ECB’s Tumpel-Gugerell presents path to better banking

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Gertrude Tumpel-Gugerell, a member of the European Central Bank's executive board, on Monday underlined the flaws in banks' business models that the crisis had revealed.

Speaking at Bocconi University in Milan, Tumpel-Gugerell noted that banks had ignored the benefits of deposits as a stable source of financing at their peril, relying more on wholesale funding - a source that had proven "increasingly precarious".

"To the extent that more stable retail deposit financing has been replaced by whole

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