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GoToCayman.com - News from Cayman (ISSN: 1744-7690)

December 2006

Tha Cayman Islands Monetary Authority's Year in Review (1st July 2005 - 30th June 2006) has been published and is downloadable (in Adobe .PDF format) from their Web site at http://www.cimoney.com.ky/uploadedFiles/Publications/Speeches/2005-06YearInReviewFINAL.pdf

The report records that during the 2005-06 fiscal year the number of active mutual funds regulated by the Authority grew by 20 percent to 7,845 funds at 30 June. Captive insurance licences (held by entities writing non-domestic business only) increased four percent to 737. In the banking sector, while the total number of banking and trust licences declined by six percent (19 licensees) to 296, due mainly to continuing consolidations worldwide, the assets and liabilities of licensees continued to increase. Total international assets booked through banks in the Cayman Islands stood at US$1,413 billion at 30 June this year, a 12 percent increase over the same date last year. Liabilities at 30 June totalled US$1,373 billion, a 10 percent increase over 30 June 2005.

The Authority collected a total of $54 million in licensing fees on behalf of the Government as at 30 June 2006, compared to $47 million for the previous fiscal year. Total income for 2005-06 was $17.5 million and expenses totalled $11.7 million, resulting in a net income of $5.8 million. This compares to a net income of $2.4 million for fiscal year 2004-05.

The Year in Review notes CIMA's cross-border assistance and involvement on regulatory issues, including the processing of over 100 requests for assistance from overseas regulatory authorities and the negotiation of memoranda of understanding and other information exchange agreements with authorities in Canada, Brazil and the USA.

The Immigration Department has opened a new call centre to deal with questions about work permits, residency applications etc. The number to call is (345) 949 8344.