The state support measures to Portuguese troubled banks led to a cumulative increase in the public deficit that comes to 12,550 million euros in recent years. The negative impact on the public accounts results mainly from interventions in BPN, BES (capitalization of the New Bank) and Banif.
A Bank of Portugal report released Wednesday shows the impact of measures to support the financial sector between 2007 and 2015, making the account the capital injections, the implementation of guarantees and interest on the debt incurred for the state to intervene in banks.
the cumulative impact is equivalent to 7% of GDP Portuguese 2015, a close value of 12,600 million euros (almost as much as one-sixth of the amount loaned to Portugal by the European partners and the IMF for the rescue of the troika).
the main operations with impact on deficit, recalls the Bank of Portugal, “were, in 2010, the assumption of impairment of the Portuguese Business Bank by companies set up by the state for this purpose (-1% of GDP) in 2014, the capitalization of the New Bank (-2 8% of GDP) and in 2015, the resolution of Banif (-1.4% of GDP). “
in the nine years under review, Portugal was the fifth eurozone country where the impact on the deficit was higher, after Ireland (which had a directed rescue the banking sector and where the increase represented 21.7% of GDP), Greece (16.8% of GDP), Slovenia (13.7%) and Cyprus (also under intervention of troika , with a corresponding impact to 9.5% of GDP).
As for the reflection in public debt, the impact on the Portuguese case 2007-2015 comes to 20,629 million euros, ie, corresponds to 11.5% of GDP (and also reference the value of gross domestic product last year).
in the single currency area , operations in the financial sector “were more a reflection on the public debt of Ireland (31.8% of GDP), Greece (25.7% of GDP), Cyprus (21% of GDP) and Slovenia (17% of GDP)” , followed by Portugal.
the number of the Bank of Portugal include the responsibilities that the state took to finance intervention measures, “including through the issuance of debt or obtaining loans,” so the amount used for the purchase of assets by the government.
This concerns, for example, “loans under the intervention, the debt securities acquired, including the instruments of contingent capital issued by banks and investments in shares and other equity, particularly through the subscription of capital increases not recorded in the deficit. ” These accounts also enter the guaranteed issued by the State and the carrying value against the potential risks of liabilities.
The report on the banking sector was known on the same day he took another step in the renewal process team Carlos Costa in front of the boP. Members of the budget committee and finance gave “green light” on Wednesday the appointment of Elisa Ferreira and Luís Máximo dos Santos for supervisor administrators considering that meet the legal requirements for taking up his duties alongside Costa to Pedro Duarte Neves, José Ramalho and Hélder Rosalino. Yesterday, ceased to be a director João Amaral Tomaz.
Before Elisa Ferreira and Máximo dos Santos be appointed by the Government in the Council of Ministers, it was up to Parliament to produce a report following the parliamentary hearings the two, the may 17. The documents, which summarize the positions that each took the auditions were approved unanimously by the parliamentary groups with a seat on the commission, PSD, PS, BE, PCP and CDS-PP.
PS MEP ” fully complies with the legal requirements “to be Administrator, concludes the report by social democrat deputy Duarte Pacheco, to which the public had access. The document gives an account of the priorities assumed by Elisa Ferreira in relation to financial supervision before the deputies, whom the economist then reinforced its willingness to contribute to the process of “self-analysis” that says to be underway within the BoP.
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