Tuesday, March 17, 2015

Government did not interfere in the BES resolution decision ensures … – Digital Journal

The Prime Minister, Pedro Passos Coelho, assured the members that the executive had no interference in solving decision of Banco Espírito Santo (BES), since such power belongs to the Bank of Portugal.
 

“The government had no interference in BES resolution decision because that decision the Banco de Portugal [BoP] under the law,” said the minister in written responses sent the parliamentary committee of inquiry into the case BES / GES.

“The decision was communicated, on August 1, 2014, by Sir governor [BoP] Mrs. Minister of State and Finance after the have made a commitment before the Council of the European Central Bank Governors, to advance to the measure of resolution, “Passos Coelho said.

Asked if had any meeting the week before the resolution to the minister Finance, Maria Luís Albuquerque, and the governor of bop, Carlos Costa, to discuss the financial position of BES and the best way to intervene in the bank, Passos Coelho said he did not remember, or have registration, no face meeting, but confirmed that he had “numerous” telephone contacts with Maria Luís Albuquerque and “some” with Carlos Costa.

“These telephone calls were intended, essentially, to provide information on the developments,” he said .

At the same time, the prime minister dismissed the idea that was discussed the possibility of involving public funds to capitalize the BES.

“Not to my knowledge has ever been requested the public recapitalization of BES, so it was never equated “, he stressed.

Passos Coelho referred the issues of public money involved in the loan of 3.9 billion used for the capitalization of the Fund resolution, the sole shareholder of the New Bank – one of the two entities resulting from the resolution of the BES -. to the answers given by the Minister of Finance in the committee of inquiry into the case BES / GES

About the possibility of any judicial decision that will cancel the sale of business of the New Bank, which is already underway, the minister played defense.

“I see that I should not speculate on this matter, especially when they were proposed actions court whose contours unaware, “he said.

And also refused to” speculate “on issues related to whom falls the responsibility of payment due to the possibility of Portuguese justice decisions to compensation be paid to complainants.

As for the question on the consequences for closing successfully the Portuguese adjustment program at the end of the first half of 2014, the fall of the BES had occurred in the end of 2013, Passos Coelho said . want to do predictive judgments about a fact that could have happened but did not happen

He added: “However, it should be noted that financial stability was not affected by the adoption of the resolution measure. The opposite is no longer safe to assume, that is, without the implementation of the resolution measure most likely financial stability could be called into question “

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