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HERBERT STEPIC, CHIEF executive of Raiffeisen International, sums up the frustration felt by many senior bankers about the likely effects on his firm of a more intense regulatory environment. “I’m engaging a large number of employees only for regulatory issues,” he says with a sigh. “We have been bombarded with regulatory issues over the past year.” For Stepic the stiffer requirements on capital, liquidity and general reporting that international and national bodies are placing on banks are proving onerous.
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