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Global Risk Institute Comments on ECB Stress Test Results

OCTOBER 27, 2014

Commenting on the results of ECB stress tests of European banks released on Sunday, October 26, Dr. Michel Maila, President and CEO of the Global Risk Institute in Financial Services, said: “This is a step in the right direction, albeit belatedly. On the basis that it’s never too late to do the right thing, the ECB should be congratulated. Now, however, comes the hard part – introducing a more disciplined and mature risk culture in banks’ management teams, and significantly enhancing the risk capabilities of Non-Executive Directors at these banks so that they can be more effective in their oversight of management.”