an extra $40 million without volunteering a statement to the House.

He said he was angered a written Parliamentary question had to be used to find out that Government had refinanced a $110 million loan, which expired in May, and upped to $150 million.

"It's rather surprising to borrow $40 million and not say anything about it,'' said Dr. Gibbons.

"It doesn't say much for transparency that this wasn't mentioned on the floor of the House. They need the money because they have this list of things to spend it on.'' However Finance Minister Eugene Cox said a rise in borrowing had been exhaustively covered in the Budget debate where it was agreed that it could rise no higher than ten percent of the nation's gross domestic product.

Mr. Cox also took issue with his opposite number's claim that Government should have opted for a fixed rate when it had the chance before interest rates shot up in order to save the country and the taxpayer money.

Mr. Cox said advisors had shown Mr. Gibbon's analysis was wrong, that refinancing with his method could have lost the country money rather than saved the millions Mr. Gibbons was falsely claiming.

And he said a large portion of the debt was already at a fixed rate and had been inherited from the former United Bermuda Party Government.