December 28th, 2010
Naked Capitalism: Back in September 2007 Unicredit Bank Ireland’s risk manager resigned. The resignation matter was based on massive breaches of liquidity requirements (banks are required to ensure that cash inflows equal at least 90 per cent of cash outflows forecast over the relevant period). Follow up:
Follow up:There was no regulatory follow up at all once the breach had been discovered, no curiosity from the regulator whatsoever about the resignation of the risk manager, apparently no tip-off to Italian or EU regulators, either; and what appears to be a clumsy attempt to disguise the fact that there had been a regulatory breach at all. Read more.....