The Parliamentary Inquiry Commission (CPI) “to the process that led to the sale and the settlement” Banif kicks off this Tuesday, March 29, with the aim of assessing the contours of an operation that led losses to the Treasury at least 3,000 million and a gain for Santander, the buyer, between 500 million and one billion, and that may have no legal basis.
the unexpected outcome of Banif, in 2015 Christmas eve, with heavy losses to the state, did not constitute just a bad surprise for taxpayers also highlighted acutely existed (there is) a serious problem in the Portuguese financial system, but who was disguised. And that passed the previous executive unsolved. Banif join the questions on CGD, BCP and New Bank, which together account for over 60% of the banking business. And there is the BPI (12%), where the shareholder dispute remains which was a plus factor of disturbance.
Banif process was extended for three years and brought back to the agenda of the Parliament’s role (or lack thereof) of various governments in stabilizing the sector. In December 2012, Pedro Passos Coelho nationalized institution, injecting 1100 million (recovered 275 million), and sat waiting for the solution you fell mature in her lap. Three years later, in December 2015, António Costa closed the file under European pressure and the Bank of Portugal (BoP) and the result was a negative impact of at least 3000 million in public accounts, when it is expected to stay for 850 million. Banif appeared to be a small problem, it was only 4% of the market, but the extent of the injury proved to be a surprise
It is therefore expected that the São Bento return custom’s questions. How Could let the situation drag a point that generated an unexpected loss to taxpayers? Whose responsibility is it?
To answer these questions, the CPI Banif will be chaired by Communist deputy António Filipe will meet over the next four months to get dozens of personalities whose contributions They are intended to ascertain, among other things, the political responsibilities and supervisors involved: European Central Bank (ECB), Directorate General of the European-DGCom Competition, Banco de Portugal (boP) and Commission of Securities Market (CMVM) .
The squad contains the names of Carlos Costa, bop, Carlos Tavares, CMVM, and former Finance Ministers, Vítor Gaspar, who left the decision to nationalize, and Maria Luís Albuquerque, which may have devalued the subject. But also the current holder of the Finance folder, Mário Centeno, and its Deputy Secretary of State Richard Mourinho Felix, who gave voice to the resolution of Banif. And, of course, it is expected that Members will seek to obtain enlightening testimony of Passos Coelho and António Costa, two central parts.
CPI Works begin on Tuesday with the hearings of the two past CEOs Joaquim Marques dos Santos (from 2010 to 2012) and George Thomas (2012-2015). The next day, it is expected the former Defense Minister Jose Socrates Luis Amado, that the past four years led the board of directors.
On Thursday, the focus will be on Antonio Varela, the State representative in Banif until 2014 when it moved to the administration of the boP. Also Miguel Barbosa, today ahead of Octant, who received the portfolio of “troubled” assets of the Banif, about 2200 million, will appear in St. Benedict. Another unavoidable name is the Vieira Monteiro, president of Santander Totta, the institution that received the state non-problematic assets of Banif with a discount of 75%.
But it is not only the Banif outcome that raises questions. It’s the whole process. In 2012 the bank was viable? At the time, the internal assessments of BoP supported by a Citibank study pointed to a positive scenario. But note mixed signals. To modernize the bank, years before nationalization had been purchased a computer system that was not installed by lack of skills (and only in 2012 were adopted measures to implement). Banif could be saved, given the intricate business model with shareholders interests and the large exposure to real estate?
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