Bank Of Credit And Commerce International

EDM number 2242 in 2007-08, proposed by Keith Vaz on 14/10/2008.
Categorised under the topic of Financial institutions.

That this House recalls at this time of uncertainty in the banking system that the Bank of Credit and Commerce International was closed by the Bank of England on 5th July 1991 despite an open-ended guarantee by the Ruler of Abu Dhabi to preserve all deposits in the Bank; remembers the catastrophic consequences of the closure resulted in employees losing their jobs while depositors were told by the then Prime Minister John Major that the bank was full of fraud and they would get no money back; notes that although as of today depositors have received 84 per cent. of their money back, the liquidation is still ongoing and is costing depositors millions of pounds in liquidator fees; and while welcoming all the steps taken by the Government to secure the banking system this House now considers this the time to bring this expensive liquidation to an end and repay dividends to depositors and creditors.

This motion has been signed by a total of 18 MPs.