The need is now to bring corporate governance issues closer to centre stage. Better financial regulation has much to accomplish, but cannot alone satisfactorily assure performance of the major banks. Behavioural improvement is more likely to be achieved through clearer identification of best practice and more effective but, in most areas, non-statutory routes to implementation. Regulation will make BOFIs safer but cannot assure that they will be attractive to investors and thus able to strengthen their balance sheets. Better corporate governance of banks cannot guarantee that there will be no repetition of the recent highly negative experience for the economy and society as a whole.