Bank of England - Annual Report 2004

The Bank of England has published its Annual Report for 2003/2004. The Bank spent more than £20m last year on defending itself against charges of "misfeasance in public office" relating to the collapse of the Bank of Credit and Commerce International, the annual report revealed.

The Bank spent £21m in legal fees in 2003-04 and has budgeted for a further £21.2m during the current financial year, out of total expenditure of £246m.

Governor Mervyn King said in his foreword to the annual report: "The

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