TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 141

Α

CONFIDENTIAL

Нив кюв

FROM:

DATE:

OFFICE

CC:

21 AUG 1991

ACKD

2

1991

M V Stone

Hong Kong Department

21 August 1991-

PS/Lord Caithness Sir I Coles Mr Burns

ERD

مام

Mr Cox

Sir J Coles

PS/Mr Hogg / Ps/MRS CRANKER. Grateful if Mrs Chalker

would action in

in

www bloggs absence please

2118

MR

LETTER FROM KEITH VAZ MP ABOUT THE BANK OF CREDIT AND

COMMERCE (HONG KONG) (BCC (HK))

Problem

Thank you

b. Duncan

1. Keith Vaz MP, who is going to Hong Kong, has written asking whether the Foreign Office is involved in the Hong Kong Government's dealings with the BCC (HK) and whether HMG has any views on the success or otherwise of a bid to buy

the Bank. How should we reply?

Recommendation

2. I recommend that we reply saying that regulation of the

Banking Industry in Hong Kong is a matter for the Hong Kong

Government: but that the Banking Commissioner has arranged

to see Mr Vaz. I submit a draft.

Background

3. When BCCI was closed here and in the US on 5 July, the

Hong Kong authorities had to make rapid decisions overnight as to whether to allow the BCC (HK) to open there on Saturday morning, 6 July. They decided to let it do so, because there was no evidence that BCC (HK), a separate legal entity

ROFATB/1

CC

CONFIDENTIAL