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Economy and Banking Sector of the Cayman Islands

Financial Services

Financial sector of the Cayman Islands is focused on providing the following financial services:

  • offshore banking
  • fund management
  • trust management

Deposit Guarantee Scheme

Maximum Protected Amount
0 KYD

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:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

There is no deposit guarantee scheme in Cayman Islands.

Country Ceiling for Deposits

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)
Foreign Currency
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).

Banking Supervision

Cayman Islands Monetary Authority

Banking Sector Structure

Number of Banks
149
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.

Consolidated banking assets in Cayman Islands.

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.

CategoryNumber of Banks
Category A (Banking & Trust)8
Category A (Banking)3
Category B (Banking & Trust)51
Category B (Banking)87

Table 1. Number of banks by category in Cayman Islands.