Banking & money
Local banks follow US with interest rate cut
(CNS): Since the US Federal Reserve announced a 0.5% interest rate cut last week, some local banks have followed suit and reduced prime lending rates by the same amount. Butterfield, Cayman National and Proven Bank have all issued notices that their CI$ and US$ prime lending rates are decreasing from 8.50% to 8.00%. While interest […]
Credit Union raises alarm over possible $200k fee hike
(CNS): The Credit Union is calling on members to vote against a potential fee hike as part of proposed amendments to the Cooperative Societies Act. The public servants’ bank is speaking out against the amendments, which are aimed at offshore financial entities. If it is caught up in a possible $200,000 operating fee, this could threaten […]
Parliament votes to take on banks over fees and fairness
(CNS): Financial Services Minister André Ebanks has said the Cayman Islands Monetary Authority will be reviewing the fees retail banks are charging local customers and already has plans to amend the Registered Land Act to make it harder for them to foreclose on homeowners. Accepting a private member’s motion brought by the opposition leader last […]
Progressives call for UPM to take on banks
(CNS): Opposition Leader Roy McTaggart is calling on the UPM government to make Cayman’s high street banks implement a mandatory, modern code of practice, amend the Registered Land Act to enforce mortgage-type security over real estate, and ask CIMA to review the fairness of fees charged and interest rates paid on deposits. After years of […]
Bank cutting jobs in global restructure
(CNS): Butterfield Bank is reducing its global workforce by around 9%, with the possible loss of 20 jobs here in the Cayman Islands. Officials from the bank told CNS Thursday that it will continue to operate in all of the jurisdictions where it currently has a presence, and there will be no changes to the […]
PPM presses premier for more action on COL
(CNS): Following news of another interest rate hike, the opposition is pressing Premier Wayne Panton to do more to help people navigate the rising cost of living. But PPM Leader Roy McTaggart has called for an increase of more than 50% in the monthly stipend for the elderly, as well as a freeze on water […]
Premier urges banks to do more over rate hikes
(CNS): Premier Wayne Panton has welcomed the move by Cayman’s high street banks to stick to the agreed delay on rolling out interest rate hikes on local loans and mortgages following last week’s Federal Reserve increase. However, he said that even though he appreciated the banks’ agreeing to a 30-day notice period, he was still […]
Local mortgage pain continues with rate hike
(CNS): Local banks will be putting up their loan rates but, in line with the agreement made with the government last month, they will be waiting thirty days before increasing interest rates on home loans and mortgages. Nevertheless, with the cost of living already squeezing people to the bone, the one-month reprieve will offer very […]
Banks agree to delay just as Fed pauses rate hikes
(CNS): The local banks have agreed to give customers a 30-day notice before rolling out any more interest rate hikes, Premier Wayne Panton told a business audience on Wednesday, just after the US Federal Reserve paused its increases on interest rates in the United States after more than a year of regular increases, which have […]
Banks claim to help, as gov’t plans review of rates
(CNS): Government will continue to press local banks to reduce interest rates, and it has accepted a motion by McKeeva Bush MP (WBW) to look at creating a local interest rate-setting body and allow the government-funded Cayman Islands Development Bank to accept deposits. But the local retail banks have defended their refusal to delay or […]
Banks ‘disappoint’ in refusal to delay rate hike
(CNS): Premier Wayne Panton is disappointed that the local high street banks have refused to delay implementing the latest interest rate hike, even though there is no need for them to keep pace with the US Federal Reserve. Interest rates have increased in the Cayman Islands ten times in just over a year, adding to […]
