Bundesbank to adopt ECB ethical code of conduct

The Bundesbank has said it has decided to adopt the European Central Bank's ethical code of conduct, which prohibits members from accepting gifts from outside parties.

"The board of the German Bundesbank has decided, with immediate effect, to employ the code of conduct for members of the ECB governing council," the Bundesbank said in a statement.

"This will make the existing rules more concrete and more transparent," it added.

The move comes after Germany's central bank president agreed to step aside temporarily after prosecutors opened an inquiry into a Berlin five star hotel tab, for himself and his family, was picked up by Dresdner bank.

Ernst Welteke became the subject of a Bundesbank review after Der Spiegel magazine reported this week on his New Year's 2002 stay at the hotel where he was attending Dresdner ceremonies celebrating the introduction of euro notes and coins.

As a member of the ECB's governing council, Welteke had already signed up to the central bank's code of conduct, which states: "respect of the principle of independence is incompatible with applying for, receiving or accepting any benefits, rewards, remuneration of gifts in excess of a customary or negligible amount".