following the resignation of acting managing director Barry Munholland.

The Bermuda Stock Exchange (BSX) announced yesterday that he had tendered his resignation but the bank refused to say why or when he would be stepping down.

It is understood that for the past week, the BSX has pressed the bank for confirmation, after Mr. Munholland allegedly announced his resignation to staff last week.

BCB, a public company with shares on the BSX, has an obligation to provide any changes in office bearers to the exchange.

Mr. Munholland was at his office yesterday and confirmed he had tendered his resignation from the bank, but refused to say when he did so or when he would leave.

He directed all enquiries to BCB chairman and chief executive officer John Deuss, who is currently off the Island.

Mr. Deuss' secretary said: "Because of our past experience with the Press, Mr. Deuss does not give interviews. He is off the Island and is uncontactable.

I am sure the bank will issue a statement when it is ready.'' Mr. Munholland, 51, from Canada, joined the bank in September, 1998, as general manager of corporate treasury.

In December last year he was given the post of acting managing director after Peter Roberts stepped down from the position.

According to sources within the bank, Mr. Munholland's reason for resignation was that he wanted to return to Canada with his family. Other reports of fighting between Mr. Deuss and Mr. Munholland have been dismissed as gossipmongering.

BCB has experienced problems with its Internet banking platform, which was due to be launched in January this year, but has declined to comment on why the system is not up and running.

In January, it said it would be ready by the spring. Last week Mr. Munholland declined to say why the system was still not up and running and could not give a date when it would be ready.

BCB shares last week were trading at the bank's 52 week low of $5.00. The stock's highest price in the last year was $7.55.