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.
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