(CMR) The Cayman Islands Bankers Association has agreed to give a 30-day notice for rate increases and reductions, Premier Panton announced at the Cayman Islands Chamber of Commerce 27th Annual Parliamentary Luncheon today.
This decision by the banks comes weeks after Premier Panton expressed disappointment that the banks refused to consider delaying interest rates and to give adequate notice of increases to their clients.
Mr. Panton said at least six banks have agreed to notify customers of any fee or interest rate increases 30 days before implementation for the next year.
The Premier had been meeting with the Association for over a year, asking them to consider a 60-day implementation delay on interest rate increases
Mr. Panton also pointed out that there will be no interest rate hikes for now, as the Federal Reserve left interest rates unchanged on Wednesday.
After raising interest rates at the last ten meetings in a row, policymakers opted to hold rates steady at between 5 and 5.25 percent.
Premier Panton said Government will also be engaging with the insurance industry regarding the significant premium increases.
He pointed out that one of the challenges with insurance companies is the fall in capacity to take on new business.
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