The bank stands accused of blocking access to key documents

The accusation that it knew about the problems comes from the administrator appointed by the Italian government.

Administrator Enrico Bondi also accused the bank of "systematically" blocking access to key documents, Reuters news agency said.

The US bank is accused of using its knowledge of Parmalat's finances to protect itself from the fallout.

Cash recovery

Mr Bondi is trying to prove that Bank of America used privileged financial information to end up first in the queue of creditors once the massive black hole in Parmalat's accounts became widely known.

The transactions in question were legitimate in their business purpose and were in compliance with legal requirements Betsy Weinberger Bank of America spokeswoman

If Mr Bondi can prove that Bank of America is guilty of this, it could enable Parmalat's creditors to recover cash paid by the company to the bank.

The accusations were contained in a seven-page letter from Mr Bondi sent to prosecutors last month, which has been obtained by Reuters.

The letter included details about a number of transactions and deals that Mr Bondi suggested could create the impression that "in some way [the bank] knew about the group's financial crisis".

But Bank of America denied any wrongdoing.