Government should think again about proposals for a fourth force in Island banking.

And a full debate on the desirability of setting up the First International Citizens' Bank in Bermuda should be held as soon as possible, according to Progressive Labour Party Shadow Minister Nelson Bascome.

Mr. Bascome failed last Friday by the casting vote of Speaker Ernest DeCouto to have a full House of Assembly debate on proposals for a new bank after the Private Members' Bills Committee failed to give businessman Andre Heyliger's plan its stamp of approval.

But the Shadow Minister for Youth and Sport urged Government MPs to think again about their opposition to a debate.

Mr. Bascome said: "There definitely should be a re-think on this as soon as possible.

"I have done what I could do -- I've put the motion forward and I'm hoping someone on the Government side will take another look at their decision.

"I have spoken to Mr. Heyliger and said maybe he could talk to someone on the Government side to see if he can change their minds.'' Mr. Bascome's bid to have the bill discussed was defeated by 15 votes to 14.

But he insisted he still backed the principle of another bank to offer more choice to Bermudian customers.

He said: "It's about competition basically. That's what we're looking at -- something which will offer another choice to the average citizen of Bermuda.

"This is a bank which would be in the forefront of domestic banking, providing a quality service to people who require a banking service.'' The Private Members' Bills Committee is understood to have sought advice from the Bermuda Monetary Authority and Ministry of Finance experts before reaching their decision.

It is believed there were fears over adequate capitalisation for the bank and its viability in Bermuda, already served by the Bank of Bermuda, the Bank of Butterfield and the Bermuda Commercial Bank.

But Mr. Bascome said the ruling United Bermuda Party's traditional links with big business could have played a part in Government's line.

He added: "That could be it, that might be a part of it, but I don't want to speculate.

"But this one here is really strange. Even stifling just talking about it, I just wonder why.'' Bascome renews call for debate And he insisted: "A bank within this environment should be able to thrive if it has community support.'' He said the major banks made their big money in overseas dealings -- not domestic banking.

Mr. Bascome added: "Even taking a big chunk of the domestic market, the other banks' emphasis is on international banking around the world.

"They are coming out with healthy profits and I don't think another bank would cut into that much.'' And he pointed out a debate on the subject would assist Mr. Heyliger in addressing any concerns the Private Members' Bills Committee might have had and allow to bring his proposal back with suitable amendments.

Yesterday, Mr. Heyliger vowed not to give up on his banking bid and said he had already sought legal advice.

He said: "My lawyers are looking at getting the full report of the committee so they can find out the reasoning behind their decision. We haven't received it yet, but we expect it in the next few days.'' Mr. Heyliger added: "We understood from the very beginning there would be differing views on the issue of a new banking entity in Bermuda.'' But he insisted that -- with an overseas partner and a high level of community support -- a new bank would be a success.

Mr. Heyliger said: "We are concerned that politics in this case have overridden the benfits of having a new financial entity in Bermuda.

"But we will understand that better after seeing what the Private Members' Bills Committee has to say.

"We want to see their reasons and concerns -- whether real or imagined -- and attempt to address these concerns.'' BUSINESS BUC HOUSE OF ASSEMBLY HOA