BURY is hoping to win another slice of BCCI money on the tenth anniversary of the bank's collapse.
Liquidators have been given the right to sue the Bank of England for damages over the affair.
They are asking for £550 million, which could top £1 billion once interest is added.
The decision, made by the House of Lords, is an historic one. The Bank of England has enjoyed immunity from prosecution in its 300-year history.
Bury was one of the biggest UK losers when the bank crashed in 1991, owing ten billion dollars.
The borough lost £6.5 million, but has since recouped around 60 per cent of its losses.
Mr Stan Monaghan, the council's director of corporate resources, hopes that a successful claim against the Bank of England could bring that to 70 per cent.
He said the liquidators were suing the bank on the grounds of "misfeasance in public office" in its regulation of BCCI.
"It's a major victory," said Mr Monaghan, who sits on the UK liquidation committee and the Luxembourg creditors' committee.
"We've been trying to get them into court for the last eight years. We believe the Bank of England bears some responsibility for the losses that we incurred."
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