The Governor of the Bank of Portugal, Carlos Costa, considered this Tuesday in Parliament that the Banif management team, led by George Thomas, failed in negotiations with the European Commission on the bank’s restructuring plan.
“I am sorry that the process that was started in the second half of 2015 had not started in the second half of 2013, because then we would have had time to deal with the situation” said the head of the governor, having already noted that “the approval of the restructuring plan was essential.”
Carlos Costa added that “the registered flexibility in the second half of 2015 would have been welcome to emerge a little earlier “<9"
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the governor responded to the questions raised by Mrs Mariana Mortágua, the Left Bloc, which meant that Carlos Costa clearly told who referred in his insinuations, something that turned out to do, albeit indirectly.
“After three years were not able to approve a restructuring plan. Three other banks [CGD, BCP and Banco BPI] had tough negotiations and succeeded. So it’s a matter of negotiating skills and ability to choose priorities, “he stressed.
Carlos Costa stressed that” the restructuring process is the board’s responsibility “and that” someone has set a model and safeguard a set of interests and not left up to. “
the same official said several times that the balance of power in the negotiation between Brussels and the administration of Banif was uneven, arguing that the bank’s administration should have done more concessions in order to receive “green light” from Brussels to its restructuring plan, something that never happened.
“DG Comp [Directorate General for Competition of the European Commission] is always an entity that enters into a negotiation process with a position of strength. Accepting and understanding the logic of the other party, it is necessary to find common ground, “he said.
Carlos Costa stressed that” the responsibility is always all they have to complete a negotiation and who are at a disadvantage. It is the only way to minimize the risks. “
” I have to know at what point is that leaving the iron arm, “he said.
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