publicly thanked the Bank of Bermuda for its contribution to growth of the local finance industry.

On his first visit to the Cook Islands, Henry Smith, president of the Bank of Bermuda, met Mr. Maoate who told him he was pleased with the growth of the islands' finance industry and the bank's role in contributing to that growth.

He commended the bank for its continued contribution to the country's economic welfare and the skills and quality of services it provided to the local offshore industry.

Mr. Maoate said he had always encouraged a strong working relationship between the industry and government, through the commissioner of offshore financial services. "I want us to relate freely -- we have the same purpose,'' he said.

He also reaffirmed with Mr. Smith support for the concerted effort by offshore finance jurisdictions to maintain the call for a multilateral dialogue to establish a global tax forum.

Mr. Maoate said he had stuck his neck out to argue the case for the Cook Islands, but he was pleased with progress on making the Organisation for Economic Co-operation and Development -- OECD -- understand his country's position.

Referring to the OECD January meeting he attended in Barbados, he said: " Our voice has been heard.'' He confirmed his country will continue its joint approach with other jurisdictions from the Pacific and the Caribbean to encourage the OECD back to the negotiating table on international tax issues.

Mr. Smith commented that he felt better about the progress being made on the taxation issue and that he was encouraged by the prime minister's comments, according to a report from the Cook Islands' government.

Bank of Bermuda in the Cook Islands operates the Bermuda Trust (Cook Islands) Limited, registered as a trust company under the islands' Trustee Companies Act. The trust offers a range of custodial, trust, asset management and company administration services to institutional investors, corporations and wealthy individuals.

Henry Smith