BES What was said and what was said by the first days of … – iOnline

BES What was said and what was said by the first days of … – iOnline

The governor of the Bank of Portugal (BoP) ensured that took the resolution measure of the decision – “I just had an option” – without consulting the government. And that one could withdraw the suitability of Salgado earlier. Maria Luís Albuquerque confirmed that the resolution it was only communicated by Carlos Costa, and Teixeira dos Santos casts doubt remembering that the executive had to approve “fast” legislation that would allow the resolution of the BES. Carlos Tavares, chairman of CMVM, states that “did everything that could have been done.” Conclusion? The first 30 hours of hearings in the Commission of Inquiry to BES does not allow to draw strong conclusions.

On the table were some of the issues that i anticipated last week. For example, in relation to the fact that the problems in the GES were only made public in the first half, bop and government spoke with one voice: it was necessary to ensure system stability through a message of confidence. “Terms had a quiet August was the best that could happen to us,” one would refer to Carlos Costa with some signs of fatigue, when he had spent more than six hours of listening. The strategy notes the governor worked: the Portuguese have not lost confidence in the financial sector and the New Bank hardly lost deposits.

Asked by MEPs

about whether this option makes sense, Teixeira dos Santos said he wanted to “keep the reviews” for you but noted that “the government has a responsibility to ensure the stability of and confidence in the financial system “. He continued: “If there is a risk to system stability and reasons that may affect public confidence in the system, the political officer shall transmit, if this is the case, messages that allow communicate such confidence.” The hearing of the former minister was the most serene and the shortest of that happened so far: only two hours.

About the fact that the salt administration of removal only have happened in June, Carlos Costa said – repeatedly – that had no legal means to remove the suitability Salgado – This was confirmed by Maria Luís Albuquerque – and therefore used the “moral suasion” during the first half of the year to force to his resignation, which would eventually happen.