Continued growth in Cayman financial sector reported by CIMA
Recently, the Cayman Islands Monetary Authority (CIMA) released CIMA’s Year in Review, 2006-07 report, in which the Authority disclosed details of its operations for the financial year ending on June 30, 2007 as well as indicators of Cayman financial sector’s performance.
CIMA reported the growth in financial services regulated by it during the 2006-2007 fiscal year and led by the investments and securities and insurance sectors.
The number of funds, fund administrators and securities investment businesses increased by 16%, from 9 233 at June 2006 to 10 742 at June 2007. Accounting for the largest portion, funds increased by 14% from 7 845 to 8 972 entities.
Insurance licences, comprising domestic insurer licences, captive licences, insurance managers, brokers and agents, grew from 882 to 923 – by a total of 4.6%.
The number of banking and trust licences in the banking sector declined by 4%, mainly due to continuing consolidations worldwide. However, the assets and liabilities of licensees went on increasing. Total international assets booked through banks in Cayman stood at USD 1.8 trillion at June 30, 2007, which is up 28% as compared to USD 1.4 trillion at June 30, 2006. Liabilities at June 30, 2007 totalled USD 1.8 trillion, which is an increased from USD 1.3 trillion at June 30, 2006.
The Year in Review mentioned CIMA’s cross-border assistance and involvement on regulatory issues. It included processing 156 requests for assistance from overseas regulatory authorities as well as the negotiation of memoranda of understanding for exchange of information with the Jersey Financial Services Commission (JFSC).
The report also outlined CIMA’s performance against its 2006-007 strategic goals, work plan, and its operational support and administrative activities.