Who got what from the bank of Credit and Commerce International

Additional central banks had developed relationships with BCCI, but had their accounts shifted by BCCI from its offices in Miami to the National Bank of Georgia in Atlanta. These included Costa Rica, El Salvador, and Honduras, whose "territory" was given by BCCI to its secretly-held subsidiary in Georgia.⁽⁸⁾

It is not possible from BCCI's records in the U.S. to determine even the neighborhood of the degree to which the other Central Banks were depositing funds in BCCI as a whole. For example, the Central Bank of Peru, which did not deposit any funds in BCCI-Miami and therefore is absent from the above extensive list, placed Central Bank deposits at BCCI-Panama that rose to a level of $270 million dollars in June, 1987 — nearly 30 percent of the total cash reserves of the Government of Peru.

Thus, what is significant, simply, is the large number of central banks and government organizations — twenty in all — who were willing to place what was substantial uninsured deposits with BCCI's Miami branch alone, at a time when BCCI was known to have no lender of last resort behind it, and no one to insure a country's repayment should BCCI default.

An appendix to a September 30, 1988 Price Waterhouse Report to BCCI's Audit Committee shows a substantial number of additional governmental entities from other countries making deposits at BCCI as of that date, as follows:

Organization               Location             Amount

China Civil Eng &

Construction Corporation   UAE                  $11,414,000

Hong Kong             34,400,000

International Fund for

Agricultural Development   Luxembourg            17,200,000

OPEC                       United Kingdom        60,000,000

Central Bank of Sri Lanka  United Kingdom        15,070,000

Bangladesh Bank            United Kingdom        25,340,000

Bank Foreign Trade

USSR                       United Kingdom        10,135,000

State Bank Pakistan        United Kingdom        48,960,000

National Bank Hungary      United Kingdom        15,000,000

Arab Bank for Natl

Development in Africa      United Kingdom        42,569,000

Central Bank Syria         United Kingdom        21,855,000

Bank of Zambia             France                10,920,000

Bank Milli Afghan          United Kingdom        20,000,000

Perhaps especially worthy of note from the above list are the Soviet Union's foreign trade account at BCCI, the account for the State Bank of Hungary, and the account for the Central Bank of Syria. In each case, the Subcommittee knows essentially nothing about the underlying nature of the relationship between BCCI and these governments, other than the fact that British sources have contended that BCCI in the United Kingdom was used by numerous intelligence agencies, including most of the major intelligence agencies of the world.⁽⁹⁾

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