ECB head of bank supervision Daniele Nouy out on the wires
- new evidence of credit institutions' misconduct arising every day
- non-binding codes of conduct have not led institutions to effectively implement sound corporate governance practices
Hands up anyone who's surprised ? The days of "My word is my bond" have long gone down the plughole
Which begs the question just exactly what are the ECB/others really doing about it, or is it all just too big to contain?
Here's an update 11.02 GMT
- strengthening the way in which we assess remuneration policies and implementing the EBA 's rules on "identified risk takers"
" We see incentives- both financial and non-financial- as having a critical role, since their misalignment with business and risk culture objectives is at the heart of misconduct"
Nouy - Misconduct growing on a daily basis
