international business, as a result of the Independence referendum.

Portfolio International, which bills itself as "The Professional's Guide to Investment Worldwide'', carries a July article which highlights the Bermuda International Business Association's (BIBA) initiative to mount a post-referendum tour.

The BIBA plan is to spotlight the "business as usual'' attitude in Bermuda, no matter which way the August 15 vote goes, during visits to selected cities in the US, the UK, Switzerland and including Hong Kong.

Headlined "Bermuda goes on the offensive'', the story said that Bermuda is fighting against offshore centres which are trying to entice business away during the period of uncertainty surrounding its independence referendum.

The article details how law firms in the Cayman Islands are trying to pick up business that would otherwise have been attracted to Bermuda.

The BIBA initiative, said the publication, "is partly a response to the noises coming out of Cayman which hint at an air of panic from companies currently based in Bermuda and hesitation amongst those thinking about doing business there.'' It quotes Mr. Anthony Travers of the Cayman-based law firm Maples and Calder as saying: "Current uncertainties over the independence referendum are likely to result in the Cayman Islands being a net gainer of insurance business generally from Bermuda over the next five to 10 years, regardless of the outcome of the independence vote.'' The article continues: "And his view seems to be reinforced by reports from the Cayman Chamber of Commerce which state that Bermuda companies have been asking for information about Cayman.

"The greatest fears appear to be on the trust side. The market was only opened up to non-Bermudian trust companies and banks in 1991.'' Managing director of Coutts & Co. (Bermuda) Ltd., Mr. John Ritchie, contributed: "People don't like uncertainty. I'm sure business will flow back to Bermuda whether it is independent or not, but people are holding back and a lot of business is going to Cayman.'' And Parliamentary Secretary for Finance, Senator Lynda Milligan-Whyte, senior partner at Milligan-Whyte & Smith said: "Capital is very sensitive and it will fly out in a minute if you create a period of instability.'' She is touted as just one of those who say, however, that it would be folly for financial firms to choose Cayman as an alternative, because its infrastructure is not as developed as Bermuda.