The Board of the Cayman Islands Monetary Authority (CIMA) has approved the implementation of the new Basel II framework in the Cayman Islands between 2010 and 2012.
This will occur following the preparation process that will include policy development, new reporting requirements, and consultations with the Cayman Islands banking industry. The preparation process has begun with the search for a Basel II Implementation Project Manager.
The initial focus will be on requiring Cayman incorporated banks to implement the standardised approaches under Pillar 1 by the end of 2010, with a staged implementation of Pillars 2 and 3 between 2010 and 2012.
The Cayman Islands’ banking industry currently comprises 280 banks from over 40 countries, of which approximately 100 will be directly affected by the implementation of the Basel II framework.