"We have long been aware that the Minister of Finance was considering the question of the 60/40 rule in a serious and logical way. We knew that he had appointed a committee to research the question and make a recommendation to him. We did not, and do not, believe that there is anything to be gained by our harassing the Minister by making public statements on the issue. We know that he will deal with the matter when he has the information he needs and has considered all the ramifications of a change to a policy of long standing. However, since you ask, I am now prepared to tell you that the Minister of Finance is aware of Bank of Butterfield's intention to apply for exemption from the 60/40 rule. While we have no immediate need for additional capital, we believe that exemption from 60/40 is one of the ingredients, but only one of them, needed to enable Management to provide existing Bermudian shareholders with the best possible gain in the market price of the shares they hold, a market price that currently does not reflect the true value of the shares."