The Court of Auditors accuses the Finance Ministry of “lack of control” in the Caixa Geral de Depósitos (CGD) between 2013 and 2015, noting that the State approved accountability documents without having the full information.
in An audit report on the control of the Business Sector of the State made by the Ministry of Finance between 2013 and 2015, released today, the Court of Auditors considers that there was a “lack of control by the State,” the public bank, in this period, after the recapitalization of 2012 (in the amount of 1,650 million euros).
In the document, the Court of Accounts enumerates the situations in which you consider that the Ministry of Finance, that during the greater part of that period, was supervised by Maria Luís Albuquerque (in the previous government PSD/CDS-PP), should have exercised greater control over the public bank.
“The control of the CGD lacks transparency, particularly as evidenced by the non-delivery to the shareholder of the documents required by the legal regime of the Public Sector Business,” says the entity, concluding that “the approval of the accounts of CGD was carried out with incomplete information”.
In question is the “lack of knowledge” of the instruments of estimates management of the CGD not only by the Technical Monitoring Unit and Monitoring of the Public Sector Enterprise (UTAM), but also by the Directorate-General of Treasury and Finance (DGTF).
This way, says the Court of Auditors, this information has not been incorporated in the appraisal process of the document of accountability, “which meant that a shareholder has approved the same without the full information”.
Among the faults, the authority points out that the quarterly reports of the evolution of the Business Sector of the State in that period does not include the CGD, giving an account of what “the last annual monitoring report of the sector published, which carried out an analysis of this company, is that related to 2013″.
In the information collection system of the economic and financial used by the Business Sector of the State (SIRIEF), the Court of Auditors found only four reports quarterly to the audit of the CGD, relating to 2015, but entered the system already in 2016.
and So, concludes that “there is no evidence that the reports relating to previous years have been taken into consideration in the technical analysis prior to the approval of documents reporting the accounts, in the course of the period 2013-2015″.
in addition, in the report of the audit committee in the fourth quarter of 2015, the Court of Accounts means they have been identified “matters of interest to the guardianship” which include, among others, the loan with individual monitoring and guaranteed by actions, as well as assignments of assets and the evolution of the situation in relation to the New Bank, for which “the commission of audit warned of the need to be provided information to ensure/evaluate potential impacts to the GBD”.
moreover, points to the Court of Auditors, this report reveals the existence of impairment losses in the amount of 1,500 million euros, and the exposure of CGD in 4,500 million euros (excluding the exposure to government debt domestic and foreign, of the resolution fund, to the pension plan and the companies involved in the management of claims with origin in the process of the restructuring of BPN).
“Still, there is no evidence that this company has been the subject of any action inspetiva of the Inspection General of Finance (IGF) requested by the shareholder”, in spite not only of the “weaknesses of internal control identified”, but also of the “existence of matters of operation risk”.
In the report released today, the Court of Auditors concluded that the control over the Business Sector of the State that the Ministry of Finance has been implementing since 2013 is not yet effective and has been the focus of only about half of the public companies.
Being that the CGD is the largest of the companies in the portfolio of holdings of the State and represents almost the entire financial sector of the Business Sector of the State, the court made a judgement “more detailed” from the public bank.
The Ministry of Finance responded to the Court of Accounts, showing-if “firmly committed”to increase the control over the Business Sector of the State.
the office of The ministry is supervised by Mário Centeno focused after in the future of the GBD, reiterating that the State has already approved an “industrial plan” to be implemented during the term 2016-2019.
This plan includes “an economic analysis, a viable business plan, including divestments in operations that are not strategic, a detailed analysis of the results of the CGD, S. A., and the evolution expected from its balance sheet, with projections after the capital increase, the returns projected for the investment shareholder, and, still, the projection of the timing of such returns”, refers to the guardianship.
in turn, the CGD refuted the criticism of “insufficient control” by the shareholder, referring to the framework applicable to credit institutions, which includes supervision, which, to the Court of Accounts, is not enough.
“The role of institutions and regulation and supervision laid down in the sectoral legislation does not warrant shareholder nor the maximisation of the financial results, neither an optimization of the activity of the company that lead to a particular impact, economic or social,” says the entity.
the Ministry of Finance stated that, “regardless of whether, in the past, the control of the CGD could have been ascertained more directly by the entities of financial supervision, if you want to put also emphasis on the proper performance of the Legal Regime of the Public Sector Enterprise”.
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