reaction to Finance Minister Eugene Cox's statement in the House of Assembly on Friday which said a review of the 60/40 ownership rule -- especially in the financial sector, was on the cards.

A spokeswoman said: "Further to the comments made by the Minister of Finance on Friday, 7 July regarding the Government's annex to the Letter of Commitment to the OECD, we can share with you the response we are giving to our international clients who are inquiring about the matter.

"The position of the Bank of Bermuda in response to these (the Minister's) remarks is that we do not see any major changes in the areas of `exchange of information' or `transparency' to the way Bermuda currently conducts business.

"In the main, Bermuda had to make the smallest number of changes in order to meet the OECD's guidelines and is already largely compliant with the OECD principles. The commitment of the Government in Bermuda, in our view, largely expresses Bermuda's commitment to maintain these regulations in the future and to keep up with international standards.

"The bank continues to work closely with Government and the balance of the business community within Bermuda and expects appropriate consultation to continue as Bermuda evolves its legal framework to ensure it remains a well-regulated and premier financial centre.''