NEW YORK -- E. Gerald Corrigan, president of the Federal Reserve Bank of New York, called last week for a stronger international commitment to regulatory policies that reward strong and prudent banks while penalizing the weak and reckless.

"The many strong and well-managed institutions should not be held hostage to the supervisory policies and practices that are driven by the mistakes or misdeeds of the few," Mr. Corrigan said in a major address to the International Conference of Banking Supervisors in Cannes, France. A text was released in New York.

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