FRSGlobal Basel II and Quarterly Prudential Reports
(QPR) - Cayman Islands
Cayman Islands Monetary Authority Basel II Implementation
The Cayman Islands Monetary Authority (CIMA) has begun the implementation of the Basel II Framework. The Basel II Framework will apply to all Category A and B banks that are locally incorporated in the Cayman Islands.
CIMA is applying the Basel II Framework in two phases. The first phase will be completed by December 31, 2010 and will consist of the following Pillar 1 approaches:
- Credit Risk – Standardized
- Market Risk – Standardized
- Operational Risk – Basic Indicator Approach and The Standardized Approach
There will be a staged implementation of Pillars 2 and 3 between 2010 and 2012.
The second phase will consider the more advanced approaches that commences after December 2012.
With the Pillar 1 changes, CIMA decided to incorporate the revised Quarterly Prudential Reports (QPR) into the new templates. The QPR template applies to all licensed banks on the Cayman Islands, including not only locally incorporated entities, but also branches of foreign banks operating on the Island.
So how can we help you? The regulatory requirements for Capital Adequacy Reporting (CAR) in the Cayman Islands are regulated by CIMA. The CIMA Capital Adequacy rules follow the Basel II framework. They are summarized in the “Rules, Conditions and Guidelines on Minimum Capital Requirements (Pillar 1)” document issued by CIMA in February 2010. The FRSGlobal CAR module meets the CIMA rules specified above, and will automate the entire Basel & QPR reporting requirements, including validation and daily monitoring reports. |
Data sheet
Solution: Basel II and QPR reports for Cayman Islands »
This document describes the FRSGlobal solution for Capital Adequacy Reporting (CAR) under Basel II and the new Quarterly Prudential Reports (QPR) in the Cayman Islands.