The president of PricewaterhouseCoopers (PwC) Portugal, José Manuel Bernardo, explained on Thursday that part of the additional impairments required by the Bank of Portugal (BoP) Banif in November 2015 are related to the revaluation in downtown Açoreana insurance. According to the head of the audit of the Banif accounts, Açoreana served as collateral to certain loans from the bank to Rentipar, the holding company of the financial group, and its devaluation implied the need to take additional impairment charges, because the claims in question were in partial default. José Manuel Bernardo spoke during the hearing in the committee of inquiry into Banif, having revealed that in total, the supervisor’s requirements amounted to 435 million euros. the leader of PwC Portugal said that does not know the criteria used by the boP for calculating the impairment, because there was no time for auditor discuss the matter with the banking supervisor due to the resolution of Banif, on 20 December last year. at the same time, José Manuel Bernardo said that PwC did not participate in the bank with public funds recapitalization process early 2013. Asked about the Banif 2014 accounts, which are not yet closed, the official explained that lack information to make this possible, explaining that is waiting for this information to be sent to you by bank management now that is in the public sphere. About the work done by PwC in Banif, José Manuel Bernardo pointed out the deficiencies in internal control at the level of the information system, terms of data quality and risk management, as well as with regard to prevention of money laundering.
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