Trader's multi-million fraud won't dent BRE's results

Company employees blame internal procedures at the bank as having enabled the theft to take place, and thus it is likely that increased controls regarding the supervision of staff will soon become common practice among all institutions on the market. However, Wojciech Kwaśniak, the general inspector of banking supervision, said, "Nothing has happened which could have disrupted the bank's credibility. It is a good sign that BRE, thanks to its internal procedures, has revealed the violation and informed the market about it." This incident is not expected to affect the bank's financial results as appropriate insurance cover was in place prior to the crime, BRE representatives announced. (Parkiet, p. 1) A.K.