Bermuda has not been singled out by the UK government among its hitlist of offshore low-tax jurisdictions that may need to be bailed out as a result of economic crisis, Finance Minister Paula Cox has claimed.

Ms Cox, who was speaking a press conference yesterday on Bermuda retaining its AA+ credit ratings from Fitch Ratings and its election as vice-chair of the steering group of the Organisation for Economic Co-operation and Development's (OECD) new Global Forum.

She said that Michael Foot, chairman of UK-based Promontory Financial Group, who carried out an independent investigation of the Island's finances in March as part of a wider review of British Crown Dependencies and Overseas Territories business jurisdictions, had been kept well informed of the Island's financial situation and it had not be specifically targeted for special treatment.

This follows a report in UK newspaper The Guardian this week, which revealed that Mr. Foot's findings suggest the government may need to make provisions for the financial failure of its "tax havens", as experts claimed the collapse of one such major jurisdiction could potentially cost Britain tens, if not hundreds of millions of pounds.

Ms Cox stressed that Bermuda was not a tax haven and added that she hoped Bermuda's acceptance onto the OECD's 'white list' had countered any misconceptions about its status in light of US President Barack Obama threats to shut down tax havens through his co-sponsored proposed Stop Tax Haven Abuse Act prior to his election to the White House.

"I think it was the case with the President, as with many politicians, that sometimes the discourse prior to an election is more rhetoric than substance," she said.

"But Bermuda's ascension to the 'white list' hopefully counters any conceptions or misconceptions there may be."

Ms Cox pointed to the Island's election as joint number two in the new Global Forum steering group and policy-making body of the OECD as the only small international financial centre to be selected in such a capacity, amid 178 delegates from more than 70 jurisdictions and international organisations at this month's meeting in Mexico.

She said Bermuda would would help advance international co-operation in tax information exchange, showing the world that the country is not a tax haven, but is a significant player in the global financial system, contributing to international financial stability, recovery from the economic crisis and setting new standards to abide by to ensure a level-playing field for all based on fairness and transparency.

"We have a seat at the table when important and pivotal decisions are made that can enhance and service Bermuda's national interest," she said.

Ms Cox said the UK government had to look at its British Crown Dependencies and Overseas Territories business jurisdictions which remained the most vulnerable to the financial crisis, but added that Mr. Foot had a "good footprint and fix" on Bermuda's economic performance from his previous visit and the updates he received on the Island's progress.

Referring to the UK government's plans to financially assist any troubled offshore jurisdictions which fall under its remit, she said: "Bermuda certainly has not been singled out for any action of that nature."

Ms Cox said Bermuda still had a number of Tax Information Exchange Agreements (TIEAs) it hoped to agree later this year, with the chance of concluding one such agreement with Mexico as early as next week, to add to its 16 TIEAs already negotiated.

"Bermuda is clearly growing from strength to strength in terms of the economic indicators and our international perception as a force to be reckoned with," she said.

"You see that Bermuda's size has not limited its outreach or standard and as the economic environment improves Bermuda needs to be best positioned so its people can take advantage of it.

"Our economic success and fortune that we are enjoying right now is certainly not by accident, it is a steady, measured and prudent approach."