Banking Supervision And The Collapse Of Bcci

EDM number 39 in 1997-98, proposed by Keith Vaz on 21/05/1997.

That this House welcomes the decision of the Chancellor of the Exchequer to remove banking supervision from the remit of the Bank of England; notes that the shortcomings in the Bank's supervisory policy led to the collapse of the Bank of Credit and Commerce International and the loss of assets for thousands of victims; congratulates the Chancellor of the Exchequer on accepting the spirit of the recommendations of the Bingham Report; and calls on the Governor of the Bank of England, who, as Deputy Governor at the time of the closure of BCCI was responsible for supervision, to apologise to the victims for the lack of proper supervision by the Bank of England of BCCI.

This motion has been signed by a total of 27 MPs.