ABSTRACT
The global economy is presently facing the most significant set of challenges since the great depression of the 1930s. After the October 1929 Wall Street crash a staggering number of bank collapses followed in the US alone.1 Depositors lost their life savings, which added to the financial shocks and social misery of the times. As a result of the calamity, governments throughout the world were determined to closely regulate banks. Banks were perceived to be the cornerstone of a healthy economy, and consequently bank regulation a matter of utmost national interest. The banks themselves were also anxious to rebuild public trust and confidence. To reinforce an image of solidity and reliability, bank headquarters were invariably housed in stolid stone or granite buildings. A job in the bank was a job for life, reinforcing a sense of stability in the minds of customers and bank employees alike.
