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Bank of Credit and Commerce International

Every time the creditors' committee and other creditors have asked that the creditors be brought together to hear from the liquidators about what has been happening during the liquidation, they are told what they have always been told—““Sorry. The list is too long. We can't send out letters because it will cost too much.”” Yet the liquidators are still prepared to charge the bank for the liquidation. I hope that one of the things that the Minister will do is say to the liquidators that there should be another creditors' meeting so that the creditors themselves can question what the liquidators should be doing. However, why should the liquidation stop when there is so much more to squeeze from the carcase in liquidators' and lawyers' fees? It may have gone unobserved, but if the liquidators' fees had been properly audited and found to be excessive, the depositors might have already received almost 100 per cent.—if not the full 100 per cent.—of their money. Perhaps it is time for the Business, Enterprise and Regulatory Reform Committee to hold an investigation into the longest running liquidation in history. Surely Parliament—which, frankly, has also been sitting on its hands in dealing with this matter—should want to discuss why the liquidation has gone on for so long, so that we could at least learn the lessons and make sure that things are not done in the same way in future. Next Wednesday, I will be 52, but I live in hope that while I am still a Member of this House, and still alive, such an investigation can take place. If it can, those who have stood by and sat on their hands will finally be called to account. The BCCI liquidation needs to be called to an end. We need to ensure that such a thing does not happen again and to examine thoroughly how the Insolvency Service operates. Clear legislation is needed to protect the interests of the public, no matter how a bank closes, and to monitor the work of liquidators when they feel that they cannot hold creditors' meetings. The Chancellor was right to take the stance that he did in protecting and preserving Northern Rock and to take the other measures to protect this country's failing banking system. UK taxpayers are now stakeholders in a number of banks. A repetition of the final catastrophe and human tragedy that was the closure of BCCI was avoided by the Government this time. However, the Government should not forget the victims of BCCI. I rate this Minister as one of the best in the Government, and he will be able to claim his place in history by being the Minister who finally ended the liquidation of BCCI. I ask my right hon. Friend whether he is ready for the cloak of history to be put on his shoulders.