Michael Collier and the Hon. Sir David Gibbons: "Keep out of politics.'' Mr. Wade's outburst came after Mr. Collier labelled "irresponsible'' the PLP's Independence referendum boycott campaign.

"I trust that the days are gone in Bermuda when bankers use their financial power to frighten people into political line,'' said Mr. Wade.

Bank of Butterfield president and chief operating officer Mr. Collier made his criticism in a letter to shareholders.

The bank agreed a referendum should decide the "much-vexed question'' of Independence.

"It is regrettable that the issue has proved to be a divisive one, at a time when Bermudians need, more than ever before, to come together to solve common problems,'' said Mr. Collier.

He urged Bermudians to "ignore the irresponsible (and certainly anti-democratic) call for a boycott of the referendum and to exercise the democratic rights to which they are, as Bermudians, entitled.'' "Without full participation, democracy will wither and die,'' Mr. Collier added.

Yesterday, Mr. Wade lashed out at the comments, and had some advice for Mr.

Collier and Bank of Butterfield chairman the Hon. Sir David Gibbons.

"They ought to stick to giving advice on money matters and leave Constitutional and political matters to those better qualified to comment.'' Mr. Wade said Mr. Collier's criticism of the PLP clearly demonstrated his lack of understanding of simple Parliamentary procedure.

"Again, we in the PLP urge all of Bermuda to abstain and boycott the August 15 referendum as is their legal constitutional and moral right to do so.

"We urge them not to be intimidated by banks or anyone else.'' Mr. Wade went on: "The history of Bermuda shows that the financial bosses have used their financial power to control the votes.

"Bermudians have worried about their mortgages being called in and having loans refused.'' It was easy for many Bermudians to read into Mr. Collier's remarks a "veiled threat'', said Mr. Wade.

"I hope we are through that period.'' Mr. Wade said the PLP, which wants Independence to be decided by a general election, had taken a very responsible line by calling for Bermudians to abstain in the referendum.

"We didn't want to tell our supporters to go into the voting booth and vote `no' for Independence, since we, as a party, are very much in favour of Independence. We would be asking them to tell a lie.''