CONFIDENTIAL
UK COMMS ONLY
FM FCO
TO IMMEDIATE ABU DHABI
TELNO 275
OF 31193OZ JULY 91
CONFIDENTIAL UK COMMS ONLY
142200
MDHOAN 8136
всеї.
RESE
MACK
102
5
1991
ра
ma
1|8
INFO IMMEDIATE CANBERRA, PEKING, HONG KONG, TOKYO, MANILA INFO IMMEDIATE KUALA LUMPUR, BANGKOK, SEOUL, JAKARTA, DHAKA INFO IMMEDIATE NEW DELHI, COLOMBO, KARACHI, ISLAMABAD, VICTORIA INFO IMMEDIATE NAIROBI, ANKARA, CAIRO, ROME, PORT LOUIS, BONN INFO IMMEDIATE AMMAN, SANAA, KHARTOUM, LUSAKA, HARARE, MBABANE INFO IMMEDIATE BEIRUT, LAGOS, LISBON, THE HAGUE, GABORONE INFO IMMEDIATE GIBRALTAR, DAKAR, RABAT, YAOUNDE, FREETOWN, ACCRA INFO IMMEDIATE BUENOS AIRES, ASUNCION, MONTEVIDEO, BRIDGETOWN INFO IMMEDIATE KINGSTON, PANAMA, PORT OF SPAIN, NASSAU, OTTAWA INFO IMMEDIATE BRASILIA, CARACAS, BOGOTA, MUSCAT, KUWAIT, BAHRAIN INFO IMMEDIATE DOHA, DUBAI, RIYADH, MADRID, LUXEMBOURG, PARIS INFO IMMEDIATE BERNE, GRAND CAYMAN, WASHINGTON
SIC
FOLLOWING FROM BANK OF ENGLAND
BANK OF CREDIT AND COMMERCIAL INTERNATIONAL (BCCI)
1.
ON 30 JULY, THE VICE CHANCELLOR, AT THE REQUEST OF THE MAJORITY SHAREHOLDERS, THE PROVISIONAL LIQUIDATORS AND SEVERAL CREDITORS, ADJOURNED THE HEARING TO WIND UP BCCI SA UNTIL
2 DECEMBER 1991. THIS ALLOWS TIME FOR THE SHAREHOLDERS TO COME UP WITH A RESTRUCTURING PLAN FOR THE BANK. THE SHAREHOLDERS ACCOMPANIED THIS REQUEST WITH A SCHEME TO ADVANCE PART OF THE COMPENSATION DUE TO UK STERLING DEPOSITORS UNDER THE DEPOSIT PROTECTION FUND (DPF).
2.
THE BANK OF ENGLAND HAD OPPOSED THIS APPLICATION TO FURTHER DELAY THE HEARING OF THE WINDING-UP PETITION ON THE GROUNDS THAT DEPOSITORS WHO QUALIFY FOR PAYMENTS GREATER THAN FIVE THOUSAND POUNDS STERLING FROM THE DPF WOULD BE AT A DISADVANTAGE UNDER THE ALTERNATIVE SCHEME. THE BANK ALSO POINTED OUT THAT, EVEN IF A WINDING-UP ORDER WERE TO BE GIVEN, THUS TRIGGERING THE PAYMENTS FROM THE DPF, IT COULD STILL BE VARIED AT A LATER DATE, OR ITS EFFECTS SUSPENDED, TO FACILITATE ANY RESTRUCTURING PLANS. HOWEVER THE SHAREHOLDERS SAID THAT THEY WOULD HAVE NO FURTHER INTEREST IN ANY RESCUE PLAN IF BCCI WERE TO BE WOUND UP NOW. VICE CHANCELLOR CONSIDERED THAT THE WIDER INTEREST OF DEPOSITORS
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