| Admin History | The idea of an East/West trade bank was suggested to the Bank by O'Connor, of Gilletts, although the idea originated from Kupissonoff, a Russian who had assumed Belgian nationality. A working party, chaired by O'Connor and including Kupissonoff, was set up with clearing bank (Barclays), accepting house (Samuels) and Dominion bank (Barclays DCO) representation. Considerable progress was made and clearance was given through the Bank by HM Treasury (HMT) and the Foreign Office, although it was stressed that there was to be no official sponsorship. A visit to Moscow was arranged at which representatives were told that the Russians had no interest in trade credit, expecting always to pay cash, but would welcome long-term credit for the purchase of capital equipment in the United Kingdom (UK). Since such a credit entailed the establishment of a syndicate of lenders rather than a new bank the idea foundered. |