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| Caribbean-Latin America |
| Cayman Islands banks survive Ivan |
| 2004-09-15 |
| The fifth largest financial centre in the world is still functioning - despite being hit by Hurricane Ivan. The Cayman Islands is home to 5,000 funds, almost 400 banks and tens of thousands of companies. A loss of power across most of the islands means locally-based staff are out of action till electricity returns, planned for 20 September. But thanks to the offshore nature of the Caymans' financial services, many firms are operating almost unhindered. With sensitive data routinely backed up elsewhere, many law firms, company agents and banks have simply told clients to contact offices in London, the Bahamas, the US or elsewhere. The experience, experts say, is a prime example of the virtual nature of modern finance. The rest of the islands' life, however, has been hit hard by the hurricane. Few of their 43,000 inhabitants have mains electricity or water supplies, and there is significant damage to homes and businesses. Communications are also suffering, with most landlines cut off during the day and little mobile phone coverage. |
| Posted by:Mark Espinola |
| #7 thank goodness - is my Nigerian desposit by the son of the late Sani Abacha in yet? I keep checking, but no deposit.... |
| Posted by: Frank G 2004-09-15 4:01:12 PM |
| #6 The British run Cayman Islands have very strict building codes which shows when compaired to destruction in bordering Islands and even Florida & other Gulf states after hurricanes ram through. Trailer homes should be banned since they are an eye sore and fully unsafe. |
| Posted by: Mark Espinola 2004-09-15 3:53:07 PM |
| #5 LOL! That's not funny! That's stupid! LOL! |
| Posted by: Shipman 2004-09-15 2:00:14 PM |
| #4 They're offshore accounts. You have to wade out to the ATMs. |
| Posted by: Seafarious 2004-09-15 12:21:10 PM |
| #3 Whew! For a minute there I thought I'd have to shift my numbered account to Geneva. |
| Posted by: Dan Rather 2004-09-15 12:19:05 PM |
| #2 ...as are banking records. |
| Posted by: tu3031 2004-09-15 12:18:23 PM |
| #1 Nice banks. ATMs are a little hard to find, though. |
| Posted by: eLarson 2004-09-15 12:16:35 PM |