Thursday, January 12, 2017

Teixeira dos Santos away from involvement in credit decisions of the GBD – TVI24

The former minister of Finance Teixeira dos Santos, assured this Thursday that I never got involved in the credit decisions of Caixa Geral de Depósitos (CGD), after asked about various operations that have resulted in significant losses for the bank.

I Never made any determination to the CGD to engage in any financing operation. In my case, the CGD participated in these projects within the development of your business and the mandate that it had”, said in Parliament the ex-ruler on the credits granted to La Seda and at Pescanova, the Spanish companies that have not complied with their obligations to the bank to Portuguese public.

During the hearing in the parliamentary commission of inquiry on the management of CGD, Teixeira dos Santos also denied any government interference in the “war” shareholder the Portuguese Commercial Bank (BCP), in 2007, and said he did not have knowledge about the participation of the CDG in the same.

That I know of, the GBD did not interfere in the BCP. The situation with which I was confronted, in 2007, when Santos Ferreira was the end of his term, it was with the invitation that was addressed to lead the BCP. He was the one who told me that he had been challenged to another institution.”, said.

“I Avoided always interfere in the operations on concrete, whatever it was, CGD,” said the old minister, considering that the “idea that there was interference from the Box in the BCP is a thesis” which does not corroborates.

Still on the BCP, in the scope of the loan granted by CGD to businessman Joe Berardo, who allowed him to stay with a qualified stake in the largest private bank in portugal, fernando Teixeira dos Santos said he only learned that such credit had been given after the transaction is closed.

The operation that refers to, like any other, is an operation that only I am aware after you have been taken. Was evaluated, decided upon and it is the responsibility of the person who was in the administration at the time. The shareholder is confronted with a situation that was taken and the risk was assumed”, has made.

Teixeira dos Santos, gave a similar response when asked about the acquisition on the part of the CGD of the position of the entrepreneur Manuel Fino in Cimpor, at a price much higher than the traded on a stock exchange of the shares of the cement.

Already on the TAKEOVER bid launched in 2006 by Sonae, Portugal Telecom (PT), the former ruler said that “the Ministry of Finance in the exercise of its function as shareholder has not given guidance to the CGD with respect to the direction of voting”.

The acquisition of TVI by the Spanish group Prisa had a response identical.

“I am Not aware of any involvement of the Ministry of Finance in this operation”, underlined.

According to Teixeira dos Santos, “the shareholder [the State] may not be interfering day after day in the management of CGD” and the private shareholders should also not interfere actively in the management of the companies in which they hold equity.

In conclusion, and after questioned if these transactions should have been reviewed by the ‘troika’ (European Union, European Central Bank and International Monetary Fund) as were made to the examinations to the bankroll during the program of the international rescue of Portugal, (2011 to 2014), Teixeira dos Santos, agreed to.

And extended the period for resistance tests made to the assets of the banks by regulators in recent years.

“If there are operations that have been made of irregular shape should be able to be detected in these audits, and in the internal organs of the institutions’ ended.


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