Banking & money
US Federal Reserve hikes interest rates by 0.75%
(CNS): The US Federal Reserve enacted its second consecutive 0.75% interest rate increase on Wednesday, taking its benchmark rate to a range of 2.25% to 2.5% following a two-day policy meeting. In an effort to tackle soaring inflation, Fed Chair Jerome Powell said the increase was essential and there will be more to come to […]
CIDB rolls out cut-rate 30-year home loans
(CNS): The Cayman Islands Development Bank (CIDB) has begun lending money to Caymanians to buy their own homes as low as 3.75% interest. These low mortgage rates on 30-year loans for qualified borrowers, significantly below the current prime rate, are fixed for two years and government hopes it will help more local people get onto […]
Tourism Minister rails at banks over repossession
(CNS): Tourism and Transport Minister Kenneth Bryan has posted an emotional video on social media in which he rails at the banks for seizing homes from Caymanian families at an economically challenging time. He accused them of being heartless and ruining the country, and outlined an example of this he had just learned about. The […]
Bank pays $5.6M in US non-prosecution deal
(CNS): Butterfield Bank has reached a non-prosecution financial deal with the United States Department of Justice to put to bed a long running criminal case regarding past allegations of facilitating tax evasion in the Cayman Islands. The bank has agreed to pay US$5.6 million in taxes and forfeiture to address the allegations relating to the […]
Local banks’ clearing house reveals hack
(CNS): ACH (Cayman) Limited (ACH), which was created by the local high street banks, has been hacked, according to officials from the Cayman Islands Bankers Association, who said malware was detected on the Cayman server. A statement released by CIBA said they were alerted to the appearance of malware in the third party processor on […]
Cash remittances fall over 40% during lockdown
(CNS): The closure of money transfer services during lockdown had a massive impact on the amount of cash that left the Cayman Islands during the second quarter of this year, CIMA has said. Well over US$26.6 million less went offshore during April, May and June than would normally be sent during that time of year, […]
New bill aims to slow down home foreclosures
(CNS): The Law Reform Commission has issued the draft Registered Land (Amendment) Bill, 2020 for comment after consultations led to a bill that will slow down the foreclosure process and require lenders to engage with borrowers before taking people’s homes. The legislation, which had input from both the public and stakeholders, is the product of […]
Faster local cheque clearing ‘soon come’
(CNS): Three years after the six local high-street banks entered into an arrangement to make moving money between them quicker and easier, the next phase in the project, which will enable faster cheque clearance, will be completed before the end of the year. In the past a cheque cut on an account from one bank […]
Bank needs collateral for cheap loans
(CNS): The Cayman Islands Development Bank is offering 1% interest loans with “excellent terms and conditions” to small businesses as part of the government’s economic recovery package. However, borrowers will still need to provide an acceptable form of “security to be held as collateral for the loan”, the bank’s CEO and director, Tracy Ebanks, told […]
Pension fund fine, says Fidelity boss
(CNS): Concerns over the Fidelity pension fund have been dismissed by the president of Fidelity Bank (Cayman), Brett Hill, who told CNS on Monday that all valid applications made by its 11,000 members to take money out as part of the emergency withdrawal will be met. The form is now available on the website and […]
Hacktivists target CNB in Isle of Man
(CNS): Cayman National Bank has announced that its subsidiaries in the Isle of Man were hacked by a well known hacking group on Sunday. Although the bank has not named that group, it appears from European media that it was Phineas Fisher, an infamous, anti-capitalist vigilante hacker group that targets banks and other major corporations […]
