Mark Carney urges banks to step up trust rebuilding process

26 February 2013

Banks must strive to do more in order to rebuild public confidence in them, which has hit rock bottom in the aftermath of the global economic crisis.

That is according to Mark Carney, the current head of the Bank of Canada who will take up the governorship at the Bank of England this summer, who has called on financiers to "participate actively in reform, not fight it".

During a speech delivered at Western University in London, Ontario, yesterday (25 February), Mr Carney noted "the time for remorse" from professionals in the industry is "far from over", as too few bankers had been willing to accept their role in the fiasco until recently.

The official said lenders need to hike up their levels of capital while also undertaking more regular stress tests in order to make sure their business is able to resist the shock that would be caused by a repeat of the worldwide downturn.

"Virtue cannot be regulated. Even the strongest supervision cannot guarantee good conduct," he added.

By Tony Aynsley

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