Bank begins BCCI defence
The Bank of England is set to begin its defence today in the court case surrounding the collapse of the Bank of Credit and Commerce International.
Liquidators Deloitte have accused the Bank of England of ‘misfeasance’ after BCCI collapsed owing creditors and depositors more than £10bn in 1991.
The case is likely to continue until early 2006, with legal bills that could run to nearly $200m (£107m), according to the BBC online.
It has so far lasted for three months.