Finance Continues Path to Strong Recovery

Cayman’s financial services industry is continuing its quick resumption of business to pre-hurricane levels.

The Cayman Islands Monetary Authority reports a steady stream of new fund registrations and is working in partnership with the private sector as the recovery process unfolds.

Managing Director of the Authority Cindy Scotland remarked, “Our receipt of applications in the midst of the Islands’ restoration efforts is a remarkable display of foreign investors’ sustained confidence in Cayman’s financial services industry.”

In addition to its usual functions, the Authority has been focusing on learning the needs of licensees who were affected by Hurricane Ivan, and assisting with facilitating licensees’ full return to normal business activity.

The banking industry has also resumed operations and offers a full range of services to customers. The speedy resumption is attributed to comprehensive business recovery programs that many of today’ financial services organizations adopted following 9/11.

The Portfolio of Finance and Economics of the Cayman Islands Government has also begun looking at initiatives beyond the impact of the storm. It has re-established its public relations unit with a new director, Mr. Ted Bravakis.

Mr. Bravakis is an experienced PR practitioner with a wealth of global communications experience. He has spent the past ten years with the world’s largest independently owned PR firm.

He assumed his duties in September just after the storm and while his initial work concentrated on supporting recovery communications efforts across government departments, he is now focusing on his main responsibilities, one of which is helping to enhance Cayman’s image in the financial community at home and abroad.