CIMA report reveals banking sector under pressure

| 21/12/2017 | 1 Comment

(CNS Business): A report assessing the health of the Cayman Islands banking sector in 2016 has revealed that the sector remains “vulnerable to global macroeconomic environments, as well as political uncertainty and regulatory policy changes from advanced and emerging countries”. The 2016 Banking Statistical Digest also revealed that while local GDP and government finances improved in 2016, stagnant unemployment and interest rate rises contributed to an increase in foreclosure on home loans, the largest chunk of the retail banks’ credit portfolio.

The fall in the number of licensees saw Cayman’s ranking as an international banking centre decline to 8th and 7th in terms of cross-border assets and liabilities. Bank licences have steadily declined as banks continue to restructure in search of more profit, and the number of licensed banks here fell from 184 to 159.

However, this figure in the digest is well out of date as the latest statistics on CIMA’s website show the numbers have fallen to 155.

See the digest in full here 

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Category: Banking, Finance

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  1. Anonymous says:

    Brand Cayman is toxic. If there are not publicly accessible registers of beneficial ownership then this trend will continue and accelerate. And moaning about what other places do is not an answer, because other places are not as toxic as Cayman right now.

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