Noyer says SocGen risk control insufficient
French bank Societe Generale was warned by the Bank of France that it had not dedicated enough resources to preventing risks of the kind that triggered 4.9 billion euros (3.7 billion pounds) of rogue trading losses, France's central bank chief said in remarks published on Wednesday.
Bank of France Governor gives reassurances on financial crisis"In the case of Societe Generale the resources dedicated to internal controls, particularly human resources, were insufficient. We detected this and mentioned it during previous inspections by the Banking Commission," Christian Noyer told Paris Match in an interview.
The remarks appeared to toughen up implied criticism of the bank given by Noyer in testimony to French parliamentary committees after SocGen announced the losses on January 24. Noyer told parliament the central bank had warned SocGen about its control systems for some equity derivatives in March last year.
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