"non-qualified intermediary'' with the US tax agencies so that its customers have to fill out their own forms for US tax purposes to avoid punitive withholding taxes being imposed.

In January 1, 2001, the United States Internal Revenue Service imposed new rules in respect to withholding taxes imposed on income from US securities and US bank deposits.

The bank said: "For intermediaries like BCB, which hold assets in custody and receive income thereon for clients, the new rules presented three basic choices.

"BCB elected the status of being a Non-Qualified Intermediary.''