IBJ Loses More Than $25 Million In BCCI Shutdown FX Settlement Risk Returns, Regulatory Scrutiny?
BANKS
In the first publicly revealed instance of a foreign exchange settlement failure in the Bank of Credit and Commerce International (BCCI) collapse, an official at the Bank of Japan (BoJ) confirmed this week that Industrial Bank of Japan (IBJ) lost more than $25 million in the shutdown. Eiji Hirano, head of payments systems for the BoJ's financial payments systems department, says IBJ had paid out yen to BCCI's New York office but had not yet received the dollar counterpayment when the bank was
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