BCCI's Outstanding FX Positions $20 Million Bank Of England Maintains, Few Banks Hurt?
BANKS
Sources at the Bank of England discounted early press reports that counterparty banks might lose up to $2 billion because of uncompleted foreign exchange and money market transactions after regulators moved to shut down the Bank of Credit & Commerce International (BCCI), as part of their investigation into allegations of massive fraud. A Bank official says that the $2 billion figure was likely to be largely short-term credit lines, if it is accurate at all. "There is nothing remotely like $2
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