Government weighs abolishing Cayman Islands Development Bank
Ministry seeks external consultant to review the bank's future as Parliament hears energy relief and stamp duty costs run ahead of forecast.
The future of the Cayman Islands Development Bank is under formal review, with the ministry issuing a request for an external consultant to examine options that include abolishing the institution, the Cayman Compass reported. No timeline or decision has been announced.
Fiscal pressures featured heavily in Parliament. The finance minister said energy pressures had surpassed 2026 Budget forecasts, with the relief programme paying out CI$11.35 million in eight months, according to the Cayman Independent. MPs were also told more than $10 million in stamp duty relief was approved for Caymanian property purchasers between May 2025 and August 2026, as the Compass reported. Separately, Planning and Housing Minister Jay Ebanks said the CI$1.5 million allocated for housing repairs is expected to be exhausted before December, with a possible return to Parliament for more funding, Cayman Marl Road reported. Opposition members raised concerns over notary public insurance costs, the Independent reported.
For employers, Immigration Minister Michael Myles announced the government will scrap the requirement to advertise job vacancies individually in a printed newspaper before applying for a work permit, according to Cayman Marl Road.
On governance, Attorney General Sam Bulgin has signalled the government will challenge the Ombudsman's decision ordering release of records on the recruitment of Chief Justice Margaret Ramsay-Hale, arguing the ruling is unlawful, Cayman News Service reported; Cayman Marl Road dated the pre-action letter 29 September. Gloria McField-Nixon was sworn in as Cayman's first female deputy governor and an ex-officio member of Parliament, the Independent reported. Paul Tibbetts is expected to serve as interim Cayman Airways CEO when Fabian Whorms retires in December, per Cayman Marl Road.
In financial services and tourism, the islands slipped eight places to 76th in a global finance index, the Independent reported, while 2025 arrivals reached their third-highest annual total. Four hotels in Dart's portfolio earned five MICHELIN Keys in the 2026 selection, the Compass reported, and Bedell Cristin expanded its Cayman financial services team.