Exchange, falling about six percent in value on a volume of 460,170 shares.

The fall -- on hefty volume 460,170 shares -- drove the index down 50.16 points for the week, or 3.4 percent, to finish at 1,478.62 on a volume of 537,474 shares valued at $13.74 million.

The bank's warrants also took a hammering, falling $1.38 to $11.88, a decline of 10.38 percent.

But GlobeNet Communications was the biggest loser of the week, falling $1.50 or 23 percent in value to close at $5. Bermuda Telephone fell $2 to close at $30 on volume of 4,000 shares. BELCO Holdings fell 50 cents to $23 on volume of 2,829 shares.

Only the domestic insurance sector held up against the decline in stocks, wuith Argus rising 13 cents to $17.13 and BF&M preference shares gaining 13 cents to close at $10. Both closing pricesmarked highs for the last year.

The FTSE/BSX Insurance Index fell 20.83 points to 863.61, a decline of 2.36 percent.