In a speech delivered at the European Banking Federation's International Banking Summit in Brussels earlier this month, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), called for more effective banking supervision to prevent future banking crises.
Following recent bank failures, many have pointed fingers at rapid interest rate hikes, falling bond prices, and flighty depositors. However, Carstens contended that the leading cause was the failure of directors and senior managers to fulfill their responsibilities. Business models were poor, risk management procedures were woefully inadequate, and governance was lacking.
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