Chapter 17 Anatomy of an International Banking Scandal
Author: JOHN W. MOSCOW
Language:
English
Keywords:
BOOK; independence of central banks; chapter; bank; independence; country; credit policy; bank supervisor; EC treaty; bank regulator; banking regulator; Legal support in revenue administration; Foreign banks; Government securities; Securities markets; Commercial banks; Global; Central and Eastern Europe; Eastern Europe; Europe; Caribbean; banking institution; secrecy law; bank secrecy statute; secrecy jurisdiction; Currencies; Bank regulation; Middle East

Abstract

The collapse of a bank as large as the Bank of Credit and Commerce International must not happen again.1 The economic dislocation was enormous; the losses staggering; and the extent of human suffering almost incalculable. A $23 billion bank collapsed with losses estimated at approximately $10 billion. When a bank fails and its depositors are not paid out immediately, they are without the funds needed for such short-term expenses as food, shelter, and clothing. Among the victims in the United Kingdom were people whose businesses failed and who now owe taxes that they are unable to pay because their assets, prudently put aside, were stolen in the collapse.

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Cover Current Legal Issues Affecting Central Banks, Volume III.
Current Legal Issues Affecting Central Banks, Volume III.
Volume III.
Author: Mr. Robert C. Effros
ISBN:
9781557754981
Publication Date:
03 Aug 1995
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557754981.071
Pages:
679