Bermuda's newest Finance Minister yesterday said he felt lucky to have inherited a very healthy portfolio.

"I am fortunate to have inherited six years of solid performance,'' said the Hon. Grant Gibbons.

Sworn in Tuesday, Dr. Gibbons, 43, leaves behind his Management and Technology portfolio and steps into the shoes previously worn by Premier the Hon. David Saul.

He said his appointment as Minister of Finance will mean stepping down as managing director of Gibbons Company Ltd. and Peniston Brown Company Ltd., Gibbons group companies.

Dr. Gibbons chose not to detail possible changes within the Ministry of Finance at this early stage but said Bermudians can expect current trends of balanced budgets as well as healthy balance of payments and current account to continue.

"Clearly we will continue that direction,'' he said.

"It is still very early days and I would like to get a better understanding before beginning decisions,'' he said.

The importance of international business, tourism and the Island's retail sector were all issues which will need careful attention, he said.

Dr. Gibbons cited the national pension plan as an issue which will need his prompt attention.

"Government will have to address this but there will be no easy solutions,'' he said.

When asked about the last Budget's corporate services tax levied against local businesses Dr. Gibbons said, "One has to be careful about taxing business and individuals.'' Dr. Gibbons will bring the Management Services Department, the management auditing arm of Government, from his last post to his new cabinet position.

The two largest areas he leaves behind to Technology Minister the Hon. John Barritt will be telecommunications.

"Clearly it is difficult to leave something still in process,'' he said of the management and technology portfolio.

"I am pleased with the telecommunications policy that is in place.

Deregulation will allow provisions for different service providers, more market forces will dictate telecommunications,'' he said.

Telecommunications is a critical part of Bermuda's international business sector, he added.

With Dr. Gibbons as management and technology minister, new companies were given licences to compete with Bermuda Telephone Company Ltd. domestically and with Cable and Wireless on the international level.

Dr. Gibbons said the return of the Base lands, ten percent of Bermuda's land, will present a number of expenses but also great opportunities to the Island.

Appointed to the Senate in November of 1993, Dr. Gibbons then succeeded the Hon. Michael Winfield as Minister of Management and Technology in January of 1994.

In July 1994, Dr. Gibbons was elected to the House of Assembly in a Paget East by-election after the death of the Hon. John Stubbs.

Dr. Gibbons is a former second vice president of the Chamber of Commerce. His business endeavours include working as director of worldwide licensing for huge multi-national pharmaceutical company Squibb Corp. in Princeton, New Jersey.

Nephew to the former Premier the Hon. Sir David Gibbons, Dr. Gibbons -- a Bermuda Rhodes Scholar -- obtained his doctorate in organic chemistry and his masters in philosophy, politics and economics from Oxford.

His grandfather, Mr. Edmund Gibbons, is a co-founder of the Gibbons group of companies' parent, Edmund Gibbons Ltd. while his father, Mr. Graham Gibbons, is a former Mayor of Hamilton.