Editorial
The People'sOwn Bank
Imagine. A country with nearly 800 registeredbanks, whose operations are owned and dictated by non-nationals,while not one of those institutions is represented by the peoplewho made it possible for them flourish.
This must be a case whereby it is perceivedthat the people of the Cayman Islands are capable of enactingfinancial legislation to benefit others, while not bothering tohelp their own reap some profits associated with this country'sbanking industry, with the citizenry as beneficiaries.
For over three decades, these islands haveprovided a safe haven for banks, with many branch operations oflarger organizations from overseas who provide day-to-day retailservices realizing sound profits.
It may be near impossible to determine justhow much profit these institutions earned over the years, However,there could be no doubt that such may be in the range of 15 to30 billion dollars minimum. It would be interesting if anyoneinvolved in this country's development over the past 30 yearsas a witness or participant, would dare dispute this claim.
It is known that banking and trust operationswere almost never denied the work permits required for non-Caymaniansto take up positions in their operations. Of course, some Caymaniansmoved up in management, but there is still a lack of effort bythese institutions to promote local professionals.
While more banking institutions are encouragedto set up shop here, it is obvious that there was also no effortto create an institution which could be truly called Caymanian-ownedand operated. One exception to date has been the Cayman IslandsCivil Service Credit Union (CICSA).
With all of this in mind, the people ofthese islands should feel a sense of accomplishment and pridethat finally, they now have their own Cayman Development Bank(CDB), which was created with the amalgamation of the heretoforelimited operations of the Agricultural and Industrial and DevelopmentBoard (AIDB) and the Housing Development Board (HDB).
Although this was announced earlier thisyear by the now Leader of Government Business, the Hon. McKeevaBush, who repeated the approval of CDB's funding of $5 millionfor housing and another $1.5 for small business loans by the CaribbeanDevelopment Bank (CDB) at a recent public meeting, this commendableaccomplishment has largely gone un noticed or deliberately ignored.The fact that there has been no positive acclaim for this deed,confirms the preference of certain sectors of our society to layin wait of downfalls, instead of giving credit when it becomesdue.
The Cayman Islands financial industry isone, great pie which is not shared equitably. Many principalsof these institutions claim that they provide jobs for local staff,contribute to the economy and finance some scholarships. Great.So who then do they expect should be hired? And what percentageof their corporate profits and substantial personal bonuses isplied back into the community to shore up the economy?
It has often been said, 'The people getthe Government they deserve'. Perhaps, finally the time has come,that the people now have a Government that they deserved for along time. Should this appear to be an endorsement, we are merelyrepeating the fact of that adage.
The people of the Cayman Islands were madeto be subservient to many entities over recent decades. They mayappear to have and do indeed have a high standard of living. However,so is their debt load. So many stand to lose what they have workedso hard to achieve. There appears to be little hope of them realizinga decreased cost of living; an ability to make their entrepreneurwill to succeed; and to have some security that their future andthat of their offspring will not be saddled with the heavy financialburdens they now must bear.
Cayman's own Development Bank must surelythen be a catalyst to help us get onto the playing field of successwe created for others.