Skip to main content

BANK OF ENGLAND NEGLIGENCE OVER BCCI

EDM (Early Day Motion) 727: tabled on 03 November 1992

Tabled in the 1992-93 session.

This motion has been signed by 153 Members. It has not yet had any amendments submitted.

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

Motion text

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.

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.

In addition to the sponsors, the following Members have signed to support the motion.

Ainsworth, Mr Bob
Labour
Signed on 4 November 1992
Coventry North East
Allen, Mr Graham
Labour
Signed on 4 November 1992
Nottingham North
Alton, David
Liberal Democrat
Signed on 3 November 1992
Liverpool, Mossley Hill
Anderson, Janet
Labour
Signed on 3 November 1992
Rossendale and Darwen
Ashton, Mr Joe
Labour
Signed on 3 November 1992
Bassetlaw
Barnes, Mr Harry
Labour
Signed on 3 November 1992
North East Derbyshire
Battle, John
Labour
Signed on 4 November 1992
Leeds West
Benton, Mr Joe
Labour
Signed on 4 November 1992
Bootle
Berry, Dr Roger
Labour
Signed on 3 November 1992
Kingswood
Betts, Mr Clive
Labour
Signed on 11 November 1992
Sheffield, Attercliffe
Boyes, Roland
Labour
Signed on 11 January 1993
Houghton and Washington
Bradley, Mr Keith
Labour
Signed on 4 November 1992
Manchester, Withington
Campbell, Mrs Anne
Labour
Signed on 11 November 1992
Cambridge
Campbell-Savours, Mr Dale
Labour
Signed on 30 November 1992
Workington
Canavan, Dennis
Labour
Signed on 3 November 1992
Falkirk West
Cann, Mr Jamie
Labour
Signed on 10 November 1992
Ipswich
Chisholm, Mr Malcolm
Labour
Signed on 3 November 1992
Edinburgh, Leith
Clapham, Mr Michael
Labour
Signed on 4 November 1992
Barnsley West and Penistone
Clarke, Mr Eric
Labour
Signed on 3 November 1992
Midlothian
Clelland, Mr David
Labour
Signed on 3 November 1992
Tyne Bridge
Cohen, Harry
Labour
Signed on 3 November 1992
Leyton
Connarty, Michael
Labour
Signed on 3 November 1992
Falkirk East
Cook, Frank
Labour
Signed on 3 November 1992
Stockton North
Corbett, Mr Robin
Labour
Signed on 3 November 1992
Birmingham, Erdington
Corbyn, Jeremy
Labour
Signed on 4 November 1992
Islington North
Corston, Jean
Labour
Signed on 4 November 1992
Bristol East
Cox, Tom
Labour
Signed on 3 November 1992
Tooting
Cummings, John
Labour
Signed on 3 November 1992
Easington
Cunliffe, Mr Lawrence
Labour
Signed on 3 November 1992
Leigh
Cunningham, Mr Jim
Labour
Signed on 3 November 1992
Coventry South East
Dalyell, Tam
Labour
Signed on 3 November 1992
Linlithgow
Davidson, Mr Ian
Labour
Signed on 3 November 1992
Glasgow, Govan
Davies, Bryan
Labour
Signed on 4 November 1992
Oldham Central and Royton
Davies, Mr Ron
Labour
Signed on 3 November 1992
Caerphilly
Davis, Mr Terry
Labour
Signed on 3 November 1992
Birmingham, Hodge Hill
Denham, Mr John
Labour
Signed on 3 November 1992
Southampton, Itchen
Donohoe, Mr Brian H.
Labour
Signed on 3 November 1992
Cunninghame South
Dowd, Jim
Labour
Signed on 3 November 1992
Lewisham West
Dunnachie, Jimmy
Labour
Signed on 4 November 1992
Glasgow, Pollok
Eagle, Angela
Labour
Signed on 19 November 1992
Wallasey
Eastham, Ken
Labour
Signed on 3 November 1992
Manchester, Blackley
Enright, Derek
Labour
Signed on 3 November 1992
Hemsworth
Etherington, Bill
Labour
Signed on 3 November 1992
Sunderland North
Evans, John
Labour
Signed on 3 November 1992
St Helens North
Ewing, Mrs Margaret
Scottish National Party
Signed on 3 November 1992
Moray
Faulds, Andrew
Labour
Signed on 9 November 1992
Warley East
Fisher, Mark
Labour
Signed on 4 November 1992
Stoke-on-Trent Central
Foster, Mr Don
Liberal Democrat
Signed on 25 November 1992
Bath
Foulkes, George
Labour
Signed on 3 November 1992
Carrick, Cumnock and Doon Valley
Fyfe, Mrs Maria
Labour
Signed on 3 November 1992
Glasgow, Maryhill
Galbraith, Mr Sam
Labour
Signed on 11 November 1992
Strathkelvin and Bearsden
Galloway, Mr George
Labour
Signed on 12 November 1992
Glasgow, Hillhead
Gapes, Mike
Labour
Signed on 3 November 1992
Ilford South
Godman, Dr Norman
Labour
Signed on 4 November 1992
Greenock and Port Glasgow
Godsiff, Mr Roger
Labour
Signed on 9 November 1992
Birmingham, Small Heath
Gould, Bryan
Labour
Signed on 3 November 1992
Dagenham
Graham, Mr Tommy
Labour
Signed on 17 November 1992
Renfrew West and Inverclyde
Griffiths, Mr Win
Labour
Signed on 3 November 1992
Bridgend
Gunnell, Mr John
Labour
Signed on 11 November 1992
Morley and Leeds South
Hain, Mr Peter
Labour
Signed on 3 November 1992
Neath
Hardy, Peter
Labour
Signed on 4 November 1992
Wentworth
Harvey, Nick
Liberal Democrat
Signed on 9 November 1992
North Devon
Henderson, Mr Doug
Labour
Signed on 3 November 1992
Newcastle upon Tyne North
Heppell, Mr John
Labour
Signed on 5 November 1992
Nottingham East
Hoey, Kate
Labour
Signed on 3 November 1992
Vauxhall
Hogg, Norman
Labour
Signed on 9 November 1992
Cumbernauld and Kilsyth
Home Robertson, Mr John
Labour
Signed on 3 November 1992
East Lothian
Hoon, Mr Geoff
Labour
Signed on 3 November 1992
Ashfield
Howarth, Mr George
Labour
Signed on 4 November 1992
Knowsley North
Howells, Dr Kim
Labour
Signed on 3 November 1992
Pontypridd
Hoyle, Doug
Labour
Signed on 3 November 1992
Warrington North
Hughes, Robert
Conservative
Signed on 4 November 1992
Harrow West
Hughes, Simon
Liberal Democrat
Signed on 17 December 1992
Southwark and Bermondsey
Illsley, Mr Eric
Labour
Signed on 9 November 1992
Barnsley Central
Jackson, Helen
Labour
Signed on 4 November 1992
Sheffield, Hillsborough
Janner, Greville
Labour
Signed on 9 November 1992
Leicester West
Jones, Mr Barry
Labour
Signed on 3 November 1992
Alyn and Deeside
Jones, Mr Ieuan Wyn
Plaid Cymru
Signed on 4 November 1992
Ynys Môn
Jones, Mr Jon Owen
Labour
Signed on 4 November 1992
Cardiff Central
Jones, Lynne
Labour
Signed on 3 November 1992
Birmingham, Selly Oak
Jones, Mr Martyn
Labour
Signed on 3 November 1992
Clwyd South West
Jowell, Tessa
Labour
Signed on 3 November 1992
Dulwich
Khabra, Mr Piara S
Labour
Signed on 3 November 1992
Ealing, Southall
Kilfoyle, Mr Peter
Labour
Signed on 3 November 1992
Liverpool, Walton
Leighton, Ron
Labour
Signed on 5 November 1992
Newham North East
Lestor, Joan
Labour
Signed on 3 November 1992
Eccles
Livingstone, Mr Ken
Labour
Signed on 9 November 1992
Brent East
Lloyd, Tony
Labour
Signed on 5 November 1992
Stretford
Llwyd, Mr Elfyn
Plaid Cymru
Signed on 9 November 1992
Meirionnydd Nant Conwy
Loyden, Eddie
Labour
Signed on 3 November 1992
Liverpool, Garston
Mahon, Alice
Labour
Signed on 3 November 1992
Halifax
Mallon, Mr Seamus
Social Democratic & Labour Party
Signed on 11 November 1992
Newry and Armagh
Mandelson, Peter
Labour
Signed on 3 November 1992
Hartlepool
Marek, Dr John
Labour
Signed on 3 November 1992
Wrexham
Marshall, Mr David
Labour
Signed on 3 November 1992
Glasgow, Shettleston
Martin, Mr Michael J.
Labour
Signed on 3 November 1992
Glasgow, Springburn
Maxton, Mr John
Labour
Signed on 3 November 1992
Glasgow, Cathcart
McAllion, Mr John
Labour
Signed on 5 November 1992
Dundee East
McAvoy, Mr Thomas
Labour
Signed on 3 November 1992
Glasgow, Rutherglen
McCartney, Sir Ian
Labour
Signed on 3 November 1992
Makerfield
McFall, Mr John
Labour
Signed on 3 November 1992
Dumbarton
McKelvey, William
Labour
Signed on 5 November 1992
Kilmarnock and Loudoun
McLeish, Mr Henry
Labour
Signed on 3 November 1992
Central Fife
McMaster, Gordon
Labour
Signed on 3 November 1992
Paisley South
Meale, Mr Alan
Labour
Signed on 3 November 1992
Mansfield
Michie, Mrs Ray
Liberal Democrat
Signed on 4 November 1992
Argyll and Bute
Milburn, Mr Alan
Labour
Signed on 3 November 1992
Darlington
Mitchell, Mr Austin
Labour
Signed on 3 November 1992
Great Grimsby
Moonie, Dr Lewis
Labour
Signed on 3 November 1992
Kirkcaldy
Morgan, Mr Rhodri
Labour
Signed on 4 November 1992
Cardiff West
Morley, Mr Elliot
Labour
Signed on 3 November 1992
Glanford and Scunthorpe
Morris, Estelle
Labour
Signed on 12 November 1992
Birmingham, Yardley
O'Brien, Mr Mike
Labour
Signed on 3 November 1992
North Warwickshire
O'Brien, Sir Bill
Labour
Signed on 3 November 1992
Normanton
O'Hara, Mr Edward
Labour
Signed on 3 November 1992
Knowsley South
O'Neill, Mr Martin
Labour
Signed on 3 November 1992
Clackmannan
Olner, Mr Bill
Labour
Signed on 3 November 1992
Nuneaton
Pickthall, Mr Colin
Labour
Signed on 5 November 1992
West Lancashire
Powell, Sir Raymond
Labour
Signed on 4 November 1992
Ogmore
Prentice, Bridget
Labour
Signed on 3 November 1992
Lewisham East
Prentice, Mr Gordon
Labour
Signed on 3 November 1992
Pendle
Purchase, Mr Ken
Labour
Signed on 3 November 1992
Wolverhampton North East
Quin, Joyce
Labour
Signed on 3 November 1992
Gateshead East
Robinson, Mr Geoffrey
Labour
Signed on 3 November 1992
Coventry North West
Roche, Mrs Barbara
Labour
Signed on 3 November 1992
Hornsey and Wood Green
Rooney, Mr Terry
Labour
Signed on 3 November 1992
Bradford North
Ross, Mr Ernie
Labour
Signed on 5 November 1992
Dundee West
Ruddock, Joan
Labour
Signed on 6 November 1992
Lewisham, Deptford
Salmond, Mr Alex
Scottish National Party
Signed on 9 November 1992
Banff and Buchan
Sheerman, Mr Barry
Labour
Signed on 12 November 1992
Huddersfield
Simpson, Alan
Labour
Signed on 11 November 1992
Nottingham South
Spellar, Mr John
Labour
Signed on 3 November 1992
Warley West
Squire, Rachel
Labour
Signed on 3 November 1992
Dunfermline West
Steinberg, Mr Gerry
Labour
Signed on 3 November 1992
City of Durham
Stevenson, Mr George
Labour
Signed on 9 November 1992
Stoke-on-Trent South
Thompson, Jack
Labour
Signed on 3 November 1992
Wansbeck
Tipping, Paddy
Labour
Signed on 3 November 1992
Sherwood
Turner, Mr Dennis
Labour
Signed on 3 November 1992
Wolverhampton South East
Vaz, Keith
Labour
Signed on 4 November 1992
Leicester East
Walley, Joan
Labour
Signed on 12 November 1992
Stoke-on-Trent North
Watson, Mike
Labour
Signed on 4 November 1992
Glasgow Central
Wicks, Malcolm
Labour
Signed on 12 November 1992
Croydon North West
Williams, Dr Alan
Labour
Signed on 3 November 1992
Carmarthen
Wilson, Mr Brian
Labour
Signed on 3 November 1992
Cunninghame North
Wise, Mrs Audrey
Labour
Signed on 14 December 1992
Preston
Worthington, Tony
Labour
Signed on 3 November 1992
Clydebank and Milngavie
Wray, Mr Jimmy
Labour
Signed on 3 November 1992
Glasgow, Provan

There are no withdrawn signatures for this motion.