While this collapse wascaused by the unauthorized actions of a single rogue trader, the conclusions ofthe official investigation, which were made public in July 1995, indicated that(along with serious mismanagement in Barings itself) regulators at the Bank of Englandhad been negligent in their dealings with Barings Bank. BoE officials believed theverbal assurances of senior executives at Barings and gave informal assent to thecircumvention of the rule stating that financial commitments exceeding 25 percentof a bank’s net assets needed to be registered with British authorities (Board ofBanking Supervision 1996: 197, 244f.). The 300-page report contained a detailedlist with seventeen recommended improvements to the system and demanded that a furtherreport on their execution should be submitted by the end of the year. By January1996, the BoE announced the complete implementation of these proposals (Hall 1996a).The independent investigation of the regulatory process was conducted by ArthurAndersen, a major management consultancy.
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