The financial services industry in the Cayman Islands is already bouncing back from Hurricane Ivan, says the Cayman Islands Financial Services Association (CIFSA).
CIFSA says that, as a result of business continuity plans and the use of servers and temporary facilities elsewhere, client services were only interrupted for a few days for many companies while some had virtually uninterrupted service. It says those that had significant interruption to their services are endeavouring to get their services back to normal as soon as possible.
“Because of their vulnerability, most Cayman financial institutions have post-storm strategies that include backing up files and moving operations temporarily to other offshore financial hubs like the Bahamas or the Channel Islands in Europe,” says Eduardo D’Angelo P. Silva, Director of CIFSA and President of the Cayman Islands Bankers Association.
CIFSA adds that, while utilities are being restored, financial institutions are also working to assist their customers deal with the impact of the Hurricane, one of the strongest to hit the Caribbean region in many years.
The financial services regulator, the Cayman Islands Monetary Authority resumed its operations on Monday of last week. The Authority suffered little damage and all of its systems remained secure and intact.
In addition, the Companies Registry is now back in service for new companies only and will be working on weekends to deal with the backlog of registrations interrupted by the Hurricane.