The Bank of Bermuda is today considering its next move after MPs voted last night to reject a motion which would allow them to be more competitive on the international scene.

MPs voted 15 to 13 against a motion to reject the Report of the Joint Select Committee on Private Bills on the Bank of Bermuda Act 1998.

The loss means the bank cannot be exempt from the 60/40 ownership rule, which forbids them from listing shares on the US stock exchange and raising capital to enable them to compete on a more equal footing with their global competitors.

And last night Bank of Bermuda President and Chief Executive Officer Henry Smith expressed his disappointment at the decision and said the bank was now considering its next move.

"We are obviously very disappointed at the vote. However, we would like to refrain from further comment until such time as we have had an opportunity to fully consider the implications of this decision.'' Finance Minister Grant Gibbons said the vote showed the PLP's "blinkered approach'' to business. He said it was in the long term interests of the bank to be able to raise capital and operate on an equal footing with other financial institutions globally. He and UBP MP Leonard Gibbons, who brought the bill to the House, said they didn't think the Opposition really understood the importance of bill to the bank.

Mr. Leonard Gibbons said he was especially upset since MPs had had the opportunity to debate the issue and had not.

Last night's vote was taken after the debate on the proposal was halted on Friday night, after confusion over which MPs were eligible to vote on the issue. Speaker Ernest DeCouto outlined those who could not vote. Those who are directors of the bank, members who have more than five percent of shares in the bank, and MPs who are also employed by the bank in a management position and have profit sharing to a high level, were all prohibited from voting.

Some MPs didn't vote out of choice. The following MPs voted for the motion; Mr. E. P. Adderley, Mr. J. Barritt, Mr. A. D. Dodwell, Mr. M. H. Dunkley, Mr.

W. L. Furbert, Dr. E. G. Gibbons, Mr. L. O. Gibbons, Ms. P. F. Gordon, Mr. G.

R. Pitman, Mr. M. T. Smith, Mr. H. W. Soares, Mr. R. D. Spurling, Mrs. M. I Young.

Those who voted against the motion were; Mr. D. H. Allen, Mr. N. B. A.

Bascome, Mrs. G. A. Bell, Mrs. L. M. Browne-Evans, Mr. D. V. Burgess, Mr. R.

A. Burrows, Mr. C. E. Cox, Mr. D. P. Lister, Mr. W. M. Lister, Mr. S. W. Lowe, Mr. S. A. Morton, Mr. W. C. Roberts, Mr. W. A. Scott, Mr. O. A. Simmons, Ms.

M. D. R. Webb.

The following did not or could not vote or were absent; Dr. E. F. Brown, Mr.

M. A. Burgess, Ms. P. A. Cox, Mrs. A. F. C. DeCouto, Mr. C. J. Dill, Mr. Q. E.

Edness, Mr. J. I. Pearman, Ms. J. M. Smith, Mr. L. C. Williams, Mr. C. V.

Woolridge.

Mr. T. G. Moniz abstained.