be rife.

A top member of staff told The Royal Gazette two weeks ago he was the acting managing director of the bank.

But on Monday the bank issued a statement saying that the bank's president, chief executive officer and chairman, John Deuss and the board of directors were managing the organisation's affairs.

And a spokeswoman said: "There is no acting managing director in charge of the bank.'' Manni Iglesias, who is general manager of corporate treasury at BCB, said at the beginning of October when contacted by The Royal Gazette that he was acting managing director.

A source close to the bank said that Mr. Iglesias was unhappy at the temporary promotion, and had taken the position against his will.

The paper contacted the bank to find out if there had been any progress in the implementation of a long overdue Internet banking service, but was told that the acting managing director, Barry Munholland, had left the bank.

The reporter was put through to Mr. Iglesias and was asked by a reporter "are you the acting managing director?'' he answered "yes''.

Yesterday The Royal Gazette reported that the bank had issued a statement saying there was no managing director at the helm.

Acting Managing Director Mr. Munholland left the bank in the last week in September and, according to the bank, has not been replaced.

Mr. Munholland in April told colleagues at work that he had resigned, and the next month the bank issued a statement saying he was leaving for `family reasons'.

Mr. Munholland took over on a temporary basis when Peter Roberts left the bank in December 1999 after his three year contract expired.

In a rare release from the bank in May, which confirmed Mr. Munholland was leaving the bank, it said that he would be staying on to ensure there was a smooth transition.