Preheat the oven to gas 2, 150°C, fan 130°C.
Put the bread in a food processor and whizz to make chunky breadcrumbs. Spread evenly on a baking tray and bake in the oven for 20 minutes, until crispy and golden. Return the crumbs to the food processor with the rosemary and whiz again until fine.
Arrange the flour on a plate. Roll the olives in flour then, using a slotted spoon, dip them in the beaten egg, then roll in the breadcrumbs until completely coated. If the coating isn’t thick enough, repeat this process to create a double layer of breadcrumbs. Chill for at least 15 minutes to firm up before frying.
Heat the vegetable oil in a saucepan or wok until it’s hot enough to turn a small cube of bread golden in around 2 minutes. Deep-fry the olives in batches for 2-3 minutes until golden. Drain on kitchen paper and serve warm.
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