However, the rules will not be used to take prosecutions, he said. “Accountability is not about scapegoating, and should not be used to create a fear of failure.” The accountability legislation will make individuals answerable for their actions, he insisted in a speech given at Trinity College Dublin, during an event focused on banking culture. “This regime should be designed to call to account those taking unnecessary, uncalculated risks; who engage in moral hazard, who refuse to follow the correct protocols and processes, who lie to or mislead their colleagues and clients, and who knowingly commit wrongdoing,” the minister said. The targeting of new rules at individual bankers reflects concern that while rules have tightened since the crash, the culture and attitudes within institutions have been slower to change. At the same event, Bank of Ireland CEO Francesca McDonagh said increased accountability will help drive cultural change. “We can’t shy away from the mistakes of the past but we must learn from them so that we can transform the culture in Irish banking. Bank of Ireland wants to play a leadership role in this task, and help to develop best practice cultural improvement for our sector,” she said. Legislation has… Read full this story
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