Bermuda Housing Corporation general manager Raymonde Dill said he hoped Bermuda would experience a"ripple effect'' from the Bank of Butterfield's decision to offer 95 percent mortgage financing.

Mr. Dill said after the Bank's announcement on Monday that the move could help ease the present housing problems.

"I think it is absolutely wonderful news,'' he said, "and I am both encouraged and excited with this boost the Bank have made to home ownership.

"There is a proportion of our client base that will benefit from this and who will fit the parameters set down by the Bank,'' he added. "In fact I am hopeful that this will cause a ripple effect as current tenants take advantage of the offer thus making more rental units available.

"And I would urge landlords to assist us in the Housing Corporation by making their units available to us for our clients whose income stream does not support payment of a mortgage.'' Mr. Dill said the Bank's decision illustrated to him and to the Government "that they take the housing situation seriously and want to play their part as good corporate citizens''.

He expressed confidence that Bank of Butterfield CEO Calum Johnston will also be trying to introduce measures to help middle and lower income people get ahead in the Island.

He acknowledged that the Bank has incentive programmes to aid first time business owners and operates a staff accommodations programme.

"He is right on the money,'' Mr. Dill said of Mr. Johnston.

Bank offer for young professionals: Page 23 Raymonde Dill