The 19 Sept. 1974 edition of The Caymanian Compass contained three front-page stories on the major news of the day – Interbank had gone into voluntary liquidation, leaving the “entire community in the Cayman Islands … profoundly shocked”. According to the main article, bank president Jean Doucet “was not available for comment, and it is understood that he left the island … by a private jet”. The bank’s liquidity problems had reportedly started two months before “when demands involving considerable sums of money were made on the bank by depositors”. Three liquidators had been appointed “to deal with the winding up”.
Pointing to an issue that continues to resonate 50 years later, a story on page 2
publicised a ‘Campaign To Remove Junk Cars’. Service clubs, the Chamber of Commerce and the Health Department were cooperating to get rid of derelict cars around the island. The removal was offered as a free service, with organisers explaining that anyone with a junk car on their property could contact members of the campaign team.
With the major news on Interbank, the Compass interviewed people on the street to gauge public reaction to the liquidation. Among the comments: “I am very afraid that a loss of confidence in the Cayman Islands tax haven will result from this” – Waldo Parchment; “I warned the people of the great incentives the bank was offering which would ricochet … I saw it coming” – A. J. Miller; “I believe it will be a big loss to the country” – Frances Bodden; and “I think this will affect the economy of the Islands”- Selkirk Watler.
The sports section carried a photo headlined, ‘Kippers Clobber All-Stars in Basketball Play-Off’, where Peter Balls, right, presented the winners’ Barclays Bank Trophy to Parker Tibbetts, left, vice president of the Cayman Islands Basketball Association.
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