As you know ‘fraud’ is a criminal offence and any delay on the part of the bankers in initially red flagging an exposure and subsequently declaring it as a fraud will have far reaching implications on the employee conduct and internal governance standard. Banks and bankers could be charged for abetting the criminal offence.
These action points include the completion of Economic and Monetary Union, banking union and capital markets union. Moreover, and without prejudice to the ECB’s independence, we take note of the Commission’s support for our initiatives on market infrastructure and payments, which help to increase efficiency and financial market integration in the euro area.