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Cayman in bank de-risk meeting in DC

Minister for Financial Services Hon Wayne Panton
Minister for Financial Services Hon Wayne Panton

Ministry of Financial Services and Cayman Islands Monetary Authority (CIMA) officials recently held a second round of meetings in Washington DC with key US Congressional staff, regulators and stakeholders about bank de-risking from the Caribbean perspective. The Cayman officials then contributed to Financial Stability Board discussions on an action plan to address the issue.

“It’s important to continue these talks because de-risking is still creating unintended, detrimental effects globally,” Financial Services Minister Wayne Panton said in a release from his ministry. “We had our own taste of it when it disrupted our money services business in 2015, and the people of Cayman certainly remember their relief when the issue was resolved.”

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