FrontPage
Following an impromtu departureof former MD John Bourbon of the Cayman Islands Monetary Authority,a call went out to put a ...
Cayman Woman In Charge
The personpositioned to temporarily head this country's financial regulatorybody, Mrs. Jennifer Dilbert, will be straddling two posts the position here with the Cayman Island Monetary Authority (CIMA)and her continued position in the United Kingdom and sheplans to return to her post as the Cayman Islands representativein the UK as soon as a permanent replacement is found.
Mrs. JenniferDilbert
It was announced last week that Mrs. Dilbertwill temporarily take over the position of CIMA's Managing Directorwhich became vacant owing to the resignation of Mr. John BourbonWednesday, 16 January.
His Excellency the Governor, Mr. Peter Smith,said that he and the Chief Secretary, Hon James Ryan, have agreedto this move because Mrs. Dilbert is the ideal candidate to holdthe reins at the Monetary Authority at this crucial time. Givenher past experience as Cayman's Chief Regulator and her continuedinvolvement as a Member of the Board, she is uniquely positionedto fluidly handle the immediate tasks at hand.
The Governor felt that her presence wouldguarantee continuity and ensure that high standards are maintainedat the Authority. Mr. Ryan said he was pleased that Mrs. Dilberthad agreed to this assignment but stressed that she would be returningto the London Office as soon as a suitable replacement is found.
Mrs. Dilbert is well known in the localand international financial services regulatory arena and understandsthe industry well. Mrs. Dilbert holds an undergraduate degreein economics and has had extensive experience in the financialservices industry since 1986 when she was employed as a BankingSupervision Division analyst. In 1991 she was Vice President ofthe Cayman Islands Bankers Association and has served on the Boardsince 2000.
"The financial industry knows me andI know them. I'm counting on their support and continued assistance,"she says. "I will definitely seek their views and assistance."She says that the wider financial community has always been involvedin a consulting capacity with the Monetary Authority and expectsthat relationship to continue while she is the temporary ManagingDirector.
Though not happy about leaving her seniorrepresentative position in the United Kingdom, she has agreedto take the vacant post at CIMA until a suitable permanent replacementis found. When asked why she will not be holding the positionwith CIMA permanently, she says frankly, "From the feedbackthat I've always got, I think Government would like me to butI do not want this job."
Government said last week that Mrs. Dilbertis the most suitable person for that position but in a subsequentrelease Monday, 21 January, explained that not only are her servicesrequired in CIMA at this time but also at her substantive postin London.
"I am pleased with the progress I wasable to make in London in the 18 months I have been in office,and I will continue to support the office and look forward tomy return to London in the summer," Mrs. Gilbert said.
She thoroughly enjoys her work in the UnitedKingdom and admits it was a difficult decision to leave. "Iam doing an extremely important job in London and in Europe,"she says. "This is something that we were aware could happenso it does not come to me as a surprise," she says. "ButI'm not happy to have to put on hold some of the work I'm doingin London.
"It is a good time not to be in London,"she adds, alluding to the bleak, bitter winters for which Englandis notorious.
She cites many upcoming challenges thatshe was reluctant to leave, including the introduction of theEuro. The Government said there are some very exciting projectson the horizon including the EU Initiatives in Brussels, the CommonwealthGames and Golden Jubilee Celebrations, House of Commons Activities,and a planned enhanced PR function in the fall.
Most importantly, however, Mrs. Dilbertsays that the Nationality Act could have a dramatic response herein the Cayman Islands. "It could mean more Caymanians inthe United Kingdom and the European community," she says."We might very well see a larger (Caymanian) population inthe UK and my office will have to play a larger role."
Prior to agreeing to the temporary positionwith CIMA, Mrs. Dilbert was due to take up the Chairmanship ofthe United Kingdom Overseas Territory Association which she hadto turn down, with a rain check for 2003.
She is, however, eagerly embracing the challengesahead. "I look forward to it. I always like a challenge,"she says. The most pressing issue, she says, will be the restructuringand independence of the board to enable an independent MonetaryAuthority.
The Authority will take this transitionperiod to restructure its systems as well as to fine tune manyfunctions to expand its already comprehensive services as theprimary regulator for the Cayman Islands financial services industry.
International standards require an independentboard and Mrs. Dilbert expects this process to occur as soon aspossible. "The Government wants to see that done," shesays, explaining that Legislation should put the bill throughquickly.
Actual independence will not affect management,she says, but will have an impact on the structure of the MonetaryAuthority. "It is a challenge worthy of great dedicationas it is a necessary step to take the CIMA to the next level inregulatory excellence," Mrs. Dilbert says.
Mrs. Dilbertwith her husband Leonard and their two daughters Juliette, 17,and Rita, 19 in Cayman last Christmas.
Another issue that will come under her scrutinyduring her three to four month stay will be the impact of newfinancial fees. "We have to wait and see what the impactof the new fees will be, for example," she says. Severalpossibilities, she says, could be the merging of several institutionsor the closing of offices. Though it is too soon to tell, shesays the Monetary Authority will be monitoring the banks' responseto the increase in cost to doing business in the Cayman Islands.
What impact the Enron situation could havefor accounting firms in the Cayman Islands is another case thatCIMA will be closely observing. Mrs. Dilbert does not know howit will affect business in Cayman but expects accounting firmswill come under more pressure and that increased constrictionwill trickle down through the industry.
Mrs. Dilbertin her office in London with her deputy Mrs. Mary Chandler-Allen.
She expects a suitable replacement willbe found and holds her team at the Monetary Authority in highesteem. In particular, she lauds the efforts and professionalismof Caymanian colleagues at the Authority. "I see the opportunityfor all the Caymanians rising," she says. "I mean, wehave an excellent team here."
During this period of transition at CIMAmuch of the day-to-day operations at the London office has beendelegated to Mrs. Dilbert's deputy, Mrs. Mary ChandlerAllen,who will be acting in her absence.