US central banker urges pillar 3 action now in light of scandals

Recent accounting scandals mean international banks should start improving their disclosure of risks and capital adequacy now and not wait for the pillar 3 disclosure provisions of the Basel II bank accord to take effect in late 2006, a senior US central banker urged in early June.

The breakdowns in accounting, auditing and corporate governance exemplified by the collapse of the energy-trading group Enron and other scandals, should serve as ‘a wake up call’ to corporate boards, management and auditors to enforce ethical standards and effective controls, US Federal Reserve Board governor Susan Bies said.

Banks must strengthen corporate governance to prevent such abuses occurring in their institutions, Bies told the Institute of International Bankers in New York. She made

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here