France calls for stronger controls after SocGen
A French government report called on Monday for stronger risk controls inside banks in the wake of the Societe Generale rogue trading scandal.
No risk of bid on SocGen says France's JouyetThe finance ministry report also recommended tougher standards for regulating operational risk, the vulnerability of banks to people and systems.
France is recommending higher penalties for fraud and will call for rapid talks with its trading partners on the fall-out from the world's worst trading scandal, according to a ministry statement summarising the report.
The report also called for the a clearer division of roles between regulators and the government in this type of situation. The government has clashed with the Bank of France over when it was informed of the scandal.
Economy Minister Christine Lagarde presented the report to Prime Minister Francois Fillon on Monday.
(Reporting by Sophie Louet; writing by Tim Hepher)
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