Cayman to implement Basel II
Following its recent Board of Directors meeting, the Cayman Islands Monetary Authority (CIMA) made an announcement that it will undertake a staged implementation of the Basel II Framework for banks licensed in Cayman.
The above-mentioned decision was taken following a detailed impact study conducted with PricewaterhouseCoopers. The study included consultation with different stakeholders of the Cayman banking industry.
The implementation will be staged in collaboration with the industry over a number of years.
Patrick Bodden, CIMA’s Acting Managing Director, said that the implementation of the Basel II Framework is to be beneficial for the jurisdiction. According to him, “The implementation of the framework is a vital part of the Cayman Islands’ continued commitment both to modern risk based supervision and to meeting internationally accepted and applied supervisory standards. Having the framework in place will enhance our standing and competitiveness as a financial services centre.”