But "the foundations of this financial disaster were clearly built on ineffective management of, and oversight controls over, treasury operations," it contended.

"The bank has not been successful for some years in its lending and treasury operations," he said.

Allied Irish Banks also centralized all of its international treasury operations under its capital markets division.

The bank is a player in trade finance, asset management and treasury operations.

He was a frequent visitor to the bank's 20 treasury operations in Asia.

The Bank of England also said the seized bank's treasury operations had lost $849 million between 1977 and 1985.

Mr. Akbar ran the Bank of Credit's treasury operations from 1982 until 1985 or 1986.

Midas had built up an impressive user base of international branch banking and treasury operations in the previous decades.

From 1977 through 1985, the total of losses and fictitious profits from the treasury operations was estimated at nearly $1 billion.

The bank is also active in trade finance, asset management and treasury operations.