Partner Oliver Wyman ensures that never acted in Banif in a conflict of interest framework – publico

 
         

                 

                         
                     

                         
                     

                 

 
 

The Banif resolution scenario began to be prepared in May 2012, said Rodrigo Pinto Ribeiro, a partner at Oliver Wyman, which from that date until the resolution at 20 December 2015 was to provide consultancy services the Bank of Portugal (boP) and the Ministry of Finance. The consultant, who is to be heard on Tuesday in the parliamentary commission of inquiry to Banif, declined to criticism addressed to it by the former president of Banif, Jorge Tomé, that acted in the recapitalization dossier and resolution of the institution in framework of conflict of interest.

“at no time was no allusion to any conflict of interest,” he clarified Pinto Ribeiro, adding “whatever the boP or Finance had full knowledge of fact. “

the consultant explains that” along with other advisors, Oliver Wyman supported periodically over three and a half years, the Ministry of Finance and the bop “in the recapitalization process Portuguese banks that would receive injections of public capital [CGD, BCP, BPI and Banif]. ” The plans submitted to the Finance intended to hold negotiations with the Directorate General of the European Competition Commission to intervene as it involved state aid.

With respect to the BOP, the consulting work was carried out in different periods. Between September and October 2012, “in the assessment and planning of a contingency scenario for Banif, in case the public recapitalization does not occur.” And “in August and September 2013, we were to evaluate different intervention scenarios and resolution for Banif, including nationalization, the resolution on the sale of assets and liabilities, the creation of a bank of transition and settlement.”

The Oliver Wyman again be called by Bop, “between October and December 2015,” to collaborate “in the preliminary assessment of Banif assets, allowing estimate the cost of different contingency scenarios” since defined by the supervisor, as well as “to monitor the private sale process in the Banif course [has not taken place].” The consultant was also collaborating with the bop “in the scenario that were to be applied a measure of resolution” and “implementation of this resolution.” For services rendered in the final stage, the Oliver Wyman received the BoP 1.8 million euros.

In his opening statement of the inquiry committee, Pinto Ribeiro revealed that “over this period and the various works for the BoP, the profile and size of teams of Oliver Wyman ranged from five to 15 elements “.