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GOOD NEWS FOR BCCI CREDITORS

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Depositors in the Bank of Credit and Commerce International will receive a larger-than-expected second dividend, bo...
Depositors in the Bank of Credit and Commerce International will receive a larger-than-expected second dividend, boosting total recoveries from the banking collapse to nearly $4.6bn (£2.8bn).

The Times (5 June, p9) reported that funds available have been swollen by an extra£300m, lifting the dividend from 18.4% to 21.5%. This takes recoveries so far to 46%

Adil Elias, of the Deposit Protection Association, which represents BCCI victims, said: 'This is much higher than the 11% originally suggested by the creditors, and we are confident of a third, or even a fourth dividend.'

Depositors may eventually get back up to 70% of their losses.
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