London & County Mortgages and London & County bank failure in 1973

Have people forgotten about BCCI so soon?

My accountant traces the UK bank crunch of Northern Rock etc not to the US sub-prime market, which he regards as a loss of pretend wealth which never existed, but to the collapse of an Asian bank recently, much favoured with UK Local Authorites.

They lost *real* money having wisely invested most of their reserves to take advantage of the extra 1%. That cash has not only fallen out of the UK system for good, but has had to be replaced by loans.

Any idea which bank and which Local Authorites he is talking about? At £250 an hour I can't afford to ask him :)

Wait till he goes to the pub and buy him a drink. Much cheaper.

Some Local Authorities also lost a lot when BCCI went down. I seem to recall the Western Isles was among them. Wasn't BCCI sort of Asian?

But that crash is too long ago. I'll email him on Monday.

Probably not, since it's London & CountRy Mortgages.

Theo

lol! thanks Theo