Statement From the Office of the Premier

No Undertaking for 9 November FFR Legislation Implementation

The statement from the Office of the Governor regarding assurances given by Premier McKeeva Bush to Minister Mark Simmonds during a 20 September courtesy call that the Framework for Fiscal Responsibility will be transposed into law “no later than 9 November 2012” has omitted important information that creates a misleading picture of what was discussed.

The 20 September meeting was a courtesy call initiated by Premier Bush in London (on his way to an EU meeting in Greenland to deal with possible measures that if not addressed, could negatively impact Cayman’s financial services industry). The meeting was also attended by the Premier’s Chief of Staff Leonard Dilbert, his Senior Political Assistant Richard Parchment and Cayman’s UK representative Lord Blencathra. Premier Bush did reassure Minister Simmonds that Cayman will cooperate in putting the FFR into law.

However Premier Bush also stressed that it was necessary, and important, for the Government to consult with the private sector on the FFR prior to the Bill going to the House. At no point did the Premier indicate that “the entire FFR as was signed in 2011 would be enacted in law.” None of this is made clear in the statement from Governor’s Office.

During the meeting the Premier did give an assurance of the FFR Bill going to the House on 5 November, but as to further timing of the legislation he only indicated that it “should take no more than a few days to have it passed and to have the UKG, give assent to it, to bring it into effect”.

He could not and did not give the specific date of the 9th of November, contrary to what is now being reported in the Governor’s statement. The date from the Premier was the 5th of November! That is the date the House will resume.