Banks ‘disappoint’ in refusal to delay fee hike

Cayman News Service

Premier Wayne Panton

(CNS): Premier Wayne Panton is disappointed that the local high street banks have refused to delay implementing the latest interest rate hike, even though there is no need for them to keep pace with the US Federal Reserve. Interest rates have increased in the Cayman Islands ten times in just over a year, adding to the cost of living crisis that people are enduring.

In a statement about the situation issued Friday, Pantonwho is the minister of finance, said he had met with and written to the Cayman Islands Bankers Association (CIBA) twice over the past year to ask the local retail banks to hold off rolling out interest rate hikes to help homeowners and businesses. However, on both occasions, with the exception of one bank, they refused.

“Given this refusal, I would like to publicly register both my disappointment in their position to date and also my expectation that they will engage in further dialogue with government to determine how best to…