Letter to the Editor: Bank news is worrying

Just today I read in the papers
that the banks of the Cayman Islands had placed a list of what was called
dormant accounts, drafts and safe deposit boxes; well, I said to myself ‘this
is something that is so very bad and as I see it, will have a very negative
effect on the banking system here in Cayman.

I got to understand that the Cayman
Government was after this money from these dormant accounts as they called it.
It reminded me of the first Cayman bank when that went down. As if we did not
have enough problems on this Island already. I think it is so wrong for any
government to have access to people’s private funds and safe deposit boxes in
any bank here in the Cayman Islands or anywhere else in the world. As I read
the list that was placed in the paper of the Caymanian Compass I was shocked.
Right after I finished reading it I got on the phone and called a few of my
friends in America who I know have money down here and who also have safe
deposit boxes here in Grand Cayman banks and advised them to check online to
see if any of their accounts are on that list and that maybe they should
consider moving their funds out of Grand Cayman to some other country where the
government would not put their hands on their private accounts and safe
deposits.

The Cayman Islands cannot afford a
black eye with their banking system. But this UDP government doesn’t care about
this. They only care about bringing this country down. The cruise ships are not
coming like before, so we lose tourists dollars. The crime is at an all time
high. That is also keeping visitors away. Now if the banking system takes a
nose dive we will all be in an unfixable mess. But of you all notice with all
of this going on the islands the so called leaders are nowhere to be seen. Most
of them are in hiding or wasting our money on trips with their family and
friends. Do you think that this is a wise thing for the government to do? All
of the people that have their money here that think that it is safe in the
banks are now taking another look and as I see it now know that if the banks
can call your accounts dormant and let the government take these funds will not
be putting their money here with any bank in the Cayman Islands. Our future as
a leader in one of the world’s best places to bank money safely could be
affected forever.

An old wise tale comes to mind: Do
not put the fox in the hen house with all the chickens. Sooner or later they
will all be gone. Our Island cannot afford any more downfalls. A reminder to
all members of Government: Crime will increase.

 

Emile S. Levy