BES: Draghi says ECB was thanks to that detected BoP problems – TSF Online

BES: Draghi says ECB was thanks to that detected BoP problems – TSF Online

Draghi rejects any loss of credibility of the ECB and the Bank states that Portugal is now better equipped to ensure supervision.

The President of the ECB understands that the institution was the presiding provided that such standards that allowed detecting irregularities in BES.

“The ECB has made available to the supervisory authorities, in Portugal, the best patterns, contributing to the effort of the troika to formulate better standards and analyzes credit and thanks to these best standards that subsequently the Portuguese supervisory authority may, in fact, identify the problems in the BES, “he said.

Draghi believes that the ECB would not be exposed to a loss of credibility for not performing a function, why not have responsibility.

“The ECB is still not the supervisor of the banks. And it has oversight responsibility of Portuguese banks or any other bank. Not have such responsibility as the ECB does not become a true supervisor “he said.