another step towards becoming law on Wednesday when the Senate approved the Interest and Credit Charges Act.

Government Finance spokesman the Hon. Grant Gibbons said there was a provision in the Act for interest rate ceilings to be reinstituted in the future.

But that provision would eventually be scrapped when Government had a "clear understanding of how the various bits of legislation were affecting the financial situation''.

Sen. Terry Lister (PLP) said Government appeared to still be "attempting to convince the people'' that the Act was in their best interest.

He did not think Government should get rid of the provision allowing it the option to institute maximum rates sometime in the future.

"There is nothing wrong with having something in the back pocket,'' he said.

"By knowing Government can always put ceilings back, it helps ease our concerns as to where Government wants to take us as far as personal finances.'' He also had concerns the Act revokes finders' fees and credit charges.

Sen. Michael Winfield (UBP), responding to Opposition claims, said Government was not putting forth the amendment "for its friends on Front Street''.

Some Front Street businesses were "not roaring to support the measure'' according to reports in the media, he pointed out.

"The UBP is doing this to protect and assist the average person in Bermuda when it comes to borrowing and to open up free competition,'' he said.

Lending rates would likely be brought down. And more Bermudians would be able to "own a piece of the rock''.

Before the Act was passed, Sen. Gibbons told Sen. Lister Bermudians would be able to open up and maintain bank accounts in foreign currency.

The measure would also increase banks' liquidity which would likely lead to increased home ownership by Bermudians as first-time home owners.