February 13, 2020 / 9:12 AM / in 9 days

Financial actors should improve governance and restore client's confidence - ECB's de Cos

MADRID, Feb 13 (Reuters) - Financial market participants should restore their clients’ confidence as soon as possible following governance failures, European Central Bank policy maker Pablo Hernandez de Cos said on Thursday.

De Cos, who also heads the Bank of Spain, said that while this was not really a new type of risk, the relevance of misconduct costs “became painfully clear” in the aftermath of the global financial crisis.

“If we also include the reputational costs associated with these forms of malpractice, the actual damage to the banking sector goes far beyond the standard estimates presented,” De Cos said. (Reporting by Clara-Laeila Laudette and Jesus Aguado; editing by Jose Elias Rodriguez)

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