The role played by the Bermuda International Business Association (BIBA) in the weeks leading up to the Independence referendum was "critical'', the organisation's chairman said.

"We believe we played a critical role as calm and stable voice throughout the debate,'' Mr. Cummings Zuill said yesterday as he reflected on the highlights of his two-year term which concluded last week.

"One unique aspect of BIBA's activities during the past year was the degree to which the Independence debate and referendum consumed our time and the focus of our overseas marketing programme,'' he said.

BIBA did not take a stance in the debate and instead chose to inform and support the democratic process.

"We are not a political organisation,'' he said. "Our message is that the debate was not about international business.

"We said we felt a lot of business was held back because of the Independence debate and we felt that Cayman benefited (from the uncertainly it created).'' Cayman Islands is probably Bermuda's greatest competitor in this hemisphere, he said.

Mr. Zuill, who last week handed the BIBA helm to Winchester Global Trust president and CEO Mr. Thomas Davis, said: "BIBA has evolved and accomplished a lot in the last two years.'' He cited last month's Bermuda Market Briefing as another major move by BIBA.

"The Hong Kong briefing tour was a highlight not only because it was successful but also because it was broadly inclusive.'' The Briefing is slated to continue in January with stops in Zurich and London.

BIBA still has `much to do', says Zuill Government funded half the cost of the Bermuda Market Briefing which included representatives from Government, BIBA as well as the Island's insurance industry, Mr. Zuill said.

BIBA, which promotes Bermuda as a top offshore business and financial centre, has seen major growth in its Government grant.

In 1995, BIBA received a grant of $500,000, up from $100,000 provided a year earlier.

Revenue for the year ended March 31, 1995 was 635,095, up from $204,216 a year earlier while expenses rose to $710,615 from $179,084.

At the end of fiscal 1995, BIBA's fund balance was $62,317 compared to $137,837 at the beginning of fiscal 1995.

Membership contributions rose to $130,375 from $100,800.

Office expenses rose to $135,324 from $81,902.

Yet another area of growth has been in membership.

The organisation's membership has grown to encompass practically all the companies involved in servicing the Island's international businesses and BIBA is considering adding associate members.

Another highlight of the past two years has been the successful, coordinated effort of providing information to the international media, he said.

On the international front, BIBA has also positioned its members to speak with the media when they are abroad.

Mr. Zuill concluded that though much has been accomplished over the past two years, there is still "much to be done''.

Previously senior vice president, private trust at the Bank of Bermuda, he was recently appointed senior vice president, executive management.

His new position includes responsibility for some of the bank's largest clients and shareholders.

BIBA was established in 1970 but 1995 was only the second full year that the organisation operated as an incorporated body limited by guarantee.

Meetings between Government and business leaders began in 1992 to utilise BIBA as the body which would oversee the promoting of Bermuda's international business sector.

debate and its Briefing tour of the Far East were highlights of his term.