The Socialist MEP Elisa Ferreira acknowledged on Tuesday the difficulties of assuming supervisory responsibilities, but considered that his professional experience gives skills to assume the position of director of the Bank of Portugal (BoP). “I am aware that assuming supervisory responsibilities in the current system is looking for a team looking captaining a ship in a very rough sea,” said Elisa Ferreira in Parliament.
The Economist that the European Parliament was the rapporteur of the draft regulation which established the rules for the resolution of credit institutions in the single resolution mechanism, was heard on the Budget Committee, Finance and Administrative Modernization, under the designation proposal for Board of Directors of Banco de Portugal.
with regard to the separation between the entity supervisory and resolution, Elisa Ferreira said that “it makes sense that the matter discussed” openly. Today “there is a belief that supervisors have to be more intrusive and more equipped”, in contrast to an “apathy” that took account of international culture based on the idea that the agents of the institutions are entirely suitable, he said.
Elisa Ferreira said the resolution BES lessened “much greater damage to the financial system,” but recalled the conclusions of the inquiry committee to BES / GES to underline that there are errors and oversight problems.
the socialist Ascenso Simões applauded the appointment of MEP, to give credibility to the administration of the supervisor, because, he said, the boP suffers from a “huge credibility problem” with the perception that the institution “was stopped” in recent years.
“I have taken note of the criticisms heard in relation to the past,” also said Elisa Ferreira. “It is necessary that the process that is under way of self-analysis of Banco de Portugal, to prepare a schedule for the future ” note all these issues, said the MEP. This “to open a new page,” more effective, in banking supervision.
When asked by deputy BE Paulino rise over the future of Deposit Box General (CGD), MEP PS stressed that the fact that there is a strong public bank is one of the parts “in which there is a national consensus.” And argued that, to recapitalize CGD, Portugal should seek to “renegotiate with Brussels the conditions that result from an interpretation of” restrictive associated with the fact that the state waiting for the bank to pay public loan (900 million euros through contingent capital, the so-called CoCos).
When asked by Member of the CDS-PP Cecilia Meireles on creating a vehicle for resolving the bad debt problem and to what extent will solve the issue of the real economy financing, Elisa Ferreira recognized that this “is a subject that is weighing immense in the structure of banks’ and underlined the pressure that the issue be addressed at European level in a concerted way.
About his appointment to the central bank, Elisa Ferreira said: “it is not only my duty, but a challenge that will assume with great interest, put my experience and energy to the service of the country. I am proud to integrate a century-old organization like the bop and integrate a board of directors for renewal. “
Elisa Ferreira considered when presenting their curriculum before the MPs, that” the fact that it is still teaching at the Faculty economy of Porto for more than two decades, I have done a masters degree and a doctorate in economics in an English university “, having assumed the post of minister between 1995 and 2002 and MEP in the European Parliament, confer powers justifying his appointment to this position.
“Everything I do to improve supervision,” he said when questioned by deputy Paulo Sá, PCP, you can ensure that taxpayers do not come to be called to pay interventions in banks . But left a note. “If you ask me to ensure that there is never [a bank crisis], I do not I can guarantee you that,” he added, saying that no one can guarantee.
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