Butterfield revealed as bank at centre of Norwegian trust affair

And managing director John Robinson, former chairman of the Association of Guernsey Banks, has also been identified as the director disciplined by a UK regulator for failing to prevent the issuing of misleading accounts for the Mischca Trust, set up on behalf of Phantom of the Opera costume and set designer, the late Maria Bjornson.

Mr Robinson was named by the executor of Miss Bjornson's estate, Christopher Moore, who made enquiries after being confronted with an anonymous judgement issued by the Institute of Chartered Accountants of England and Wales. The bank and Mr Robinson have also been named in Norwegian papers following fraud allegations by the president of the country's parliament, Olemic Thommessen, who was the trust settlor.

Mr Moore, who was Miss Bjornson's neighbour, used a UK MP to submit questions to the ICAEW to find out the identity of the director, who was ordered to pay costs of £11,732.

Butterfield confirmed its link to the ICAEW but was not prepared to comment further.