• Short Summary

    International bankers met at London's Tower Hotel July 29 to attempt to work out how they can get back up to 400-million dollars they lent to a Luxembourg subsidiary of Italy's troubled Banco Ambrosiano.

  • Description


    GV Tower Bridge / PAN People gathered outside the Tower Hotel in London (2 shots)

    GV Bankers walking out of hotel

    SCU H.J. Trelde, creditor, and German banker, speaking TRANSCRIPT FOR SEQ. 3 GERMAN BANKER: H.J. TRELDE:

    "Well, we didn't get any figures or something like that so we don't know very much more."

    REPORTER: "Did you get a more updated balance sheet?"

    TRELDE: "No, nothing at all."

    REPORTER: "Did you learn anything about the shareholdings in the overseas subsidiaries?"

    TRELDE: "Well, this is not a secret. It is more or less the overseas subsidiaries who are owned by the Luxembourg holding company."

    REPORTER: "And who owns 30 per cent of the Luxembourg holding company?"

    TRELDE: "That we don't know."

    REPORTER: "And there was no clarification or that, was that question asked?"

    TRELDE: "No, I didn't hear any question."

    REPORTER: "Any indication what the money, these mysterious loans have been used for?"

    TRELDE: "No, no indication at all."

    REPORTER: "Do German banks on the whole believe the Central Bank of Italy should take responsibility for the foreign subsidiaries?"

    TRELDE: "Well, this was the understanding up to now, that not only the Italian but central banks stand behind."

    REPORTER: "What was the total amount lost, do you think? What was the total sum?"

    TRELDE: "Well I don't know any figures. We all know figures roughly one point four billion dollars which we heard but this is not confirmed and we don't know anything in detail."

    REPORTER: "In what way was the Vatican involved in this in any remote way?"

    TRELDE: "Well, the Vatican is certainly involved as we all know, but it's very much a secret and it will take, the Vatican has now three international experts, banking experts working on that, but it will certainly take a couple of weeks or even months before we have a better knowledge of what has really happened."

    GV Journalists gathered outside hotel

    SCU Peter Lueckenotto, managing director of Luxembourg bank speaking TRANSCRIPT FOR SEQUENCE 5 (MANAGING DIRECTOR OF LUXEMBOURG BASED BANK, PETER LUECKENOTTO:) "I think we shall get our money back, but I think it will take time. And our problem is how the famous Vatican bank behave and that's what worries me. Worries us all a bit. We have heard this morning that this bank didn't replay a loan of about eighty million dollars to the bank Ambrosiano in Nassau."


    Background: International bankers met at London's Tower Hotel July 29 to attempt to work out how they can get back up to 400-million dollars they lent to a Luxembourg subsidiary of Italy's troubled Banco Ambrosiano. The meeting, of some 250 creditors of the Luxembourg holding company, was called by one of the three Italian government appointed commissioners handling the affairs of Ambrosiano. Banking sources said creditors had sought assurances from the Bank of Italy that it would assume responsibility for the Ambrosiano subsidiary's debts. The Bank of Italy and six major Italian commercial banks have agreed to a rescue operation to guarantee 700-million dollars of funds raised by Banco Ambrosiano Spa, the Milan based parent company, but responsibility for the debts of overseas Ambrosiano subsidiaries has still to be fixed. No details of any Bank of Italy assurances were believed to have been made at the London meeting. The tangled web of debt problems of Italy's largest provate bank was complicated last month when its chief, Roberto Calvi, was found dead hanging from a London bridge. His death has subsequently been declared suicide by a British inquest. After his death Italian authorities launched an investigation into an estimated one-point-four billion dollars raised by the Ambrosiano group in Europe and then loaned to clients in Latin America. Those inquiries are still continuing. Meanwhile the operations of the Luxembourg subsidiary have been frozen and placed under judicial control since major banks throughout Europe declared in default more than 200 million dollars in loans to the holding company.

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