to file their legally-required quarterly report.

Cayman Offshore Banking - Luxembourg

Luxembourg getsY2K all-clear Operators in the Luxembourg banking sector have announced their readiness for the Year 2000. The Duchy’s Financial Sector Supervisory Commission (CSSF), the Luxembourg Central Bank (BCL) and the Luxembourg Bankers Association (ABBL) began preparations two years ago, setting in motion a series of measures to avert problems of Year 2000 transition.

Prominent bodies involved in the process included the international securities clearing house Cedel, the electronic payment agent Cetrel and the Luxembourg Stock Exchange.

From Manx cat to tiger The Isle of Man has been dubbed the new ‘Celtic tiger’ following the announcement that it has the fastest growing economy in Europe.

GDP grew by 8.5 per cent and GNP by 9.5 per cent in real terms during 1997/1998, outstripping the UK, France and Germany which had growth rates of 3.5 per cent, 2 per cent and 1.8 per cent respectively.

Cayman Offshore Banking & The Economic Expansion

The greatest economic expansion was in the financial services industry, which grew by 15 per cent. Corporate profits rose by almost 20 per cent in cash terms over the year and personal income by 6.5 per cent.

Chief minister Sir Miles Walker attributed the growth to the expansion of domestic business and the introduction of major international business to the island.

 

   

 

Last Updated on Tuesday, 06 January 2009 14:41
 

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