this New Year's Eve, he can look back on six years of what he terms "gradual change'' at the BMA.

The building of a system of financial supervision in line with international standards is one of more notable achievements of the BMA under Mr. Mann's chairmanship.

Increased efficiency and the restructuring of the BMA, under the general managership of Mr. Malcolm Williams, is another.

But one of his regrets will be that he left before Bermuda's foreign exchange controls were lifted and interest rates were freed.

"Not as much has happened as I would like to,'' said Mr. Mann, who will be 69 in November. "But I'm thankful that at least now something positive is being done about interest rates and exchange control.'' When he became BMA chairman on May 1, 1986, there had been little change in exchange control regulations for several years.

During his term of office, things started to happen, one of which was a change in the form applicants had to fill in to obtain foreign currency.

Also, there now seems a very real possibility that policy changes in both interest rates and exchange controls, as indicated by Finance Minister the Hon. David Saul's Budget speech earlier this year, could soon be made.

"I think in the foreseeable future we will see no foreign exchange controls and a relaxation of interest rates,'' he said. "I've pushed for them both in my years as chairman.'' The net effect of lifting exchange controls and freeing interest rates would not be as harsh as some people feared, he said.

"There may be a rush of money leaving the country initially but it would soon settle down,'' he said. "I don't think you would see an awful lot of money going out of Bermuda.

"There are disadvantages if you're investing in other economies for gain, such as the 30 percent withholding tax on dividends in the US.

"Other countries, like some in South America, have had very, very severe exchange control restrictions and lifted them in the last few years without too much detriment to their economies.

"Having said that, you're subject to the availability of US dollars or the currency you wish to buy.

"People do not seem to realise here that unless we are a net earner of dollars they are going to have to tighten their belts and not travel as much as they have in the past because the dollars will not be available.'' Mr. Mann first served as a director of the BMA from 1974-1975 while president of the now defunct Bankers' Association. He rejoined the BMA board on August 1, 1984, and became chairman on May 1, 1986.

In his time as chairman he served with two general managers, Mr. Anthony Goodfellow and, now, Mr. Malcolm Williams.

"I'm pleased with the way the authority has operated over the last six years,'' he said.

"I've had excellent cooperation from the two general managers I've had. It makes things very easy when you're operating an organisation where there are good staff and excellent cooperation. You get more mileage out of everybody that way.'' The BMA was a well respected body outside Bermuda, he said.

"The BMA is well received and well known around the world,'' he added. "We belong to the Offshore Group now which is an important accomplishment over the last few years.

"We have also seen local banks open branches in various parts of the world which, I think, is very commendable. The fact that the banks have been accepted in so many jurisdictions speaks well for what the BMA does and the supervision it carries out.'' On the economy, Mr. Mann said he believed the recession had yet to bottom out: "Things are pretty serious at the moment and I think they could get worse.

"While we're experiencing perhaps a small increase in tourism at this particular moment in time, it's not going to have any great effect on the balance of payments for this year.

"Until the election in the US is over I don't think there will be any great influx of new business here on the part of international companies, apart from possibly the Far East which has provided a pretty steady flow of new companies.'' Mr. Mann, who has two sons and is married to Edith, is a former general manager of the Bank of Butterfield, where he worked from 1940-1979.

Mr. Mann will be succeeded as BMA chairman by Mr. Mansfield H. Brock, Jr., who is currently general manager, personnel/administration, and corporate secretary of the Bank of Butterfield.

Mr. Charles Mann.