Bank of Butterfield last week.

Argus Insurance share price also took a big hit, falling $2, or 11 percent in value, to close at $16.50.

The Bank of Bermuda fell $2.50 during the week to close at $34, while the Bank of Butterfield fell $1.63 to close at $15.

Bank of Bermuda warrants fell $3.50 or 23 percent in value to close at $11.50.

Since June 10, when its bill to seek exemption from Bermuda rule limiting foreign ownership to a maximum of 40 percent was rejected by the Private Bills Committee, the bank's shares have fallen $4, or about 10.5 percent in value.

Meanwhile on June 9 Bank of Butterfield revealed it was making a further $33 million in loan loss provisions against profits for the financial year ending June 30 See stories on Pages 13, 16, 17 . Since then Butterfield's share price has fallen $3, or 16.7 percent in value.

As the Bank of Bermuda has a 50 percent weighing on the BSX, and the Bank of Butterfield 23 percent, the index has also taken the plunge.

The index has fallen 195.91 points to 1497.72 in the nine trading days from June 9, representing a 13 percent drop.

The heavier volume of trading has been in the Bank of Butterfield's stock.

In the week ending June 19, about 93,600 Butterfield shares traded. Investors traded about 12,100 Bank of Bermuda shares, and 18,200 warrants.

Last week the index dropped 105.52 points, or seven percent, to close at 1,497.72 on a volume of 141,929 shares valued at about $2.35 million.