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Bank of Credit and Commerce International

Volume 458: debated on Thursday 22 March 2007

15. To ask the Secretary of State for Trade and Industry what progress has been made on the Bank of Credit and Commerce International liquidation; and if he will make a statement. (128964)

The conduct of the liquidation of the Bank of Credit and Commerce International SA is a matter for the liquidators.

The liquidators will shortly be submitting their annual report to the Secretary of State covering the 12-month period to 15 January 2007.

To ask the Secretary of State for Trade and Industry when he expects the liquidation of the Bank of Credit and Commerce International to be resolved. (129549)

The liquidators are making every effort to conclude the liquidation and pay final amounts to creditors as soon as possible, however, the English liquidation is one of several worldwide that are closely linked and only when they are all substantially complete will it be possible for a formal conclusion in this country.

To ask the Secretary of State for Trade and Industry what discussions Ministers in his Department have had with creditors in the Bank of Credit and Commerce International case. (129550)

From time to time Ministers have met my right hon. Friend the Member for Leicester, East (Keith Vaz) in the company of one or more deposit creditors of BCCI.

To ask the Secretary of State for Trade and Industry what discussions his Department has had with counterparts in the Cayman Islands and Luxembourg authorities regarding the Bank of Credit and Commerce International liquidation. (129551)

The Department has had no discussions with authorities in the Cayman Islands or Luxemburg on this matter; the progress and control of the liquidations are matters for the liquidators, creditors and courts of the various jurisdictions.

To ask the Secretary of State for Trade and Industry what steps he is taking to improve administrative processes in the Bank of Credit and Commerce International case. (129552)

The administration of the liquidations is a matter for the liquidators, creditors and courts of the various jurisdictions. The Secretary of State has no role to play in such administration.

To ask the Secretary of State for Trade and Industry what estimate he has made of the final cost to the public purse of the liquidation of the Bank of Credit and Commerce International; and what proportion of total moneys recovered this represents. (129553)

To ask the Secretary of State for Trade and Industry what assessment he has made of the lessons to be drawn from the liquidation process of the Bank of Credit and Commerce International. (129554)

BCCI’s has been one of the most complex liquidations ever, which has resulted in exceptional returns to creditors, who will have received 84 per cent. of what they are owed by the end of 2007. This case has shown how the liquidation process can benefit from the close involvement of creditors in assisting liquidators to carry out their functions.