Rounding up the black sheep
The collapse of BCCI in 1991 provided much of the impetus for Basel II's home-host regulatory framework. But supervisors say that recognising the need for regulatory co-ordination is just a first step in a long journey.
When the Bank of Credit and Commerce International (BCCI) collapsed in 1991, it owed creditors more than £10 billion. The failure of the Bank of England (BoE) to police BCCI’s large UK-based operations has led to much finger-pointing in the regulatory community. It has also led to a giant court case – liquidator Deloitte Touche Tohmatsu is suing the BoE for "misfeasance, for letting BCCI operate
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