percent last week as all three of the Island's banks saw their share prices lose ground.

The Bank of Bermuda dropped $1 or 3.23 percent to $30 by Friday on volume of 9,876 while its warrants jumped $1 or 16.87 percent to close at $7 on volume of 4,000.

The Bank of Butterfield fell 90 cents or 5.17 percent to close at $16.50 on volume of 13,464.

And Bermuda Commercial Bank, which bade farwell to managing director Peter Roberts but also announced an e-banking initiative, dropped 50 cents or 7.14 percent to $6.50 on volume of 900 shares.

Trading was thin outside of the banking sector, with BELCO Holdings Ltd.

closing down $1 or 5.65 percent to $20.50 on volume of 16,320.

Total volume of trading was 44,560 shares worth $895,247.40. Meanwhile, the Bermuda Insurance Index, made up of Bermuda-based insurers traded on US and UK exchanges, gained 2.43 points on the week to close at 548.07.