In Britain, the Court of Appeal has ruled that creditors of the failed Bank of Credit and Commerce International cannot sue the Bank of England.

Thousands of depositors from all over the world lost millions of dollars when BCCI collapsed in 1991, with debts of twelve billion dollars in what was the biggest fraud in banking history.

The creditors are seeking compensation worth one billion dollars from the Bank of England on the grounds that it did not act quickly enough to withdraw BCCI's licence.

The bank's liquidators Deloitte & Touche have said they expect to make an appeal to the country's highest court, the House of Lords.