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Cayman Islands regulator considers legal action over Silicon Valley Bank deposit seizure.

ReutersMay 24, 2023

Cayman Islands Regulator Explores Legal Options After FDIC Seizes Deposits

The Cayman Islands Monetary Authority (CIMA) is exploring legal options after the U.S. Federal Deposit Insurance Corp seized deposits held at Silicon Valley Bank’s branch in the territory, the Wall Street Journal reported on Wednesday, citing a government official.

Cayman Islands minister of financial services and commerce André Ebanks met with some of SVB’s depositors in Hong Kong last week and told them financial regulator CIMA has retained lawyers and is looking for ways to help them, the report said, citing meeting attendees.

It’s a tough situation for depositors in the Cayman Islands as the CIMA explores legal options after the FDIC seized deposits held at Silicon Valley Bank’s branch in the territory. The government official cited in the Wall Street Journal report suggests that the CIMA is looking for ways to help depositors, but it remains to be seen what actions they will take.

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