The Bank of Bermuda Foundation has promised to continue to contribute to local charities despite the sale of the local bank to HSBC.

David Lang, whose offices include the Bank of Bermuda Foundation director, made the pledge at this week?s Hamilton Rotary Club lunch.

He said that the Foundation was a separate entity and would continue to donate to various charities. Usually the foundation donates between $2 million to $3 million year.

Moreover, Mr. Lang said HSBC would contribute to the foundation. Formerly the locally-owned Bank of Bermuda made contributions to the foundation. He told Rotarians that the HSBC?s motto wa ?think globally, act locally? and its particular focuses were education and the environment.

Mr. Lang spoke about Bermuda?s third pillar ? philanthropy. He said Bermuda was a community that strongly believed in generosity and volunteerism. About $84 million is donated to 300 charities a year. Moreover, 44 per cent of residents, of all races and ages, volunteer. He also spoke of the National Standards Commission which accredits charities so that the public can know they are legitimate organisations. The accreditation is of the highest international level. He urged more charities to seek this accreditation.

In addition he reminded American residents that contributions to local charities were only tax deductible if they went through the International Charity Fund of Bermuda Inc. This organisation has been recognised by the International Revenue Service in America. Any donations should be sent through them and earmarked for the particular charity the donor wants to contribute to.

When tax time comes around for Americans they will have the necessary paper work for these donations to be considered tax deductible. Donating directly to an international charity, such as Bermudian ones, is not tax deductible for American citizens.

Mr. Lang also discussed the need for Bermudians to use endowments and give legacies to ensure that charities were sustained in the long term. ?If it is true that you can?t take it with you when you go, please think of leaving some to Island charities,? he said.

Mr. Lang concluded by saying that Bermuda was an extremely charitable country that had not been tainted by many charity scandals or bad behaviour.