Court told BoE broke rules over BCCI

It was alleged in the High Court in London on Wednesday 4 February that the Bank of England broke banking regulations in two areas when it licensed the now collapsed Bank of Credit and Commerce International.

One was described as the "four eyes" principle - that at least two people must direct the business of any banking institution, said Gordon Pollock QC, summing up BCCI's liquidators' opening submissions about the pre-licensing period.

The second issue related to the "principal place of busi

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