The president of the Executive Committee of Millennium bcp lamented this Friday that in the discussion about the audit of the Court of Accounts of Novo Banco, the “unacceptable” capitalization mechanism contingent created to finance the bank.
I see all these comments around the report, from one side to the other, and I ask: The only thing that seems to me to be profoundly wrong is the only [sobre a qual] I don’t see people talking: How do we correct the contribution mechanism in a balanced way, so that the banks [portugueses] can it compete with other banks in the euro zone?” Miguel Maya told reporters on the sidelines of the ‘Millennium Talks’ conference, promoted in Porto by BCP to discuss business investment.
Regretful that “nobody pays attention to an issue that should be central”, the BCP leader emphasized that “conditions the ability of Portuguese banks to support the economy“.
“I was never a critic. [da ajuda dada ao Novo Banco], I was a critic of the aid model, which are two different things. Because I think it was important to recover Novo Banco and that the process that was carried out in Novo Banco was a correct process, strengthening Novo Banco itself and it is good to have strong competitors”, recalled Miguel Maya.
In his opinion, “it is strange that, at this time, the responsibility of other banks, such as BCP, for having such an important contribution to Novo Banco’s contingent capitalization mechanism, has not yet been corrected.”
“What I cannot understand is that Milenio BCP has to dedicate a quarter of the work of all its workers to feed a contingent capitalization mechanism,” he said, assuring that “the results of almost three months of each year of the BCP are used for this, which is perfectly unacceptable”.
holding that”You can’t fix the past, you can fix the futureMiguel Maya wonders why not “take advantage of the moment, all these conclusions and all this reflection that is being made [em torno da auditoria ao Novo Banco] correct the central aspect of what must be corrected”.
“It seems that we are more concerned with the imputation of responsibility than correcting what is wrong. And my concern as a manager is first to correct what is wrong and then see the responsibilities, ”he said.
For the president of the Executive Committee of Millennium bcp, “the contributions [para o mecanismo de capitalização contingente] it must be carried out by all operators that sell financial products” in Portugal and not only by banks based in the country.
“Why does BCP have this contribution and a bank that is in Portugal, but works as a branch, has a smaller contribution? Why does a bank that is not in Portugal, but sells products to Portuguese clients under a European banking license, not have this contribution? They are creating a burden that is unsustainable for the banks that are based and create jobs and innovation in Portugal.”, he stated.
Reiterating that “it makes no sense to have a burden of this dimension”, Miguel Maya complains that “those who have responsibilities in this process should hurry to correct something that is profoundly unfair and that conditions the ability of banks to that are based in Portugal, that create jobs in Portugal and that innovate in Portugal compete with other institutions“.
After all, he asks, “what was BCP’s responsibility in this process?”
An audit by the Court of Auditors (TdC) of Novo Banco’s management, released on Tuesday, concludes that the State and the Bank of Portugal did not ensure “effective public control” in Novo Banco, by failing to safeguard the “minimization of participation public”. financial support” to the bank.
The court also concludes that the management of Novo Banco with state financing “did not safeguard the public interestHaving identified “risks of conflict of interest” in the operations carried out and “avoidable practices” that weighed down public financing.
In addition, the TdC warns of the possible need for a new injection of capital to ensure the viability of Novo Banco, aggravated by the negative impact of the pandemic and the war in Ukraine, and foresees that the Resolution Fund must be “managing the debt derived from the resolution of the BES” for 35 years.
Source: Observadora
