Top EU regulator doubts need for more bank rules

BRUSSELS, Oct 13 (Reuters) - More regulation is not the answer to the financial market's problems and there should be greater emphasis on the responsibilities of bank boards and management, a top banking supervisor said on Monday.

The worst financial crisis in 80 years has sparked calls for a radical overhaul of banking supervision.

"We have to be careful and really evaluate what are the lessons to be learnt. I am not sure there is a need for more regulation," said Kerstin af Jocknick, chair of the Committee of European Banking Supervisors. "We have to adhere to the regulation in place. Perhaps there is a need for more supervision but the responsibility is with boards of directors in banks and insurance companies. We have to emphasise that even more. They have responsibility for what has happened," she told the European Parliament.

Governments of the euro zone met agreed on Sunday on a raft of measures to shore up the banking sector, unblock a frozen money market and acquire stakes in banks to bolster their capital base.

Germany, France and Italy were due to announce on Monday how they would apply the measures in their domestic markets.

(Reporting by Huw Jones, editing by Paul Taylor)