Delay in deficit: Blame the Banif – Express

It is a matter of methodological nature that is being treated by the Bank of Portugal (BoP) and the National Statistics Institute (INE), which involves the impact on Banif in the public accounts of 2015 that justified the postponement by one week, sending to Eurostat’s first notification 2016 relating to the excessive deficit procedure.

It was scheduled for the morning of Thursday the release of the first notification 2016 relating to the excessive deficit procedure, listing the values ​​of the deficit and debt for the period from 2012 to 2016 and other relevant information.

However, the portal INE indicates that the release was “postponed to 31 since March not be available all necessary information”. This delay is nothing common in reporting the official figures of the deficit and public debt of Portugal to the European Union.

The provisional estimate of INE points to a deficit of 4.4% of GDP in 2015, and the impact of resolution operation Banif been estimated at a deficit increase by 1.4% of GDP. That is, without this effect, the provisional estimate of INE place would be around 3%.

The Ministry of Finance was the first to hold harmless by the delay reported this morning, stating that sent INE in due time, all information on the state accounts necessary for the calculation of the deficit and public debt in 2015.

the INE came however clear that the highlight of the postponement concerning the excessive deficit procedure is not the responsibility the Ministry of Finance, “should exclusively to the fact that the INE and the Bank of Portugal are finalizing the methodological approach and the subsequent compilation of debt data for the tables associated with the notification.”

boP explained to Express that made, as agreed, establishing data for the calculation of public debt in 2015 and made it available to the INE. And confirms the reason for the delay: “For the purposes of completion of the notification, remains a matter of methodological nature that is being handled by the Bank of Portugal and the INE,” says the central bank.