BCP devalues 600 million in five days. The BCP is living a new negative period in the Portuguese stock market. Thursday the actions of the bank led by Nuno Amado fell 7.57%, rising to 22.18% the cumulative decline in the past five sessions. A performance is a loss of 602 million euros in the market capitalization of the institution and that was accentuated after the announcement of intention to proceed with a merger of 193 shares in one and opening the door to new shareholders. A scenario that, in the latter case involves a capital increase and takes the bank to study the possibility of entering the race for the New Bank. Something that analysts consider it unlikely. .
Varela fault ECB and Brussels There are two responsible for how the fall happened Banif: the European Central Bank and the Directorate-General for Competition of the European Commission. The idea was spread by Antonio Varela, who left a few days ago the Bank of Portugal and was founded by database administrator Horacio Roque between 2013 and 2014. In Parliament, Varela said that the fall of Banif “went so bad because the European institutions were absolutely committed to not have any responsibility [regarding] the evolution of Banif in the post-end of 2015 “. Nor does uncritical to the bank’s management before 2012. At that time the Banif “was a very, very bad bank. It was a bad bank” and “had a completely wrong strategy,” Varela said.
<. strong> Two parallel tracks in the New Bank There are two “parallel tracks” that the Bank of Portugal will follow the sale of the New Bank: direct sales to strategic investors and sell in the market with the use of one or more reference investors. According to a statement issued by the central bank in any of the alternatives that will be followed will be privileged potential buyers who already have presence in the financial sector. The resolution and Sergio Monteiro Fund will are week “road show” to international investors who are interested in buying the New Bank. Portugal has until August 2017 to sell the New Bank but the objective is to close the case until next August. The prime minister does not exclude the nationalization of the financial institution.
Maria João Carioca leads Euronext Lisbon. Maria João Carioca (pictured) was chosen to take over as CEO of the Portuguese stock market. The current managing director of Caixa Geral de Depósitos will start working in the second half of this year, and there Isabel Ucha remains as interim president. The successor to Luis Laginha de Sousa, as highlighted Euronext, has “extensive experience in the European financial sector.” It is administrator of public bank since 2013 and before passed by SIBS, Unicre and McKinsey (where he began his career in 1993).
Public debt dropped in 2015. Debt public in Portugal stood at 128.8% of GDP. Although slight, this is the first fall in debt since Portugal requested international financial assistance. In 2014 the debt ratio had reached a peak of 130.2% of GDP, and the NSA warned that Eurostat will revise the 2015 value upwards to 129% due to the impact of the resolution operation and recapitalization of Banif . The Bank of Portugal believes that Banif liabilities of EUR 300 million that remained in the state should not be counted in the public debt, but the INE believes that the European statistical office has a different view. In the excessive deficit procedure published Thursday INE notified this year a deficit of 4.4% of GDP.
Ministers call for change in the deficit. Mario Centeno was a the eight ministers of the euro Finance to sign a letter to the European Commission which is claimed change the way it is calculated the structural deficit. The card gets special attention because it represents an unusual alliance between the southern countries (Portugal, Spain and Italy) and North (Luxembourg, Latvia, Slovakia, Slovenia and Lithuania). Ministers point to an “inconsistency” methodology that generates “discrepancies” and “confusion” in the evaluation of structural balances. The European Commission said it is examining the contents of the letter.
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