December 1, 2007. John Fund, a renowned US political and economic commentator, Wall Street Journal columnist, and a Fox News contributor and author, has recently been invited by the Cayman Islands Financial Services Association (CIFSA) in order to comment on US Congressional criticisms of the Cayman Islands and other offshore financial centres.

Fund claimed that the current campaign against the Cayman Islands by US Senators Max Baucus and Chuck Grassley, and attack on offshore financial centres by Senator Carl Levin may reflect that the United States itself is trying to do something to become more competitive in the global economy.

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November 20, 2007. On November 16, the Cayman Islands Monetary Authority (CIMA) celebrated its 10-year anniversary.

The Authoritity has been regulating Cayman's financial services sector for 10 years already. At the celebration, CIMA Chairman Timothy Ridley, Managing Director Cindy Scotland, numerous board members, staff, and other guests took part to reflect on CIMA's accomplishments during these years.

Mr. Ridley commented that the anniversary was a great opportunity for recognising those who took part in its creation and development as an independent authority, and those who assisted CIMA in enhancing the economic well-being in the Cayman Islands.

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November 10, 2007. Two legal giants, Walkers of the Cayman Islands and Mourant du Feu & Jeune are engaged in merger talks, which could lead to the creation of the world's biggest offshore law firm.

If the merger is completed, the new firm would employ more than 300 lawyers, which more than the current offshore leader employs. The current leader is a Cayman firm Maples and Calder employing 150 lawyers. The merged entity would be present not only in the Cayman Islands, but also be based in such major financial centres as London, Hong Kong, Dubai and New York.

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October 17, 2007. The Cayman Islands Financial Services Association (CIFSA) has welcomed changes to the insolvency legislation in the Cayman Islands that will soon be introduced. The changes include the licensing of practitioners and measures to assist with solving cross-border insolvencies.

The changes are to be implemented within the next 6 months, while a framework of rules and regulations is being developed by a new Insolvency Rules Committee in order to give practical effect to the changes. These industry already realizes that the changes improve a successful and well-respected formula.

David Roberts, a director of CIFSA, commented that Cayman is respected for the strength of its insolvency framework that provides commercial certainty and transparency and protection for the rights and needs of investors and creditors, and observed that the changes will only increase the jurisdiction's reputation as a modern and effective financial centre that is ideal for working through the complexities of major cross-border insolvencies.

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September 28, 2007. The Board of the Cayman Islands Monetary Authority (CIMA) has approved the implementation of the new Basel II framework, which will be implemented in Cayman between 2010 and 2012.

According to CIMA's announcement made on September 24, the implementation of Basel II will happen after a preparation process which includes policy development, new reporting requirements, and consultations with Cayman banking industry.

CIMA said that the standardized approaches will enhance risk measurement and management practices.

It should be noted that the banking industry in the Cayman Islands comprises 280 banks from more than 40 countries. About 100 of them will be directly affected by the implementation of the Basel II framework.

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September 9, 2007. Financial Secretary Kenneth Jefferson has told the Cayman Legislative Assembly that Cayman economy strengthens as in 2006 the jurisdiction maintained its international ranking of 6th place for total banking assets held by it, and the growth of the Cayman economy outpaced the growth of the United States.

According to Jefferson, in 2006 Cayman held USD 1.7 trillion, out of the total global banking assets of USD 29.4 trillion. The figure shows a growth of 37.2% during that year, while the global growth was 22.9%.

Jefferson reported that the Cayman economy grew by 4.6%, and outpaced its main trading partner, the United States with the growth of 3.2%.

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September 5, 2007. On August 31, 2007, the Cayman Islands Legislative Assembly passed the Freedom of Information (FOI) Bill into law. This bill is to become law on January 1, 2009.

According to the Cayman government, the 14 month roll-out period for the bill is to ensure that all government departments are ready to answer the requests for information from the public.

Tabling of the FOI bill means that the bill had come full circle since it was introduced to the House as a paper for public discussion and consultation in November 2005. The document reflected public input gathered at community meetings in all districts of the Cayman Islands as well as comments from individuals (both local and from abroad), written and emailed.

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August 23, 2007. The Cayman Islands Monetary Authority (CIMA) has released the report entitled "Look Forward Report: 2007-08", which describes the Authority's mission, goals and objectives, as well as indicates its strategies, tactics and work projects that will be undertaken during this fiscal year.

According to CIMA's Chairman, Mr Timothy Ridley, the Look Forward Report is published for the 3rd year, and it is very important for CIMA's governance as it demonstrates its continued commitment to transparency in its operations and planning as well as to the most effective use of the resources.

The report outlines new initiatives. The report includes describing the staged implementation of the Basel II regulatory framework for banks, new statements of guidance and procedures for the banking, fiduciary services, insurance and mutual funds sectors.

In the report, CIMA reveals its plans to undertake a redesign of Cayman banknotes, to implement a new vault management system for currency, as well as to review the level of currency reserves required to ensure ongoing statutory compliance.

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June 15, 2007. Two Cayman government agencies providing assistance to entrepreneurs and small business owners - the Cayman Islands Investment Bureau (CIIB) and the Cayman Islands Development Bank (CIDB) - are planning to work more closely together.

The CIIB deals with offering help and advice to business owners, while the CIDB provides business loans, mortgages and other financial products to those who those who may not be able to secure financing elsewhere. Both the CIIB and CIDB are planning to integrate the services the offer to their users and customers. According to both agencies, integrating the services would help Cayman businesses expand further into new areas.

The general manager of the CIDB, Ralph Lewis, said the partnership would be beneficial for the bank's appraisal and analysis process, and it is expecte that the CIDB will respond to applications more effectively.

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May 30, 2007. Financial Secretary Kenneth Jefferson said that in the next financial year (July 2007 - June 2008) strong growth of the Cayman economy is expected to continue.

Financial Secretary has delivered the estimates of revenue and expenditure for the next year. According to the announced predictions, the growth in GDP is expected at 3.5%, inflation also at 3.5% and unemployment at 3.6%.

At the end of the current financial year (July 2006 - June 2007), GDP is expected to be 4.2%. Jefferson predicted the slight drop in the next financial year's GDP to signify that reconstruction activities after Hurricane Ivan are almost over and the economy is recovering. As to inflation and unemployment for the current financial year, they are expected to be 2.2% and 3.1% respectively.

Financial Secretary suggested that the economy of Cayman is expected to continue growing because it goes on expanding its financial services sector and recovering its tourism sector.

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May 13, 2007. Recently, the Cayman Islands Financial Services Association (CIFSA), a non-profit organisation launched 4 years ago, reflected on its significant achievements in the promotion of an international image of financial services industry in the Cayman Islands.

According to CIFSA, its website of became a popular source of information for international community. The site has been listed in the top 10 by the search engine Google for such terms as "Cayman finance".

During the last 4 years, the CIFSA's involvement in many important visits by important officials and international publications increased the organisation's value to the Cayman financial industry. Eduardo D'Angelo Silva, CIFSA director, said that numerous international bodies are approaching the organisation directly as the primary contact point.

It is also essential that in 2007CIFSA conducted interviews with a number of prominent industry magazines and journals including the Financial Times and the LA Times. Also, it negotiated sponsorships with well-known conferences - the OffshoreAlert Conference and Hedge Funds World LatAm 2007.

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April 27, 2007. In accordance with the Global Financial Centres Index (GFCI) provided by the City of London Corporation evaluating the competitiveness of 46 major financial centres located all over the world, the Cayman Islands is among the most competitive financial centres in the world. It has been ranked 16th in the list.

The study by the City of London Corporation has assessed the competitiveness of financial centres considering many criteria incuding regulation, ease of doing business, corruption levels, the cost and availability of office space and development of human capital as well as the flexibility of the labour market. Also, the results of an online survey of financial practitioners all over the world have been taken into account. Each financial centre has been assessed by a score, where the maximum was 1 000. London was ranked 1st, with a score was 765, while Cayman scored 604.

Cayman's 16th position is behind such traditional onshore centres as London, New York and Hong Kong, however, it has been ranked ahead of its offshore competitors such as the Channel Islands, Dubai and Bermuda.

According to the study, Cayman is the 16th highest-ranking financial centre, however, as to countries, it is also the 11th leading country in the world because financial centres placed in the table ahead of Cayman belong to the same country (e.g. US and Swiss cities).

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April 19, 2007. The Universal Postal Union has ranked overnight courier service of the Cayman Islands Postal Service as the 5th best in the world. So, Cayman can boast of good postal service as its courier service is among the best in the world, which is very essential for every offshore jurisdiction.

In the assessment that evaluated 6 criteria including delivery performance and the quality of its tracking the Cayman's Express Mail System received 99%.

According to the Minister of Communications, Arden McLean, it was a great achievement for Cayman and for Express Mail System (EMS), which was just one of the services offered by the Postal Service. He also added that some other services, customer service includingly, have significantly improved.

In the rating, Cayman's EMS was preceded only by Hong Kong, Azerbaijan, Singapore and the Republic of Korea. The USA was only 62nd, while Canada was 24th.

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April 2, 2007. In March, the General Registry of the Cayman Islands Government enhanced Cayman Islands financial services offer by introducing an Arabic language facility. The facility is aimed to enable registration and other certificates to be issued with a company's name not only in English, but also in Arabic.

So, now both English and Arabic names can be used on all documents involved to set up a company and open bank accounts. The Portfolio of Finances & Economics announced this latest development in a press release.

The enhancement of Cayman service came as a result of a round table on Islamic Finance organized by the Portfolio of Finance & Economics. It included representatives of Cayman Islands Monetary Authority (CIMA), the Cayman Government as well as private sector professionals competent in capital markets products.

According to international law firm Ogier, introducing a new Arabic language facility can trigger more valuable business from the Islamic region. Ogier partner Gray Smith suggested that this move showed that Cayman recognizes the Middle East as an important area for new business.

It is worth noting that the Cayman Islands is fast becoming the leading offshore jurisdiction for Islamic finance structures as, currently, its estimated market size could be between $250 billion and $500 billion.

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March 22, 2007. Cayman Islands-based real estate investor plans to invest $10 billion into the infrastructure of India. The investment will be made by Trikona Capital, one of the largest investors in real estate projects in the world with offices in Cayman, US and India, over the next several years.

According to a co-founder and managing director, Aashish Kalra, by means of such a large investment the company aims to solve the problems of India by being socially conscious. Kalra says that financiers could accelerate projects in India as well as improve their returns by investing their capital in building Indian infrastructure including hospitals, bridges, roads and even low-income housing.

Aashish Kalra suggests that doing the right thing for society makes it is possible to create the opportunity and make profits. He expects that Trikona Capital could reap at least a 25% return on every project this Cayman Islands-based company finances in India.

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March 9, 2007. Financial Secretary Kenneth Jefferson confirmed that the Cayman Islands Stock Exchange continues its growth. He informed lawmakers that the total number of listings on the Exchange was 1 263 with a total market capitalisation of about USD 113 billion, as of January 29, 2007. Tabling the financial statements of the Exchange for the the last financial year ended on June 30, 2006.

On March 5, 2007, Financial Secretary annpounced that the Cayman Islands Stock Exchange continues to be self-sufficient and profitable. Also, debt and Eurobond listings have been increasing.

Jefferson emphasized the major achievements, including new issues listed numbered 164, taking the total to 1 071 for the the last financial year ended on June 30, 2006. The total market capitalisation of these issues accounted for USD 90.61 billion; USD 75.65 billion out of this USD 90.61 billion regarded mutual funds.

The revenue of the Cayman Islands Stock Exchange rose to USD 1.6 million. Jefferson announced that the Cayman Islands Stock Exchange continues to be self-sufficient and profitable, and no funding from the Government is required.

It is important that the continued and significant growth in debt securities has persisted during the last financial year as this is one of the results of the recognition of the Cayman Islands Stock Exchange by the United Kingdom Inland Revenue in March 2004.

In 1999, Cayman was recognized by the London Stock Exchange as part of its international trading system.

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March 3, 2007. According the Cayman government, the Cayman Islands is going on maintaining its leadership position in international financial services and national economic performance and is moving ahead of its competitors.

Cayman's ratings have been raised by an international credit rating agency and an independent provider of economic information, Moody's.

Moody's changed Cayman's ceiling for foreign currency bonds and notes from Aa3 or high grade to Aaa or exceptional, which places the Cayman islands in one line with such jurisdictions as the US, UK, Canada and Bermuda. The foreign currency country ceilings for about 70 countries were raised, but Cayman is among just 3 countries with the ceilings upgraded to Aaa. Accordance with Moody's, an Aaa country ceiling for foreign currency bonds and notes shows having the best and/or exceptional quality with the smallest of investment risk.

The foreign currency ceiling for short-term debt of P-1 was already at the highest ratings category for short-term debt. It should be indicated here that the Cayman Islands have held this position since 1997.

Cayman has held the highest rating of P-1 in the area of foreign currency deposits with local banks since 1989. This is the ceiling applicable to onshore-licensed banks in the Cayman Islands.

Cayman maintains an Aa3 (high grade) ceiling for long-term foreign currency bank deposits and an Aa3 rating for government bonds issued in foreign currency. The Aa3 long-term foreign currency bank deposit ceiling places the country on one level with Hong Kong, and a level above such offshore jurisdictions as the Bahamas and the rest of the Caribbean.

The government's Aa3 rating is the highest in the Caribbean.

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February 16, 2007. Yesterday, Butterfield Bank announced the record income for the Group for the full year 2006 (ended on December 31, 2006). In 2006, its net income reached $134.1 million. Bank's net income was up 22.6% year on year, and its shareholders will reap the benefits in March 2007.

It should be noted that in 2006 Butterfield Bank (Cayman) Limited made a great contribution to the performance of the Group as it has reached a record net income of $53.4 million, which is up 16.5% year on year ($7.6 million). The impressive Bank's performance revealed strong growth in revenues from banking services and investment and pension fund administration.

The total assets of Butterfield Bank (Cayman) Limited were up 8.3% year on year.

Client assets under administration were up 26.8%.

Assets under management on December 31, 2006 were $1.1 billion, which was in line with December 31, 2005.

Managing Director of Butterfield Bank (Cayman) Limited noted that the Cayman operations have been essential in the success of the group.

The Bank was awarded as the Bank of the Year for the 3ird time in 5 years, which shows its strength and reputation in Cayman.

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January 19, 2007. Yesterday, academics and business people took part in Cayman Business Outlook 2007 - one of the most important annual conferences in the Cayman Islands.

The theme of Cayman Business Outlook 2007, the 4th conference, was "Future Trends: the next 5 years", which was attractive for noted futurists and senior government officials from overseas. The 1-day event was visited by approximately 250 people.

The founder and organiser of the conference was Fidelity, and its sponsors were PricewaterhouseCoopers, Consolidated Water, Five Continents Financial, Digicel, RoyalStar Assurance, Campbells, Admiral Administration, Dart Management, the Ritz-Carlton Grand Cayman and the Cayman Island Investment Bureau. Brett Hill of Fidelity; Noel Reilly of PricewaterhouseCoopers; J.D. Buckley of Digicel; Scott Elphinstone of Five Continents Financial; Dax Basdeo of the Cayman Islands Investment Bureau; Canover Watson of Admiral Administration, and many others acted as the speakers at the conference.

Cayman Business Outlook 2007 offered a glimpse of the Cayman future as it discussed numerous topics including how the US has positioned itself as the world's government in the 21st century and regional immigration trends influencing business.

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January 11, 2007. Maples and Calder, the offshore law firm, has acted as Cayman Islands counsel to the issuer, ADIB Sukuk Company Ltd. in establishing its USD 5 billion sukuk issuance programme. This is the 1st Islamic-compliant bond to be listed on the London Stock Exchange.

The volume of this transaction and its being listed on the London Stock Exchange means that the global financial community has appreciated the large potential of Sharia compliant products and investors have accepted these products those of a mainstream asset-class.

It goes without saying that the transaction shows that the Cayman Islands is offshore jurisdiction that is beginning to be seen as the leading one for Islamic finance.

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January 10, 2007. Deutsche Bank has been awarded as the best private bank in the Cayman Islands and in the Channel Islands in the Euromoney private banking survey 2007.

The survey by Euromoney takes into consideration many factors such as the services offered, assets under management, profitability, ratio of clients to relationship managers and others and reflects the opinions of advisers to private clients and wealth management companies.

Located in Cayman, Jersey and Guernsey, Deutsche Bank for the first time has been indicated in the top spot of the rating.

This award is highly valuable for Deutsche Bank in Cayman, particularly this year, as in 2007 it is going on to build on its range of specialist services by expanding solutions that are available to the Cayman Captive Insurance market.

According to the Euromoney Private Banking Survey 2007, globally, Deutsche Bank has reached 6th Place, while it was just 12th a year ago.

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Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
22/08/2008
Cable & Wireless has announced that its principal operations in the Channel Islands, the Caribbean, Panama, Macau, and Monaco are expected to invest more than USD 400 million in Caribbean telecommunications development.
12/08/2008
According to 2nd quarter figures released by the CIMA, more than 10 000 investment funds have been registered in the Cayman Islands, which is a key milestone achievement by Cayman financial services industry.
29/07/2008
Following the US Senate hearing held on July 24, the US Congress intensified its attention to offshore finance.
12/07/2008
Mr Carlyle McLaughlin Jr. has been appointed as the Chairman of the Board of Directors of the (CIMA). This appointment will become effective on July 27, 2008.
25/06/2008
The largest offshore law firm in BVI Harney Westwood & Riegels, announced the merger with C.S. Gill & Co, a firm based in the Cayman Islands. The office of the merged firm is expected to be opened on September 1 in George Town, Grand Cayman. Kieron O'Rourke, the head of investment funds sector of the BVI firm, and fellow partner Tim Clipstone will relocate to Cayman from Harney's BVI office.
24/06/2008
The CIFSA has responded to a recent report by the Public Accounts Committee (PAC) of the UK's House of Commons that was looking for corrections as regards a misrepresentation of the standards of regulation within the UK's Overseas Territories mentioned in the report.
15/06/2008
The Cayman government has announced that its legislature will shortly debate new legislation aimed to strengthen Cayman anti-money laundering defences.
06/06/2008
The EU has revised a list of countries with satisfactory anti-money-laundering controls and excluded the Cayman Islands and the British Virgin Islands from the "white list".
26/05/2008
It has been recently revealed that CIMA was part of the CFATF team that evaluated the anti-money laundering and counter-terrorist financing regime of the BVI.
15/05/2008
On May 12, 2008, the Cayman Islands Government and the Turks and Caicos Islands Government signed an agreement to develop Lands Registry in Turks and Caicos.
25/04/2008
Project managers are completing a bid aimed to establish a local professional chapter in Cayman that is to make the jurisdiction attractive for investors and businesses.
12/04/2008
Moody's Investors Service said that Cayman's maintenance of its favorable government foreign currency bond rating shows the economic resilience of this offshore jurisdiction in the face of uncertainty that surrounds the US economy.

12/04/2008 According to the announcement made by the Government of Belize on April 10, two important Memoranda of Understanding have been recently signed by the jurisdiction.

26/03/2008
CIMA has broadened its network of agreements with overseas regulatory bodies by concluding Information Exchange Agreement with Washington.
01/03/2008
Recently, CIFSA has made the following suggestion - although the Cayman Islands' service providers and the Regulatory Authority performs many activities to combat money laundering, certain international financial centres fail to recognise the Cayman anti-money laundering regime.
28/02/2008
On February 21, 2008, the Cayman Islands Monetary Authority (CIMA) and the United Kingdom's national regulator of financial services and markets Financial Services Authority (FSA) signed a memorandum of understanding.
01/02/2008
The Cayman Islands Monetary Authority released CIMA's Year in Review, 2006-2007 report to disclose its operations for the financial year ending on June 30, 2007 and indicators of financial sector's performance in the Cayman Islands.
15/01/2008
Deutsche Bank has been named as best private bank in the Cayman Islands in the Private Banking and Wealth Management Survey 2008 for the 2nd time.
01/12/2007
US journalist John Fund has recently been invited by CIFSA to comment on US Congressional criticisms of the Cayman Islands and other offshore financial centres.
20/11/2007
On November 16, the Cayman Islands Monetary Authority celebrated its 10-year anniversary.
10/11/2007
Two legal giants, Walkers of the Cayman Islands and Mourant du Feu & Jeune are engaged in merger talks, which could lead to the creation of the world's biggest offshore law firm.
17/10/2007
CIFSA has welcomed changes to the insolvency legislation in the Cayman Islands that will soon be introduced. The changes include the licensing of practitioners and measures to help with cross-border insolvencies.
28/09/2007
The Board of CIMA has approved the implementation of the new Basel II framework, which will be implemented in Cayman between 2010 and 2012.
09/09/2007
Financial Secretary Kenneth Jefferson has told lawmakers that Cayman economy strengthens as in 2006 the jurisdiction maintained its international ranking of 6th place for total banking assets held by it, and the growth of the Cayman economy outpaced the growth of the United States.
05/09/2007
On August 31, 2007, the Cayman Islands Legislative Assembly passed the Freedom of Information Bill into law. This bill is to become law on January 1, 2009.
23/08/2007
CIMA has released the report entitled "Look Forward Report: 2007-08", which describes the Authority's mission, goals and objectives, as well as indicates its strategies, tactics and work projects that will be undertaken during this fiscal year.
15/06/2007
Two Cayman government agencies providing assistance to entrepreneurs and small business owners - the Cayman Islands Investment Bureau (CIIB) and the Cayman Islands Development Bank (CIDB) - are planning to work more closely together.
30/05/2007
Financial Secretary Kenneth Jefferson said that in the next financial year (July 2007 - June 2008) strong growth of the Cayman economy is expected to continue. He predicted growth in GDP at 3.5%.
13/05/2007
Recently, the Cayman Islands Financial Services Association (CIFSA), launched 4 years ago, reflected on its achievements in the promotion of an international image of financial services industry in the Cayman Islands.
27/04/2007
In accordance with the Global Financial Centres Index (GFCI) provided by the City of London Corporation evaluating the competitiveness of 46 major financial centres located all over the world, the Cayman Islands is among the most competitive financial centres in the world. It has been ranked 16th in the list.
19/04/2007
The Universal Postal Union has ranked overnight courier service of the Cayman Islands Postal Service as the 5th best in the world. So, Cayman courier service is among the best in the world, which is very essential for every offshore jurisdiction.
02/04/2007
In March, the General Registry of the Cayman Islands Government enhanced Cayman Islands financial services offer by introducing an Arabic language facility. The facility is aimed to enable registration and other certificates to be issued with a company's name not only in English, but also in Arabic.
22/03/2007
Cayman Islands-based real estate investor plans to invest $10 billion into the infrastructure of India. The investment will be made by Trikona Capital over the next several years. The company aims to solve the problems of India by being socially conscious.
09/03/2007
The Cayman Islands Stock Exchange continues its growth, which was confirmed by Financial Secretary Kenneth Jefferson on March 5, 2007. He announced that the Cayman Islands Stock Exchange continues to be self-sufficient and profitable.
03/03/2007
According the Cayman government, the Cayman Islands is going on maintaining its leadership position in international financial services and national economic performance and is moving ahead of its competitors. Cayman's ratings have been raised by an international credit rating agency and an independent provider of economic information, Moody's.
16/02/2007
Butterfield Bank announced the record income for the Group for the full year 2006. Its net income reached $134.1 million. Butterfield Bank (Cayman) Limited made a great contribution to the performance of the Group as it has reached a record net income of $53.4 million, which is up 16.5% year on year ($7.6 million).
19/01/2007
One of the most important annual conferences, Cayman Business Outlook 2007, took place in Cayman. It offered a glimpse of the Cayman future as it discussed numerous topics including how the US has positioned itself as the world's government in the 21st century and regional immigration trends influencing business.
12/01/2007
Deutsche Bank has been awarded as the best private bank in the Cayman Islands in the Euromoney private banking survey 2007. Located in Cayman, Jersey and Guernsey, Deutsche Bank for the first time has been indicated in the top spot of the rating.
11/01/2007
Maples and Calder, the offshore law firm, has acted as Cayman Islands counsel to the issuer, ADIB Sukuk Company Ltd. in establishing its USD 5 billion sukuk issuance programme. This is the 1st Islamic-compliant bond to be listed on the London Stock Exchange.
23/10/2006
Butterfield Bank (Cayman) Limited announced providing a Gold mortgage as a  Butterfield Lifestyle Mortgages product. A 10% down payment, up to 25 years repayment term, a low interest rate and low bank fee are the conditions set for both existing and new clients.
14/08/2006
Jersey has included Cayman Islands into the list of states and territories having an equivalent anti-money laundering legislation.
02/06/2006
Government of the Cayman Islands announced the changes in the board of directors of the Cayman Islands Monetary Authority. Dr Christopher Rose and Professor Willian Gilmore were appointed, and Dr Warren Coats was re-appointed for a three-year term.