to $100 for all new loans, overdrafts and amendments to existing facilities.

Richard Doughty, vice president & head of retail banking said: "Offering a flat administration fee rather than a fee based on a percentage of the loan's value is an innovation for Bermuda.'' In addition to competitive rates and a low administration fee, personal banking customers will also benefit from improved service when it comes to applying for a loan as the bank has created a central lending centre at its Front Street Branch.

By centralising the lending function, loan applications will be processed more efficiently.

Additionally, the Bank continues to offer loan processing from its Somerset and St. George's branches.

"This is one of a number of improvements that have been made to the administration of loans over recent months to provide a better service for customers,'' stated Mr. Doughty.