Financial services’ PR and lobbying contract renewed
(CNS): Despite the wide criticisms across the community that the Cayman Islands has not been best represented in Washington and in other important centres when it comes to getting across crucial messages regarding the financial services industry, the Central Tenders Committee has renewed the Portfolio of Finance and Economics public relations’ contract with Fleishman Hillard. The portfolio said the contract for global, strategic public and media relations, public affairs and lobbying services in relation to the sector was worth an estimated at US$662,000.
The Central Tenders Committee (CTC) has also awarded contracts for two related projects on the Basel II Framework for the Cayman Islands Monetary Authority (CIMA). The first in the sum of US$965,000 was awarded to Decisionsoft Ltd. (U.K.) for the provision of Basel II Electronic Data Reporting, with the mandate of providing a mechanism to collect Basel II regulatory data from CIMA regulated banks via electronic submission.
The Portfilio of Finance and Economics said that this project, upon completion, will facilitate effective supervision and monitoring of banks by CIMA and will produce an evaluation report based on the data collected.
The second contract was awarded to Celerus Inc. (Canada) in the sum of US$1,077,708 for the Basel II Data Warehousing and Analysis. This project involves the storage of data, data retrieval capabilities, reporting and analytic services. Both projects are expected to be complete by mid 2010.
The purpose of Basel II, initially published in June 2004, is to create an international standard for banking regulators to guarantee that policy and procedure effectively guard against various types of financial and operational banking risks. The framework is designed to ensure that a bank holds capital reserves appropriate to the risk that bank is exposed to (in its lending and investment practices).This functions to protect the international financial system from problems that might arise should a major bank or series of banks collapse.
Awarded contracts can be viewed on the CTC’s website, www.centraltenders.gov.ky. For further information, contact the CTC Secretary, Daun Alleyne on 244-2102 or email daun.alleyne@gov.ky
Category: Business
Wrong PR firm.
kirt the turtle is our national symbol he only makes progress when he sticks his neck out .yours has been inside the shell for 4 years. hence no progress . renewing this contract is late it should have never been allowed to expire.its called LEADERSHIP
The criticism is highly founded. Look no further than the earlier desperate appeals from former CIMA Chair Tim Ridley. He was on the inside – until being removed – and knew what was NOT happening.
While the result is now OK ( ie black list averted) – following a last minute totally reactive attempt to seem to be working towards the new international standards, leading up to the G20 – if the Cabinent and Minister for Financial Services had been taking our financial industry seriously they would have been working on these international treaties and agreements throughout thier time in office (and not only after the LA closed!), as other OFCs had been, and we would now be on the White List.
(Note – My criticism is reserved for the Cabinet + the Financial Secretary. I think that most of the professionals at CIMA and the Portfolio do very good work, but can only work within the boundariesthey are given by the Cabinet/Financial Secretary. It would do them all some good to read Sir Vassel’s autobiography to really understand what it takes from the top, to build and maintain a competitive financial industry. PR is important, but it takes far more than this).
I think it is fair to say those comments regarding the wide criticisms across the community that the Cayman Islands has not been best represented regarding the financial services industry are now shown to be largely unfounded.
The government and its team should be congratulated for working hard to get Cayman off any black list and very close to the white list. (Soon come!).
I guess much discussion must have gone on behind the scenes.
Yes the private sector did their best to limit the damage that the Johnny come lately Govt in power waited till the last minute to do. Obama must have got a good laugh off the letter Kurt managed to fire on March 30, only hours before the G-20. Wow, right on top of things, Kurt and Alden…..NOT!