10/1, 9:30 AM (Source: TeleTrader)
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Mersch: Bank execs to face more scrutiny from ECB

Bank directors in the Eurozone will start facing more scrutiny in suitability assessments, European Central Bank (ECB) Supervisory Board Vice-Chair Yves Mersch said on Thursday.

"The integrity and competence of a bank’s directors is one of the most important lines of defense against mismanagement and fraud," the central banker noted.

Mersch went on to add that the ECB will issue a negative decision in case a bank director is deemed unsuitable for a position. "We will also more closely scrutinize any relevant facts which may have a negative impact on the reputation of the individual in question, such as previous criminal convictions or ongoing judicial or administrative proceedings," he noted.

Breaking the News / VP