Island's top supervisory and regulatory agency for financial institutions.

After more than 26 years in operation, the Bermuda Monetary Authority (BMA), the closest thing in Bermuda to a Central Bank, has purchased a building that they can occupy for the foreseeable future. The deal was completed on Friday.

Authority Chairman, Mr. Mansfield H. Brock Jr., said yesterday, "This action makes good economic sense when compared with the Authority's occupation of rental facilities over the past 25 years.'' The BMA has occupied rented premises since its inception in February 1969, with staff growing to 32. It currently occupies the first floor of Sofia House at 48 Church Street, Hamilton, under a lease arrangement that was initially set for five years, and which expired this summer.

A year-long extension ends next summer, when the Authority is expected to move into their new premises. Until that time, according to deputy general manager, Mrs. Marcia Woolridge-Allwood, refurbishments will be needed.

Declining to reveal the cost of the purchase, she said, it was difficult to give a precise understanding of how much space the building contained.

She explained,"It is a not a traditional building. It has 10 levels, being laid out differently from the way most buildings are. It is very much a shell at the moment.'' The Authority's board was said to have considered it important from a long term stability perspective for the BMA to be housed in offices which they could occupy with some degree of permanency. They have moved seven times since their inception.

When asked about the purchase, the Authority added in a prepared statement: "It is vitally important for the Authority to update its computer and telecommunications systems to meet the increasing needs of the Authority, and to enable enhancements to allow for on-line reporting from those entities which are supervised by the Authority.

"Such expensive enhancement will be more sensibly and productively achieved in premises owned by the Authority.'' BMA general manager, Mr. Malcolm Williams, said:"The Authority will, through the purchase, also derive many other economies of efficiency and effectiveness by, amongst other things, being able to purpose design its accommodation to meet the many and varied activities and functions of the Bermuda Monetary Authority.

"The purchase will also undoubtedly enhance the stature of the Authority (at least members of the public and business community will now be able to find us!) and in turn heighten the international image of Bermuda.'' Near the corner of Front and Burnaby Streets, the building was formerly used to house a restaurant that was owned by Shutters Ltd., a company that at the beginning of the year was being quickly dissolved.

Shutters Ltd. made news in January because within a matter of months of opening the restaurant, it was closed and there were efforts to use a new method of winding up companies that was quicker and less expensive.

The application was being made under 1992 legislation that was introduced after Government officials became burdened with conducting liquidations for companies in which there were no assets to pay the cost of the liquidation.

Until then, Government had to provide lengthy and costly liquidation services after those in private practice by-passed liquidation jobs for companies that were being wound up with no assets. The official receiver would get the job by default.

MR. MANSFIELD BROCK