ABSTRACT
7.1 Since the closure of most of the Bank of Credit and Commerce International’s (BCCI) worldwide banking operations on 5 July 1991, the actions of the auditors to the bank and the bank’s supervisors have come under close scrutiny. In the United Kingdom, both the Treasury and Civil Service Committee and then Lord Justice Bingham (former Master of the Rolls), who chaired the official inquiry into the domestic supervision of BCCI, delivered their verdicts 1 on the supervisory “performance” of the Bank of England (“Bank”), duly making recommendations for enhancing the effectiveness of both domestic and international supervisory practice. The Bank has since responded to both reports accepting, more or less in their entirety, the recommendations of Lord Justice Bingham.
