On 10 February 2015 Caledonian Bank Limited and Caledonian Securities Limited were placed into controllership by the Cayman Islands Monetary Authority. The both companies were ordered to be placed into official liquidation by an order of the Grand Court of the Cayman Islands dated 23 February 2015 and the controllers were appointed as joint official liquidators. The Cayman Islands Monetary Authority revoked the operating licenses for both Caledonian Bank Limited and Caledonian Securities Limited. The operation of all services to customers and clients remains frozen while the joint official liquidators complete their reconciliation of all clients’ assets and implement a strategy that will begin to see funds returned to clients and creditors.
Caledonian Bank Limited has Category A banking license number 100152 issued by the Cayman Islands Monetary Authority. This type of license allows Caledonian Bank Limited to conduct banking operations both in the domestic and international markets and provide services to residents and non-residents.
There is no deposit guarantee scheme in the Cayman Islands: in the case of Caledonian Bank Limited failure its depositors will not get any compensation.
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
There is no deposit guarantee scheme in the Cayman Islands.
In the case of Caledonian Bank Limited failure its depositors will not be paid out any compensation.