Should I remove my reciprocal link pages?

The site in question is an 8 year old ecommerce site and we have a "Resources" link on every page which links to your links directory. Every one of those links is a reciprocal link exchange with relevant, quality websites that has been acquired over the years.

Is this a bad idea after Panda and Penguin? Should we simply remove the directory to regain some of our rankings?

I believe that Google has started looking down upon reciprocal links so removing it might be a good idea.

I removed the blog rolls on my sites which had quite a few reciprocal links and my sites slightly improved.

Thanks guys. Been debating it lately...