Central Banking

Trichet on bank transfer data from SWIFT

In a speech on the interception of bank transfer data from the SWIFT system by the US secret services given on 4 October Jean-Claude Trichet of the ECB said warned the European Parliament that any disruption to the SWIFT bank data sharing system could hurt the global financial system.

"Any disruption of SWIFT's messaging activity" could have posed "systemic risks" to the financial system, Trichet said.

"We made it clear orally and in writing to SWIFT" that the bank had no power in this field

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