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