CIFSA and Cayman Islands Government 13 March 2009 Briefing

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Remarks by CIFSA Representatives
Eduardo D’ Angelo P. Silva, Vice Chairman:

The Cayman Islands Financial Services Association is announcing today the formation of a task force of leading representatives of the financial services industry that will engage with relevant authorities in the US and other nations to help build understanding and acknowledgement of the global benefits of Cayman’s financial services sector.

The financial industry is essential to the well being of our country, and we recently had additional evidence of this fact in the economic impact study that was released by Oxford Economics showing that finance represents 55 per cent of the country’s economy, generating more that 12,000 jobs.

The formation of this task force and the support it is receiving from the industry is a testimony of the long term commitment of this industry to Cayman.

The task force will be headed up by Mr Anthony Travers who has recently been appointed Chairman of the Board at CIFSA. Mr Travers regrets his absence today due to a previous engagement, but he asked me to convey the following message:

“We need first to understand better the real concerns of those legislators in the US whose opinions count. We then have a clear obligation both to them and to the people of these Islands to assist with effective solutions and ones that are not counter-productive. That will require a far better understanding by some of the benefits enjoyed by the US from capital that flows through the Cayman Islands to American financial institutions. There is nothing new in this endeavour. Cooperation of this sort has always been the accepted position of the Cayman Islands. We see it as the primary function of this task force to ensure that if change is to be made, it should be made for the benefit of all interested parties.”

James Bergstrom, task force member:

“The task force plans to build on the significant efforts and actions which have already been undertaken by various members of the private sector as well as by the Cayman Islands Government.

We believe that CIFSA is the most appropriate organisation through which to coordinate these efforts. The makeup of the task force is truly a representative body of Cayman’s private sector and includes bankers, lawyers and accountants. It will also provide the Cayman Islands Government with a more focused contact point for coordinating its efforts with those of the private sector.”