Premier urges banks to do extra over fee hikes : Cayman Information Service

Butterfield Bank, Cayman News Service

Butterfield Bank, George Town

(CNS): Premier Wayne Panton has welcomed the move by Cayman’s high street banks to stick to the agreed delay on rolling out interest rate hikes on local loans and mortgages following last week’s Federal Reserve increase. However, he said that even though he appreciated the banks’ agreeing to a 30-day notice period, he was still looking for more and raised concerns about people losing their homes.

“I hope and expect that they will engage in further dialogue with the government to determine how to further alleviate or potentially avoid the impact of future rate increases by the Fed,” Panton, who is also minister of finance, said in a release Wednesday.

“We must guard against Caymanian homeowners potentially losing their homes due to the inability to meet increased interest charges, and local business struggling to keep up with their financing payments in addition to other high-level expenses,” he added.

Following the…