Bundesbank Seals Code of Ethics for Top Managers

In the wake of a perks scandal that cost Ernst Welteke his job as president of Germany's central bank, the Bundesbank has now introduced a code of ethics for all its top managers. The code defines moral principles for executives to abide by, and regulates how they are to behave in situations where there is a possible conflict of interest. Among these situations are invitations and lectures, for which Bundesbank employees -- speaking in their business persona -- are not permitted to accept remuneration. Invitations to conferences and cultural events may be accepted, when the events are in the bank's interests. In future, there is also to be an upper limit on the value of gifts Bundesbank managers are allowed to accept. Welteke was forced to resign as Bundesbank president in April after he allowed Dresdner Bank to foot the bill for a stay in Berlin's luxurious Adlon Hotel.