Bank Of England Negligence Over Bcci
EDM number 727 in 1992-93, proposed by Calum Macdonald on 03/11/1992.
That this House believes that the report by Lord Justice Bingham shows the Bank of England to have been negligent in its supervisory duty to protect British depositors with BCCI; notes that this is not a matter of hindsight for, as Bingham shows, as early as 1979 the Bank 'was not only entitled but obliged to refuse a licence' to BCCI, (paragraph 2.30) but granted one anyway; notes that in 1984 the then Governor approved a plan to incorporate BCCI in the United Kingdom in order to regulate it more effectively but that the bank failed to carry this policy through when it encountered resistance from BCCI, and that the Bank 'was rather easily deterred' (2.46); notes that from 1985 the Bank shied away from taking the lead supervisory role over BCCI and thus accepted 'a highly unsatisfactory supervisory situation as should have been obvious at the time' (2.57); notes that by 1986, adequate grounds existed to revoke or to impose conditions upon BCCI's licence and that in their failure to exercise their powers, 'the supervisors tended to lose sight of their primary duty to protect the bank's United Kingdom depositors' (2.67); notes that on this occasion and subsequently, 'the Bank failed to measure up to the task' (2.72); notes that on several occasions in the 1980s the Bank failed to make the enquiries that a 'rigorous supervisor' ought to have done (2.162); believes that the ultimate responsibility for this damning catalogue of errors resides with the Governor; and concludes that for him to continue to cling to his position leaves him with neither credibility nor honour.
This motion has been signed by a total of 150 MPs.
MP | Date | Constituency | Party | Type |
Calum MacDonald | 03/11/1992 | Na h-Eileanan an Iar | | Proposed |
James Molyneaux | 03/11/1992 | Lagan Valley | | Seconded |
Jim Wallace | 03/11/1992 | Orkney & Shetland | | Seconded |
Peter Shore | 03/11/1992 | Bethnal Green and Stepney | | Seconded |
John Hume | 03/11/1992 | Foyle | | Seconded |
Neil Kinnock | 03/11/1992 | Islwyn | | Seconded |
Mike O'Brien | 03/11/1992 | North Warwickshire | | Signed |
Bridget Prentice | 03/11/1992 | Lewisham East | | Signed |
Gordon Prentice | 03/11/1992 | Pendle | | Signed |
Ken Purchase | 03/11/1992 | Wolverhampton North East | | Signed |
Joyce Quin | 03/11/1992 | Gateshead East | | Signed |
Geoffrey Robinson | 03/11/1992 | Coventry North West | | Signed |
Barbara Roche | 03/11/1992 | Hornsey & Wood Green | | Signed |
Terry Rooney | 03/11/1992 | Bradford North | | Signed |
John Spellar | 03/11/1992 | Warley West | | Signed |
Rachel Squire | 03/11/1992 | Dunfermline West | | Signed |
Doug Henderson | 03/11/1992 | Newcastle upon Tyne North | | Signed |
Kate Hoey | 03/11/1992 | Vauxhall | | Signed |
John Home Robertson | 03/11/1992 | East Lothian | | Signed |
Geoff Hoon | 03/11/1992 | Ashfield | | Signed |
Kim Howells | 03/11/1992 | Pontypridd | | Signed |
Doug Hoyle | 03/11/1992 | Warrington North | | Signed |
Barry Jones | 03/11/1992 | Alyn & Deeside | | Signed |
Lynne Jones | 03/11/1992 | Birmingham, Selly Oak | | Signed |
Martyn Jones | 03/11/1992 | Clwyd South West | | Signed |
Tessa Jowell | 03/11/1992 | Dulwich | | Signed |
Piara S Khabra | 03/11/1992 | Ealing, Southall | | Signed |
Peter Kilfoyle | 03/11/1992 | Liverpool, Walton | | Signed |
Joan Lestor | 03/11/1992 | Eccles | | Signed |
Eddie Loyden | 03/11/1992 | Liverpool, Garston | | Signed |
Alice Mahon | 03/11/1992 | Halifax | | Signed |
Peter Mandelson | 03/11/1992 | Hartlepool | | Signed |
John Marek | 03/11/1992 | Wrexham | | Signed |
David Marshall | 03/11/1992 | Glasgow, Shettleston | | Signed |
Michael Martin | 03/11/1992 | Glasgow, Springburn | | Signed |
John Maxton | 03/11/1992 | Glasgow, Cathcart | | Signed |
Thomas McAvoy | 03/11/1992 | Glasgow, Rutherglen | | Signed |
Ian McCartney | 03/11/1992 | Makerfield | | Signed |
John McFall | 03/11/1992 | Dumbarton | | Signed |
Henry McLeish | 03/11/1992 | Central Fife | | Signed |
Alan Meale | 03/11/1992 | Mansfield | | Signed |
Alan Milburn | 03/11/1992 | Darlington | | Signed |
Austin Mitchell | 03/11/1992 | Great Grimsby | | Signed |
Lewis Moonie | 03/11/1992 | Kirkcaldy | | Signed |
Elliot Morley | 03/11/1992 | Glanford and Scunthorpe | | Signed |
Bill O'Brien | 03/11/1992 | Normanton | | Signed |
Edward O'Hara | 03/11/1992 | Knowsley South | | Signed |
Bill Olner | 03/11/1992 | Nuneaton | | Signed |
Martin O'Neill | 03/11/1992 | Clackmannan | | Signed |
Malcolm Chisholm | 03/11/1992 | Edinburgh Leith | | Signed |
Eric Clarke | 03/11/1992 | Midlothian | | Signed |
David Clelland | 03/11/1992 | Tyne Bridge | | Signed |
Harry Cohen | 03/11/1992 | Leyton | | Signed |
Michael Connarty | 03/11/1992 | Falkirk East | | Signed |
Frank Cook | 03/11/1992 | Stockton North | | Signed |
Robin Corbett | 03/11/1992 | Birmingham, Erdington | | Signed |
Tom Cox | 03/11/1992 | Tooting | | Signed |
John Cummings | 03/11/1992 | Easington | | Signed |
Lawrence Cunliffe | 03/11/1992 | Leigh | | Signed |
Jim Cunningham | 03/11/1992 | Coventry South East | | Signed |
Tam Dalyell | 03/11/1992 | Linlithgow | | Signed |
Ian Davidson | 03/11/1992 | Glasgow, Govan | | Signed |
Ron Davies | 03/11/1992 | Caerphilly | | Signed |
Terry Davis | 03/11/1992 | Birmingham, Hodge Hill | | Signed |
John Denham | 03/11/1992 | Southampton, Itchen | | Signed |
Brian H Donohoe | 03/11/1992 | Cunninghame South | | Signed |
Jim Dowd | 03/11/1992 | Lewisham West | | Signed |
Kenneth Eastham | 03/11/1992 | Manchester, Blackley | | Signed |
Derek Enright | 03/11/1992 | Hemsworth | | Signed |
Bill Etherington | 03/11/1992 | Sunderland North | | Signed |
John Evans | 03/11/1992 | St Helens North | | Signed |
Margaret Ewing | 03/11/1992 | Moray | | Signed |
George Foulkes | 03/11/1992 | Carrick, Cumnock and Doon Valley | | Signed |
Maria Fyfe | 03/11/1992 | Glasgow, Maryhill | | Signed |
Mike Gapes | 03/11/1992 | Ilford South | | Signed |
Bryan Gould | 03/11/1992 | Dagenham | | Signed |
David Alton | 03/11/1992 | Liverpool Mossley Hill | | Signed |
Win Griffiths | 03/11/1992 | Bridgend | | Signed |
Peter Hain | 03/11/1992 | Neath | | Signed |
Janet Anderson | 03/11/1992 | Rossendale & Darwen | | Signed |
Joe Ashton | 03/11/1992 | Bassetlaw | | Signed |
Harry Barnes | 03/11/1992 | North East Derbyshire | | Signed |
Roger Berry | 03/11/1992 | Kingswood | | Signed |
Gerry Steinberg | 03/11/1992 | Durham, City of | | Signed |
Jack Thompson | 03/11/1992 | Wansbeck | | Signed |
Paddy Tipping | 03/11/1992 | Sherwood | | Signed |
Dennis Turner | 03/11/1992 | Wolverhampton South East | | Signed |
Alan Wynne Williams | 03/11/1992 | Carmarthen | | Signed |
Brian Wilson | 03/11/1992 | Cunninghame North | | Signed |
Tony Worthington | 03/11/1992 | Clydebank & Milngavie | | Signed |
James Wray | 03/11/1992 | Glasgow Provan | | Signed |
Raymond Powell | 04/11/1992 | Ogmore | | Signed |
Peter Hardy | 04/11/1992 | Wentworth | | Signed |
George Howarth | 04/11/1992 | Knowsley North | | Signed |
Robert Hughes | 04/11/1992 | Aberdeen North | | Signed |
Helen Jackson | 04/11/1992 | Sheffield, Hillsborough | | Signed |
Ieuan Wyn Jones | 04/11/1992 | Ynys M | | Signed |
Jon Owen Jones | 04/11/1992 | Cardiff Central | | Signed |
Ray Michie | 04/11/1992 | Argyll & Bute | | Signed |
Rhodri Morgan | 04/11/1992 | Cardiff West | | Signed |
Keith Bradley | 04/11/1992 | Manchester, Withington | | Signed |
Michael Clapham | 04/11/1992 | Barnsley West & Penistone | | Signed |
Jeremy Corbyn | 04/11/1992 | Islington North | | Signed |
Jean Corston | 04/11/1992 | Bristol East | | Signed |
Bryan Davies | 04/11/1992 | Oldham Central and Royton | | Signed |
Jimmy Dunnachie | 04/11/1992 | Glasgow, Pollok | | Signed |
Mark Fisher | 04/11/1992 | Stoke-on-Trent Central | | Signed |
Norman Godman | 04/11/1992 | Greenock and Port Glasgow | | Signed |
Graham Allen | 04/11/1992 | Nottingham North | | Signed |
John Battle | 04/11/1992 | Leeds West | | Signed |
Joe Benton | 04/11/1992 | Bootle | | Signed |
Keith Vaz | 04/11/1992 | Leicester East | | Signed |
Mike Watson | 04/11/1992 | Glasgow Central | | Signed |
Colin Pickthall | 05/11/1992 | West Lancashire | | Signed |
Ernie Ross | 05/11/1992 | Dundee West | | Signed |
John Heppell | 05/11/1992 | Nottingham East | | Signed |
Ron Leighton | 05/11/1992 | Newham North East | | Signed |
Tony Lloyd | 05/11/1992 | Stretford | | Signed |
John McAllion | 05/11/1992 | Dundee East | | Signed |
William McKelvey | 05/11/1992 | Kilmarnock & Loudoun | | Signed |
Joan Ruddock | 06/11/1992 | Lewisham, Deptford | | Signed |
Alex Salmond | 09/11/1992 | Banff & Buchan | | Signed |
Nick Harvey | 09/11/1992 | North Devon | | Signed |
Norman Hogg | 09/11/1992 | Cumbernauld & Kilsyth | | Signed |
Eric Illsley | 09/11/1992 | Barnsley Central | | Signed |
Greville Janner | 09/11/1992 | Leicester West | | Signed |
Ken Livingstone | 09/11/1992 | Brent East | | Signed |
Elfyn Llwyd | 09/11/1992 | Meirionnydd Nant Conwy | | Signed |
Andrew Faulds | 09/11/1992 | Warley East | | Signed |
Roger Godsiff | 09/11/1992 | Birmingham Small Heath | | Signed |
George Stevenson | 09/11/1992 | Stoke-on-Trent South | | Signed |
Jamie Cann | 10/11/1992 | Ipswich | | Signed |
Alan Simpson | 11/11/1992 | Nottingham South | | Signed |
Seamus Mallon | 11/11/1992 | Newry & Armagh | | Signed |
Anne Campbell | 11/11/1992 | Cambridge | | Signed |
Sam Galbraith | 11/11/1992 | Strathkelvin & Bearsden | | Signed |
John Gunnell | 11/11/1992 | Leeds South and Morley | | Signed |
Clive Betts | 11/11/1992 | Sheffield, Attercliffe | | Signed |
Barry Sheerman | 12/11/1992 | Huddersfield | | Signed |
Estelle Morris | 12/11/1992 | Birmingham, Yardley | | Signed |
George Galloway | 12/11/1992 | Glasgow Hillhead | | Signed |
Joan Walley | 12/11/1992 | Stoke-on-Trent North | | Signed |
Malcolm Wicks | 12/11/1992 | Croydon North West | | Signed |
Tommy Graham | 17/11/1992 | Renfrew West and Inverclyde | | Signed |
Angela Eagle | 19/11/1992 | Wallasey | | Signed |
Don Foster | 25/11/1992 | Bath | | Signed |
Dale Campbell-Savours | 30/11/1992 | Workington | | Signed |
Audrey Wise | 14/12/1992 | Preston | | Signed |
Simon Hughes | 17/12/1992 | Southwark and Bermondsey | | Signed |
Roland Boyes | 11/01/1993 | Houghton and Washington | | Signed |
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