The Bank of Bermuda/HSBC has pledged to assist Government with building materials for emergency housing, Premier Alex Scott announced this week.

Defending HSBC?s presence in Bermuda, Mr. Scott expanded on the opportunities the bank presents to both individual Bermudians and the country as a whole at a Press conference held to discuss the Social Agenda and the demise of Trimingham?s at Cabinet on Thursday.

Saying he did not feel he was ?talking out of school?, the Premier announced that by talking with HSBC ?we have the ability to touch the suppliers of those (emergency housing units we are putting in) ... and through that bank we can probably realise concessions from those suppliers. ?HSBC will say, ?listen ... our bank has a presence in Bermuda. We would like for you to give Bermuda or the Bermuda Government a good deal?.

?We couldn?t do that before. The Bank of Bermuda couldn?t do that before, the Bank of Butterfield can?t do that for us. The other banks can?t or won?t do that for us. We have had the offer from the Bank of Bermuda/HSBC that they would speak to developers, hardware providers that are going to provide the materials for our emergency housing, and see if they can?t make them an offer.?

In response to concerns that the presence of companies such as HSBC on the Island means Bermudians no longer have control over their own country, Mr. Scott replied that Bermudians may in fact become more empowered through companies such as HSBC.

?This presents not only local opportunity, but international opportunity ... (Bermudians) can do well in Bermuda, they can work in Bermuda, they can work around the globe and come back to Bermuda with more experience and without having to go out into the cold and strike out on their own ... Bermudians may be further empowered by the developments that are taking place.?

Under the Companies Act, the Bank of Bermuda ? despite being 100 percent owned by HSBC ? technically remains a Bermudian company.