HC Deb 22 July 1991 vol 195 cc360-1W
Mr. Vaz

To ask the Chancellor of the Exchequer if he will list the dates on which he has discussed the trading position or other matters relating to BCCI with Governors of the Bank of England in the past two years.

Mr. Maples

[holding answer 17 July 1991]: My right hon. Friend has discussed a number of supervisory cases, including BCCI, with the Governor of the Bank of England on a number of occasions since becoming Chancellor; but was not aware that fraud had been uncovered until 26 June.

Mr. Vaz

To ask the Chancellor of the Exchequer when he was first informed by the banking authorities of their doubts concerning BCCI.

Mr. Norman Lamont

[holding answer 17 July 1991]: I was informed in very general terms that fraud had been uncovered on 26 June. I was given the gist of the section 41 report on 28 June.

Mr. Vaz

To ask the Chancellor of the Exchequer what meetings he, or his predecessors, have had with executives or directors of BCCI in the last five years.

Mr. Norman Lamont

[holding answer 17 July 1991]: Neither I nor any of my predecessors have, so far as I am aware, had any meetings with executives or directors of the BCCI in the last five years in an official capacity.

Mr. Madden

To ask the Chancellor of the Exchequer if he will establish an independent inquiry into the closure at the Bank of Credit and Commerce International, including the role of the Bank of England; and if he will make a statement.

Mr. Maples

[holding answer 18 July 1991]: I refer the hon. Member to the statements made by my right hon. Friend the Chancellor last Friday, Official Report, columns 715–16, and by my right hon. Friend the Prime Minister today.

Mr. Madden

To ask the Chancellor of the Exchequer when the major shareholders of the Bank of Credit and Commerce International were informed of the closure of the bank by the Bank of England.

Mr. Norman Lamont

[holding answer 18 July 1991]: The main supervisory authorities concerned met the official representative of the major shareholder of the Bank of Credit and Commerce International on the morning of 5 July, and informed him then of the action they proposed to take.

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