Hurricane Ivan tests disaster plans

The Cayman Islands is having to press its case as a safe place for business following the destructio...

The Cayman Islands is having to press its case as a safe place for business following the destruction of large swathes of the region caused by Hurricane Ivan. While all the large financial institutions had disaster recovery schemes in place, allowing them to move operations swiftly, other jurisdictions are not wasting the opportunity to encourage a permanent change of residence in light of the situation. The Bank of Austria was one of the first to publicly announce its disaster recovery scheme had kicked in, with Jersey granting the bank an emergency license to do business. In any even...