BURY is hoping to win another slice of BCCI money in a historic legal action against the Bank of England.

Liquidators are this month going to the High Court to sue the Bank for about £850 million, claiming it had failed to properly regulate BCCI.

Bury was one of the biggest UK losers when BCCI crashed in 1991 owing ten billion dollars.

The council lost £6.5 million, but has since recouped about 75 per cent of its losses.

The Bank of England has enjoyed immunity from prosecution throughout its 300-year history.

Mr Mark Sanders, Bury Council's chief executive, said the Bank of England bore some responsibility for the disaster.

"It's right that the people that offered advice should compensate Bury folk for the amount they lost," he said.

"We are anticipating a successful outcome: we would not take on such an adversary otherwise."

Any money won will not be seen in Bury for some time: the court case is expected to take months, if not years.

The liquidators, meanwhile, are still chasing compensation from authorities in Saudi Arabia.