The Prime Minister has commended the Bank of Bermuda for its continued contribution to the country's economic welfare, and the skills and quality of services it provides to the local Offshore Finance industry.

During a meeting yesterday with the President of the Bank of Bermuda, Mr. Henry Smith, Dr. Maoate said he was pleased with the growth of the industry and the Bank's role in contributing to that growth. He had always encouraged a strong working relationship between the industry and Government, through the Commissioner of Offshore Financial Services, he said. "I want us to relate freely," he said, "we have the same purpose."

He also reaffirmed with Mr. Smith, support for concerted effort by offshore jurisdictions to maintain the call for a multilateral dialogue to establish a global tax forum. The Prime Minister said he had stuck his neck out to argue the case for the Cook Islands but that he was pleased with the progress on making the Organisation for Economic Cooperation and Development (OECD) understand the country's position.

"Our voice has been heard," he said, in reference to attending the High Level meeting in Barbados in January. The Cook Islands will continue its cooperative approach with jurisdictions from the Pacific and the Caribbean to encourage the OECD back to the negotiating table on international taxation issues, he said.

Mr. Smith was encouraged by the Prime Minister's comments and remarked too that he was "feeling better about the progress being made" on the taxation issues. It was the Bank President's first visit to the Cook Islands.