The violation of ethical principles by bankers was one of the main factors that led to the global crisis, meaning that the introduction of new rules and regulations will not be enough for a safer banking system, Henk Paardekooper, the CEO of RBS Romania said yesterday. "In 2008 was the beginning of the most terrible recession since the Second World War. In response to this situation, new laws were introduced everywhere, more regulations, direct control over some banks. The talks were based on the introduction of rules, but I think that introducing rules will not solve the problem and we won't have a safe banking system. I am not saying that it is a good thing not to have rules, but I think that it is not enough to have rules and regulations".

Henk Paardekooper added that according to the American authorities, the crisis could have been avoided, but among the factors which have led to this situation are bad regulations, the carelessness of financial companies, the decision makers which were caught unprepared by the crisis, as well as systemic violations of liability and ethics, at all levels.

"All the other reasons mentioned can be dealt with by introducing regulations, procedures and laws, we have already seen that. But we can't include ethics in a procedure. I think that the blatant violation of ethics is the main cause behind the recession. (...) Bankers have to comply with ethics, they have to be obsessed with doing the things that are right for society. If they do not understand that, they will remain in their glass towers", said the CEO of RBS Romania.

The statements of the banker come as Royal Bank of Scotland (RBS), the parent bank of RBS Romania, could become the object of a criminal investigation of the British authorities, after a report made by a government advisor in London has accused the restructuring division of the bank of having d