Details of the Cayman Islands Monetary Authority’s operations for the financial year ending 30 June, 2007, and indicators of the financial sector’s performance were recently released in CIMA’s Year in Review, 2006-07.
The report, which is available on the Authority’s website, records the growth in CIMA-regulated financial services during the 2006-07 fiscal year, led by the investments and securities and insurance sectors.
Together, the number of funds, fund administrators and securities investment businesses grew by 16 per cent, from 9,233 at June 2006 to 10,742 at June 2007. Funds made up the largest portion, increasing by 14 per cent from 7,845 to 8,972 entities. Insurance licences, comprising domestic insurer licences (class A), captive licences (class B – which are held by entities writing non-domestic business only), insurance managers, brokers and agents, increased by a total of 4.6 percent, from 882 to 923. Captives accounted for 752 licences.
In the banking sector, while the total number of banking and trust licences declined by four per cent (12 licensees) to 283, 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$1.8 trillion at 30 June, 2007, a 28 per cent increase over the June 2006 figure of US$1.4 trillion. Liabilities at 30 June, 2007, totalled US$1.8 trillion, up from US$1.3 trillion at 30 June, 2006.
The amount of Cayman Islands currency in circulation at the end of the fiscal year was $76.2 million, an eight per cent increase over the June 2006 figure of $70.5 million. This comprised $67.9 million in notes and $8.3 million in coins.
The Authority collected a total of CI$60.3 million in licensing fees on behalf of the Government for the fiscal year, compared to $55.7 million for 2005-06.
Details of the regulatory measures instituted by the Authority during the period are included, such as the addition to the Guidance Notes on the Prevention and Detection of Money Laundering in the Cayman Islands of sector specific guidance for insurers and investments and securities entities. New CIMA initiatives such as the electronic reporting project are covered.
The Year in Review also notes CIMA’s cross-border assistance and involvement on regulatory issues, including the processing of 156 requests for assistance from overseas regulatory authorities and the negotiation of memoranda of understanding for information exchange with the Jersey Financial Services Commission.
The Authority’s performance against its 2006-07 strategic goals and work plan is outlined as well as its operational support and administrative activities.
Though completed and audited, CIMA’s financial statements for the period are not available to the public at this time. These will be published once they have been accepted by the Cabinet and laid on the table of the Legislative Assembly. The Monetary Authority’s Year in Review can be accessed in the Publications section of the CIMA website at www.cimoney.com.ky.