Government had room to negotiate bank restructuring in 2016, defends the former president. – publico

 
         

                 

                         
                     

                         

                 

 
 

The resolution of Banif was decided without “objective support” and “pressure” from Brussels “to find a solution that end-of-week” from 19 to 20 December, which had the outcome an injection of public funds to 3000 million:. Santander received the good assets and problematic were in a state vehicle (with a discount of 66%) the statement was made on Wednesday by former President of Banif, George Thomas, who returned to Parliament to make a statement within the framework of the Parliamentary Committee of inquiry into Banif.

for Jorge Tomé, to December 20, 2015, the day the resolution of Banif, there was scope for in 2016 the Government continued to negotiate the restructuring plan. the bank not only meet 95% of the commitments negotiated with the European authorities (the commitment catalog, a document on the future of the bank), how would close the year to comply with the minimum ratios recommended by the Bank of Portugal (boP).

“Objectively, in 2015 Banif could not be declared insolvent” which allowed the application “of the resolution as” decided “without support”, defended former president of Banif, who recalled that the bank only has defaulted when “the State aid was illegal”, which gave arguments to trigger the resolution.

in his view, the resolution of Banif came the impact of the news of TVI, of 13 December, to give as imminent liquidation of the bank and losses for large depositors. This, it argues, have taken the following day to a flight of deposits from 900 million euros. Jorge Thomas admits that Banif became illiquid and “illiquid bank does not work, it’s like a free energy machine.” “A bank works without capital and losses, but illiquid, or half an hour” survives.

in this framework joined the pressure of the ECB and the Directorate General of the European Union Competition (DG Comp) “to find a solution that end-of-week gave” in the resolution. Pressure the BoP was unable to resist. “It should have been made an extra effort by the BoP to hold counterparty status” Banif with the system euro and could even be reinforced ALS (liquidity emergency line granted by BoP) to find a selling solution bank market, negotiated and competitive. If this had been the way, “the treasury Banif was balanced at a glance”.

Asked about the offer of Apollo, who arrived at the end-of-week resolution, Jorge Thomas said that the BoP had reinforced the emergence of liquidity, would have been possible to negotiate the supply of US fund that was more interested in the state (provided only a devaluation of assets at 300 million euros, with the sale taking place in two years). But the Apollo asked, time guaranteeing that was not given. Thomas does not understand what led European authorities to prevent the Apollo bought Banif, as the fund is a bank in Spain.

The manager recognizes that no Banif bid of that was on the table over time, would prevent the state lost 700 million invested in 2012. And he confesses that the light than now know, would have taken other decisions, one of them is that “should have opened the contest” of Banif sale “in the second quarter of 2015″.

Former President does not spare criticism of European authorities, but admits that their relationship with Brussels was worn out: “There were years of wars with DG Comp”.

The Finance Minister Mario Centeno, and the Governor of the Bank of Portugal, Carlos Costa, will close the last round of interviews carried out in the framework of the Parliamentary Commission of Inquiry (CPI ) the resolution of Banif.

Carlos Costa is expected in Parliament on June 15, at 17.30, while Mario Centeno will be heard by MEPs on 21 June, at 15h, he informed the president of CPI, António Filipe , the communist counter before starting the hearing former President Jorge Tomé.