PSD wants António Costa ensure that the recapitalization of the box does not push the deficit up to 3% and answer other 29 questions on the subject. Centeno is also called to give explanations.
What is the amount of actual capital needs of Caixa Geral de Depósitos (CGD)? The Government will hold a capitalization in excess of the CGD’s needs? If so, why? What is the impact of capitalization in the public accounts? The operation will not prevent Portugal to leave the Procedure By excessive deficit in 2016? The restructuring of CGD involves reducing the number of workers or the territorial implementation of the bank?
These are just some of the 30 questions on the CGD and the government’s plans for the public bank that the Social Democratic Party wants see answered by António Costa. The PSD also requires the Minister of Finance to present information – well almost. 30 – on the state bank
The requirements will be presented on Monday and make reference to reports published in recent weeks according to which CGD needs an injection of EUR 4 billion, the government negotiates with Brussels a new bank’s restructuring plan, as well as changes in the governance of the public bank. There are also questions about the elimination of salary caps in the management box.
“The news will refer, on the one hand, the government wants to inject more than 4 billion euros, but on the other the needs the bank’s capital will be much lower than this amount, “reads the document to which the TSF had access.
the authors point out that” if confirmed this intention, the government is preparing to, in just over six months, injecting more than 7 billion euros of taxpayers in the financial system, always following a pattern of lack of transparency and questionable fairness in the distribution of sacrifices. “
The PSD also argues that “there was news that the government will already have it submitted to the European Commission a proposal for capitalization and restructuring plan for CGD”, lamenting that the executive “hide the Portuguese and the whole Parliament and all information, even in the case of large public bank and use more billions of taxpayers’ money “
Here are some of the 30 questions that the PSD want answered by the Prime Minister:
Point situation CGD
– What is the point of financial condition and compliance with CGD ratios
Capitalization
– what is the amount of capital requirements CGD
– Confirms that the government plans to hold a capitalization at an amount higher than the capital needs? If yes, how do you justify that taxpayers have to make a greater effort
Restructuring
– Confirms that the government presented to the European institutions a restructuring plan for CGD?
– What are the main measures of this plan? It provides for the reduction of the national territorial deployment and / or international CGD? If so, what? It proposes to reduce the number of employees of CGD? If so, how many
Negotiations with the European institutions
– What is the status of the negotiations with the European institutions regarding the capitalization and restructuring of CGD
– the European authorities determine the capitalization of CGD applying strong bank restructuring measures? If so, what
The impact on public finances and compliance with fiscal rules
– What is the impact of measures capitalization of CGD in public accounts, in particular government deficit and debt
– you can ensure that this operation with CGD not put into question compliance with the fiscal rules to which Portugal is forced or prevent Portugal to leave the Procedure By excessive deficit in 2016
Governance: model, composition and remuneration
– Do you want to increase the number of directors of CGD? If so, what the economic and financial rationale for this increase
– Because now the government decided to eliminate the salary cap for administrators CGD? How do you justify the claim that “is not competitive enough,” the rule currently in force, according to which administrators can receive payment equal to the average of the last three years?
Mario Centeno called to provide clarification
the PSD also wants the Minister of Finance provide clarifications on the Caixa Geral de Depósitos. Some of the information and documents that the Social Democrats want Mario Centeno provide:
– Audit reports to CGD, internal or external
– capitalization plans and restructuring of CGD presented by the government to the European institutions
– detailed information about the 50 largest debtors of CGD, and the 40 largest loans in default
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