featured in this month's edition of the Offshore Financial Review, which is a publication of the Financial Times.

The Island's rivals are also highlighted in a five-page survey entitled "The Caribbean and Bermuda'', with countries such as the Cayman Islands, Antigua, the Bahamas, the Turks and Caicos Islands and Nevis, in the Leeward Islands, receiving publicity.

But the article on Bermuda, under the heading "Bermuda: banking on bourgeois respectability'', points out in its first sentence: "Bermuda is at pains to state that it is not part of the Caribbean.'' It goes on: "However, whether Bermuda likes it or not, it is very often lumped together with the Caribbean centres, although its growth and `financial culture' is distinctive'.'' The Island is described as "sunny, safe, stable and very prosperous'' and is generally portrayed in a very complimentary light.

"It's a solid, respectable offshore financial centre ... It has a history untainted by scandal and a reputation for high quality business and infrastructure (balanced by the high cost of living and operating there),'' says the article.

"...The Island's effective, yet unbureaucratic regulatory system (largely self-regulatory), sound infrastructure and good communications ensure it remains a popular option (with international companies).

"There has not been a major drive to attract business, a la Bahamas; but as Dr. David Saul, the Minister of Finance, puts it: `Accounting firms have planted many little acorns with overseas clients over the last two decades, and they have now grown into oaks.'' Other local businessman who are quoted in the article are Mr. Richard Francis, head of Bermuda Commercial Bank; Mr. William Thomson, of the Bank of Bermuda; and Mr. Jeff Conyers, of First Bermuda Securities In its articles on the Caribbean, the magazine says the area is "cleaning up its act'' by updating legislation and promoting a responsible image.

It also adds: "While the Caribbean's offshore financial centres are proclaiming that cleanliness rather than quickness is the new by-word, not-so-nearby Bermuda says there's no dirt to clean up, anyway.'' The Offshore Financial Review, which is published in London, has a worldwide circulation of 8,600 per month. It is a journal for people in the offshore financial services business and is available free of charge to authorised financial advisors all over the world.

Mr. Neville Conyers Mr. Victor Garcia Mr. Barry Dodds.