The bank's deposits were used by the network to pay bribes and conduct its weapons and currency deals, according to the article.

"The fact that it was a hard currency deal opened many doors," Mr. Duskin said.

The currency deal expired in July; if the exchange rate remained the same, Virgin would be obliged to pay £6m, to make up the difference.

Without protection from someone in the elite, illicit currency deals draw prison terms of 10 to 15 years.

A precedent for this form of twin-tier settlement already exists in the money markets, where a central clearing house deals exclusively with the big institutional currency deals.

Her activities included smuggling diamonds and emeralds, making blackmarket currency deals, owning a striptease joint and selling hard-core pornography.

Despite repeated denials and being exonerated by two investigations, the currency deal has left the whiff of insider trading hanging in the air.

The clearest risk to the currency deal, Mr. Hanke says, is unemployment, not inflation.

The former chairman of the Swiss central bank will receive a full year's salary of almost £600,000 despite stepping down after a furore over his wife's currency deals.

Those planning a ski trip or winter sun breaks this Christmas are urged to shop around for the best currency deals.