Financial sector of the Cayman Islands is focused on providing the following financial services:
|Maximum Protected Amount|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
There is no deposit guarantee scheme in Cayman Islands.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
|Local Currency (Cayman Islands dollar)|
|Aa2 (high grade)|
|Aa3 (high grade)|
Local currency (Cayman Islands dollar) deposit ceiling for Cayman Islands is set to Aa2 (high grade), foreign currency deposit ceiling is Aa3 (high grade).
Cayman Islands Monetary Authority
|Number of Banks|
|Consolidated Assets (2016)|
|1,035.66 bln USD (-12.21%)|
Currently there are 149 credit institutions operating in Cayman Islands.
In 2016 consolidated banking assets in the Cayman Islands were 1,035.66 bln USD. The consolidated banking assets' evolution is shown at Chart 1 below.
Chart 1. Consolidated banking assets in Cayman Islands.
All the credit institutions operating in Cayman Islands can be classified into several categories. Table 1 summarises the number of banks in each category.
|Category||Number of Banks|
|Category A (Banking & Trust)||8|
|Category A (Banking)||3|
|Category B (Banking & Trust)||51|
|Category B (Banking)||87|