from selling and renting property.

They are taking legal action to prevent Government from issuing real estate licences to the Bank of Bermuda Estates and Real Estate Division and Bank of Butterfield Executor and Trustee Company (Betco).

Lawyer Mr. Coles Diel this week took out a writ on behalf of the realtors seeking an "order for prohibition'' from the Supreme Court.

It is understood the order would prevent the Ministry of Finance from issuing real estate licences to the banks.

Most top real estate companies operating in Bermuda are named in the writ.

Mr. Diel refused to discuss the writ. Real estate agents contacted yesterday also would not comment on the reason for their action.

But Betco executive Mr. Charles Gunn and Finance Minister the Hon. David Saul said the issuing of real estate licences to banks was an old grievance of realtors.

Dr. Saul said he knew the action was "in the works''. Realtors had made known before their "dissatisfaction'' over banks being allowed to sell real estate.

"Every time there is a problem in the economy and there is a slump in real estate sales, the issue comes up,'' he said.

He said he did not see anything wrong with issuing banks real estate licences.

He said it had been done for decades.

"The banks feel that as trustees and executors of wills they should be able to sell property,'' he said. "They need the licence to carry out their activities in that regard.'' Dr. Saul said he did not know how deep-seated the agents' gripe was or what their case against the Ministry issuing the licences was, adding he would have to consult with the Attorney General.

Mr. Gunn was able to shed some light, although he was not aware of the writ.

He said realtors apparently felt it was unfair for banks to be allowed to sell real estate.

However, Mr. Gunn said it was not a policy of the bank to advise Betco of a foreclosure on a mortgage, which would give them the edge on selling the property.

He pointed out that any realtor could act as the agent for one of the bank's properties, which were "openly listed''. "We are never ever given exclusive listings by the bank,'' he said.

He said the bank's real estate division did well, but was not a substantial part of the bank's overall earnings.

The 17 real estate firms named in the writ are: LP Gutteridge, Crisson and Company, Bermuda Universal Realty, Geoffrey Bird, First Properties of Bermuda, Ted Gauntlett, Leonard O. Gibbons, Kitson and Company, Jeff Payne, Rego, Somers Realty, Jones Waddington, John Trimingham, Roderick DeCouto, Cooper Associates, Thomas B. Moss and Joy Lusher.