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So did the attendant failure of supervisory judgment on the part of the CBC.
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And, from November, when the ECB takes formal control of euro-zone supervision, the council will also have the final say on supervisory judgments about national banks that may have big fiscal consequences for the states in which they are based, if they require recapitalisation.But, whatever their notional independence, central-bank governors are appointed by national governments.
But the regulator also said that it "operated a flawed supervisory approach, which failed adequately to challenge the judgment and risk assessments of the management of R.B.S".
The FSA operated a flawed supervisory approach which failed adequately to challenge the judgment and risk assessments of the management of RBS.
"In that regard, my Office will immediately engage with our colleagues in other national supervisory authorities across Europe to determine how the judgment can be implemented in practice, quickly and effectively, particularly insofar as it impacts on EU/US data transfers".
Crucial was Richardson's judgment that a main attraction of the City internationally was its participative and interactive – rather than prescriptive – supervisory regime.
Supervisory responsibilities were too fragmented.
It criticises Congress for its supervisory failures.
No judgment.
Judgment Day.
Gradually, governments assumed a supervisory role.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com