Skip to main content

Rafidain Bank

Volume 405: debated on Wednesday 21 May 2003

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Chancellor of the Exchequer what arrangements have been made to compensate British nationals who were denied payments following the sequestration of the Rafidain bank after the Gulf War of 1991; and when they will be paid in full their outstanding moneys, including the accrued interest. [114507]

The court placed the London branch of the Rafidain bank in provisional liquidation in 1991. The funds remain under the control of the court and, as a matter of law, must be used towards the general obligations of the bank. The Government do not compensate individuals for losses suffered or contracts broken as a result of the implementation of United Nations sanctions policies.