Opposition MPs are set to back a bid to open a new bank in Bermuda, it was revealed yesterday.

The move came after Private Members' Bills Committee chairman Stanley Lowe told the House that the committee had not approved the bill to allow the First International Citizens' Bank of Bermuda to go before the House of Assembly.

But Progressive Labour Party leader Jennifer Smith said the Opposition members on the Committee had been outvoted.

And she hinted that a PLP MP -- understood to be Shadow Youth and Sport Minister Nelson Bascome will bring the bill before the House -- despite the lack of support in the Private Members' Bills Committee stage.

She added: "Whatever action you may see will be a party-approved action.'' But she appeared to rule out PLP support for a bid by the Bank of Bermuda to have MPs waive the 60/40 rule designed to ensure Bermudian majority ownership of businesses.

Bank bosses wanted permission to have some of the bank's shares listed on an overseas stock exchange. The Bank of Bermuda is currently listed only on the Bermuda Stock Exchange.

The firm wanted to use the overseas listing to generate capital for overseas development and to boost the stock price.

Ms Smith said: "In the case of the Bank of Bermuda, the Government bodies which are authorised to advise the Committee advised two to one against it.'' And it appeared that the PLP will take the same view on a bid by power firm BELCO to vary ownership rules.

BELCO wanted exemption from a rule limiting a company from holding equity in a local company unless it is at least 80 percent owned by Bermudians.

The firm wanted the exemption so its majority ownership of local communications company Quantum Communications Ltd. is not jeopardised.

The Committee sought advice from several expert bodies, including the Bermuda Monetary Authority, the Finance Ministry and the Registrar of Companies before reaching its decisions.

The Committee only approved one of four bills -- a controversial bid by Bermuda Properties Ltd. to allow them to sell off their land at Ship's Hill, Hamilton Parish. (See story below) .

But Ms Smith interrupted as Mr. Lowe delivered his report to underline that she wanted a debate on the subject.

She was, however, ruled out of order by Speaker Ernest DeCouto and asked to sit down.

Ms Smith said afterwards: "We think there are compromises which can be reached, but whether or not we get to air that question is up in the air.

"We would like to see the concerns which have been raised addressed, while at the same time allowing expansion into areas which may be beneficial to tourism to happen. If that is not possible, it's not possible.'' Mr. Bascome attempted to have the House agree to debate the new bank bill next week, but was voted down 15-14 by Government, with the casting vote of the Speaker.

Government Whip and Leader of the House Quinton Edness said later he was not in principle against a debate on the subject.

But he added: "It was a bit of a rush to have this debated without the report from the Private Members' Bills Committee being properly disseminated and digested.''