H.m. Government And Bcci Proceedings Against The Bank Of England

EDM number 2074 in 1992-93, proposed by Keith Vaz on 24/05/1993.

That this House welcomes the decision of Touche Ross, the liquidators of BCCI, to commence legal proceedings against the Bank of England; considers that this action is long overdue; acknowledges that both the Bingham Report and the Treasury Select Committee Report clearly point to the supervisory failure of the Bank of England; considers it bizarre, however, that the liquidators, appointed by the Department of Trade and Industry, are suing the Bank of England which is under the jurisdiction of the Treasury; and therefore calls on the Prime Minister to intervene to ensure a just and speedy settlement of this dispute, thus saving both tax-payers' and creditors' money.

This motion has been signed by a total of 122 MPs.