Cayman Islands Bank Announces Closing

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Major Cayman Islands Bank Branch Closing

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People and Speaker of the House in State of Shock at News of Barclays
Closing in Cayman Islands

Nov. 9, 1999:

Barclays Bank a prestigious name in the internationl banking
industry, surprised the people and apparently even the very
government of the Cayman Islands by announcing the trimming of its
operations in the Caymans by shutting down its office in Cayman Brac
on December 9. This will leave the Island with only one commmercial
bank and will result in the loss of scarce white collar jobs.

Along with the press release, letters to its customers informing them
of cessations of operations by Dec. 9th from Barclays Cayman Islands
Director, Mr. Peter S. Hinson have been sent.

Barclays, the first and for a long time the only bank on the Island,
has had a presence on the Island for well over three decades, thus
many Island residents, who learned of the closing are in a state of
utter disbelief as talk of the closing spread like wildfire over the
Island. Depositors, many of whom have said that their confidence and
trust in the bank has been shaken by the move, were seen lining up to
make withdrawals, or inquiries as to the future of their accounts.

Word of the closing is sparking fears among local residents who are
concerned about a significant loss of investor confidence in the
long-term stability of the Island's economy and the Islands' banking
industry in general.

The bank closing runs contrary to talk of late by Government of
diversification of the Island's economy and expansion of white collar
job opportunities. The Speaker of the House of the Cayman Islands,
Capt. Mabry Kirkconnell expressed shock and dismay over the
anticipated closing and expressed his fears about the future.

Adding to the despair over the closing is the fact that operation are
to cease so close to Christmas, lending a Scrooge-like image of
Barclays among locals.

Compounding the confusion to Island residents - and in particular
government employees - is the fact that Barclays is the bank used by
the Cayman Islands Government Treasury for their banking business
here: chequing, payroll, deposits and direct issue of worker's cheques
is handled by the bank. According to news reports, the turn of events
took the Cayman Islands government by complete surprise as it was
reported that the Treasury department had no knowledge of the proposed
action.

Government-owned Radio Cayman and the Cayman Islands only newspaper,
The Compass will continue to have breaking news on the crisis.

[nova[nospam]44@hotmail.com]

Cayman Islands Bank Announces Closing

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Nov. 9, 1999:

Nov. 8, 1999:

According to an apparently leaked copy of a circular letter from
Barcalys Bank which was slated for release tomorrow, the prestigious
name in the internationl banking industry, Barclays Bank, seems to be
following a trend among banks worldwide by trimming its operations in
the Cayman Islands by shutting down its office in Cayman Brac on

December 9. This will leave the Island with only one commmercial bank

and will result in the loss of several scarce white collar jobs.

Along with the press release, letters to its customers informing them
of cessations of operations by Dec. 9th from Barclays Cayman Islands

Director, Mr. Peter S. Hinson are scheduled to be sent tomorrow,
Tuesday, Nov 9.

Barclays, the first and for a long time the only bank on the Island,

has had a presence there for well over a quarter of a century, thus
many Island residents, who learned of the closing are in shock as talk

of the closing spread like wildfire over the Island.

Word of the closing is sparking fears among local residents of a

significant loss of investor confidence in the long-term stability of

the Island's economy. The closing runs contrary to talk by Government
of diversification of the Island's economy.

Adding to the despair over the closing is the fact that operation are
to cease so close to Christmas, lending a Scrooge-like image of
Barclays among locals.

Compounding the confusion to Island residents - and in particular
government employees - is the fact that Barclays is the bank used by
the Cayman Islands Government Treasury for their banking business
here: chequing, payroll, deposits and direct issue of worker's cheques
is handled by the bank

Government-owned Radio Cayman and the Cayman Islands only newspaper
are expected to have breaking news on the closing shortly.