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CIMA Launches First Financial Stability Report

The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is pleased to announce the launch of its first-ever annual Financial Stability Report, which provides an assessment of our local financial system, including salient trends and vulnerabilities over the reporting period.

Using qualitative and quantitative data analysis, this first edition examines the interconnectedness of the financial sectors as well as the exposures of households and the domestic banking system relative to the real estate market in 2020. The report further highlights the regulatory and supervisory measures implemented by CIMA during the year, along with related climate change activities. The overall analysis demonstrated that, despite the economic and operational challenges faced in 2020, all supervised sectors remained resilient, with various stress tests revealing generally strong financial positions.

As part of CIMA’s mandate to ensure stability within the domestic financial system, and following months of preparation, the report also provides a macroprudential review, which not only examines sectoral performances but also assesses future endogenous and exogenous risks, which in turn, can hamper economic growth.

Commenting on this milestone, CIMA Managing Director Mrs. Cindy Scotland, OBE says, “The annual publication of the Financial Stability Report, together with the present work of the Authority, is a testament of our commitment to reinforce the integrity of the financial services industry, maintain development of an appropriate macroprudential framework for sustainable financial stability while upholding the robust and credible reputation of the Cayman Islands.”

To view a full copy of CIMA’s Financial Stability Report, or for more information, click here.

IMS is one of the longest established company management firms in the Cayman Islands. IMS is licensed by the Cayman Islands Monetary Authority to provide independent directors, company management and incorporation, mutual fund administration, captive insurance and trust services. For more information about our services, please contact us.

Disclaimer: this publication does not constitute legal or professional advice and should not be relied on as such.

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