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Enclosure VIII
BANK OF CREDIT AND COMMERCE
HỒNG XONG LIMITED
HEAD OFFICE 21ST FLOOR ALMIRASY CENTRE TOWER 1 HONG KONG
July 15, 1991
Mr. D.T.R. Carse
Commissioner of Banking Hong Kong
BY HANDI
Dear Sir
Banking Ordinance (Cap. 155) Exercise of Powers under Section 52
the
We refer to your letter of 9th July, 1991, wherein you have advised us of your intention to exercise the power provided to you under section 52(1)(D) of the Banking Ordinance ("the Ordinance") to report circumstances of Bank of Credit & Commerce Hong Kong Limited ("ECCHK") and BCCI Finance International Limited ("ECCI Finance") to the Governor in Council next Tuesday, 16th July, 1991. You have afforded to us,
pursuar t to section 52(2) of the Ordinance, an opportunity to submit representations to you in writing before exercising your powers under section 52(1)(D). Such representations will form part of your
report.
Representation to the Banking Commissioner
1.
2.
The action taken on 5th July 1991 by the Bank of England against BCCI in England and by authorities in other jurisdictions has created voluminous press comment about BCCI and some of the authorities taking such action. Whether such action was correct will no doubt be the subject of constant comment as more facts become available.
BCCHK and BCCI Finance, ав separate legal entities, are concerned with the position in Hong Kong. BCCHK is licensed to run a retail banking businesE with 30 branches, and has established a significant and important role in Hong Kong as a trade finance bank. It is, we consider, fair to say that BCCHK has over the past years played an importar t part in the Territory's prosperity, extending normal commercial banking services to mostly small to medium sized business.
Cont'd
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PHONES 311 312! TEEA 82218 3CC~K HX CABLE BCCHKHO FAX $27 5513 A Subudiary of BCCI Hulding) (Luxemoourg) $ A.
Incorporated in Hong Kong
S660 S8 258
(ESNOH INO9) 30133O SWWOO 6:8T 60-80-1661
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