08. 07. 2019 the banco de espana and its promotion of economic history research presentation of the “ guide to historical banking archives in spain ” pablo hernandez de cos governor good morning, ladies and gentlemen. it is a pleasure for me to close this conference, which has presented the “ guide to historical banking archives in spain ”. this publication, both for the quality of its information and the wealth of data it contains, will no doubt contribute to increasing knowledge on the historical development of the spanish banking system. i would like to thank all those who have participated in this project for their efforts. my gratitude in particular to the academic historian, pedro tedde, to professor maria del carmen angulo, and to all those institutions and individuals who have enthusiastically collaborated in the publication of the guides to their respective archives. and naturally, too, to the banco de espana teams behind this initiative. the value of the initiative lies in the very value of the spanish banking and banco de espana archive collections. these archives are fundamental to the study of our history and the development of spain ’ s banking system. in this respect, i wish to highlight the importance of having historical archives that allow documents to be held and conserved and that guarantee their traceability and integrity. without these archives, our knowledge of the past would no doubt be limited. indeed, their subject matter provides for well - founded historical analysis and for a better understanding of the reasons that led to specific financial decisions. and, in light of the central role of banking in our economic system, it also allows us to examine the conditioning factors of many decisions taken by bank debtors, i. e. by firms, households and governments over time. i therefore believe we should welcome a new publication which describes and identifies for the first time, in an orderly fashion, the contents of 10 different historical archives of banks or spanish institutions and of the 218 documentary series they comprise. the publication also contains a full map of the development of the spanish banking system from its origins until late 2017. adding to it is the article by pedro tedde, which rigorously analyses the spanish banking system during the twentieth century. a reading of the publication offers clues that the process of change has, with differing degrees of intensity, been continuous. hence, while the current transformation in banking may have different causes and rhythms than those in the past, deep knowledge of previous events can also offer us significant lessons today on the challenges currently ahead of the spanish financial system. in any event, the publication we present

william c dudley : worthy of trust? law, ethics and culture in banking panel remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the banking standards board panel " worthy of trust? law, ethics and culture in banking ", london, 21 march 2017. * * * sarah bell, stephanie chaly, james hennessy, thomas noone, and joseph tracy assisted in the preparation of these remarks. first, let me thank governor carney, the lord chief justice, and dame colette for including me in today ’ s discussion. it is an honor to be here. as always, what i have to say reflects my own views and not necessarily those of the federal open market committee or the federal reserve system. i also want to thank the banking standards board for its important work on improving standards of conduct in financial services. the effects of this work will, i think, be felt throughout the industry, not just in the city of london. we learned from the libor and fx scandals that poor conduct can proliferate quickly throughout the global marketplace. that ’ s because short - term thinking — maxing out this year ’ s compensation bonus or this quarter ’ s accounting profits — is a catalyst for poor conduct. in contrast, good conduct may take longer to catch on. good conduct depends on a longer - term frame of reference. it is building a viable career that one can be proud of, and, at the firm level, building franchise value and reputation that takes decades to accomplish. in both cases, though, the same enabling mechanism is at work : culture. culture — within a firm or across an industry — is not determined primarily by rules or laws, though certainly rules and laws can amplify good or bad attributes. culture comprises, instead, what people observe and do, resulting in accepted and mostly unspoken norms. mostly, people look for what succeeds and what does not, and they try to align themselves with the former. if we want to improve culture and conduct, we need to start by being realists about human behavior. at the new york fed ’ s culture conference last october, dame minouche shafik observed pragmatically that an end to all misconduct is not the goal of reform. there will always be a few bad apples. rather, the goals should be far fewer instances of misconduct and far less scope, magnitude and duration when such misconduct inevitably occurs. i submit that the best way to