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Dan Lucas: Beyond stupid by Swedbank

the bank's share fell over 3% on Friday. There is a clear price on what a loss of confidence in a management team can be expensive. the Swedish financial s

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Dan Lucas: Beyond stupid by Swedbank

the bank's share fell over 3% on Friday.

There is a clear price on what a loss of confidence in a management team can be expensive.

the Swedish financial supervisory authority (FI) on the left hand side of the criticism, Swedbank is not only the case that the bank suffered from a lack of management and control of the work of the anti-money laundering. It was already widely known, and most of the responsibility for this lies with the previous management team.

is that it has been tried in the dark to ACCESS the extent of the problem of money laundering in the baltic market. Not only that, but after the discovery in February of last year, the bank continued to provide the ”inaccurate and incomplete information” to ACCESS to the use of the director-general, Erik Thedéens some harsh words to say.

During the course of the study receive ACCESS, on many occasions, the evidence that important information was not left out of it. It is only through a series of interviews and a visit to the place to which ACCESS has been given to know the list of documents available to them, and thus have been able to seek them out.

among other things, to defend himself with a comment in the form of a request for release shall have the.

The smell of delaying tactic – especially when the law has determined, in the form of a request and is supposed to have.

And when the tempest is raging about a company to Swedbank, last year, in which case only a single point: that the regulatory authority – in this case, the FI must obtain all the documents it requested, regardless of the form of the request.

for Some, a big business leaders are likely to be hit by the panic, and tunnel vision, when the scandal is causing for other activities. However, they still can not escape the responsibility.

during the period from 1 October of the previous year. His mission was, and is, to restore confidence in the bank among customers, the general public, and the INTERNET.

To continue with the efforts to conceal information or delay the disclosure of the document is more than baffling – it will damage the trust and confidence of the bank is more than that. It can be inferred from the case of the share, when the stock market opened on Friday.

Also, if the bank's lawyers responded to the correspondence between the bank and the inspection ports, the responsibility of the operating management-in this case, by Jens Henriksson, the inspection states that the damages the fin-fsa's confidence in the bank.

It is worth while to quote the words of Per Håkansson, senior advisor on ACCESS.

" We believe that Our approach, which is presented in this issue of the relationship between Swedbank and the Swedish financial supervisory authority, is of deep concern.

the banker's opinion as to the commission of inquiry – a statement that was as recently as 19 december last year.

" Jens Henriksson, took it on a Thursday night to the criticism and admitted that the bank has not dealt with the information provided to the inspectorate in a fair manner. It was right for him to do it, so can förtroendeskadan is limited.

But the damage is there, and the bank may now find themselves in, that ACCESS is going to be extra to comprehensive supervision by the bank.

Read more: 'not Everything is resolved.”

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