BCCI AND THE BANK OF ENGLAND

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This motion has subsequently been withdrawn by the tabling Member.

Motion text

That this House expresses its dismay that after 13 years the saga of BCCI has still not been resolved; notes that when the bank was closed by the then Government on the advice of the Bank of England, honourable Members were told that the bank had no money left to pay its creditors and staff; welcomes the fact that since then 70 per cent. of the money has been returned; is astonished that the rest of the money is now going to be spent on the fees for lawyers and accountants in a case where if one side loses the taxpayers will pay and if the other side loses the creditors will pay; further notes that one of the lawyers will be paid ú3 million for his services in this case and that the total bill after appeals will run into millions; and calls on the Secretary of State for Trade and Industry to instruct the Insolvency Service to act as an honest broker between the parties so that a deal can be done to avoid further litigation and so that the rest of the money can be paid to the former depositors.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.