Hansard

Bank Of Credit And Commerce International

Volume 195: debated on Thursday 25 July 1991

Download text
Back to top Previous debate Next debate
The text on this page has been created from Hansard archive content, it may contain typographical errors.
Mr. Corbyn

To ask the Prime Minister if he will give a full list of arms purchases made through BCCI and thought to have been for Iraq during the last 10 years.

Ms. Mowlam

To ask the Prime Minister if he will place in the Library copies of all correspondence he received from the Governor of the Bank of England relating to the Bank of Credit and Commerce International since June 1987.

The Prime Minister

No. Exchanges between the Governor and myself are confidential. Any material relating to BCCI would, moreover, be covered by the provisions of part V of the Banking Act 1987. Lord Justice Bingham will of course have access to any correspondence received from the Governor relating to BCCI.

Mr. Corbyn

To ask the Prime Minister what information he has on which defence firms based in Britain have had links with BCCI.

The Prime Minister

The relationship between defence firms and BCCI is a matter for the companies concerned.

Mr. Wray

To ask the Prime Minister what assistance Her Majesty's Government and the Bank of England gave to United States officials in 1990 investigating affairs of the BCCI.

The Prime Minister

Since Operation C Chase in 1988, Customs and Excise investigators have kept in regular touch with their US counterparts regarding drugs money laundering matters. The Bank of England has co-operated with the US authorities as fully as it can within the constraints imposed on it by the Banking Act.

Ms. Mowlam

To ask the Prime Minister (1) whether, in the inquiry into the Bank of Credit and Commerce International, Lord Justice Bingham will have powers to compel attendance from directors or employees of self-regulatory organisations set up under the terms of the Financial Services Act 1986;(2) whether, in the inquiry into the Bank of Credit and Commerce International, Lord Justice Bingham will have powers to compel attendance from Government servants and regulators who have left the public service.

The Prime Minister

This is a non-statutory inquiry. In the light of the experience of a number of similar non-statutory inquiries in recent years, we do not expect any difficulties in securing the attendance of witnesses.