Financial sector of the Cayman Islands is focused on providing the following financial services:
|Maximum Protected Amount|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
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|