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Cayman Islands banks survive Ivan
The fifth largest financial centre in the world is still functioning - despite being hit by Hurricane Ivan. The Cayman Islands is home to 5,000 funds, almost 400 banks and tens of thousands of companies. A loss of power across most of the islands means locally-based staff are out of action till electricity returns, planned for 20 September. But thanks to the offshore nature of the Caymans' financial services, many firms are operating almost unhindered. With sensitive data routinely backed up elsewhere, many law firms, company agents and banks have simply told clients to contact offices in London, the Bahamas, the US or elsewhere. The experience, experts say, is a prime example of the virtual nature of modern finance. The rest of the islands' life, however, has been hit hard by the hurricane. Few of their 43,000 inhabitants have mains electricity or water supplies, and there is significant damage to homes and businesses. Communications are also suffering, with most landlines cut off during the day and little mobile phone coverage. Posted by: Mark Espinola 2004-09-15 |
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