Most of our banking system has faced the crisis with courage and  BIS central bankers’ speeches  9  transparency, but in more than a few cases the effects of the long, deep recession have been compounded by imprudent and at times fraudulent conduct by senior management.
As the crisis unfolded, international banking regulations changed rapidly, especially, as I noted earlier, those on the management of bank failures. The issue of the four banks put under resolution in November needs to be examined in this context.