The director appointed by the Bank of Portugal (BdP) Rui Miguel Correia Pinto justified this Tuesday the monthly salary of 15 thousand euros that he will gain from the “assumed responsibility” and the need to attract the “right people” to the supervisor.
The supervisor —the Bank of Portugal, the CMVM (Securities Market Commission), the ASF (Supervision Authority for Insurance and Pension Funds)— is part of the economic panorama and of society, and therefore, these aspects can be discussed, but we must ensure that there is a capacity to attract the right people and that they are in the market”, said Rui Miguel Correia Pinto in parliament.
The official was speaking during a hearing in the Budget and Finance Committee of the Assembly of the Republic in the framework of his application for the position of director of the Board of Directors of the Bank of Portugal, on whose opinion his appointment by the Council of Ministers depends
Responding to the deputy from Chega Pedro Frazão, who questioned him about what his “conscience” told him about the “social justice” of the monthly remuneration of 15,000 euros that he will collect at the Bank of Portugal —and that the deputy stressed was higher than that of the President of the Republic or the President of the Federal Reserve of the United States and 53 times higher than the minimum pension and 21 times higher than the national minimum wage — Rui Miguel Correia Pinto said that he had no “moods” on this subject.
In relation to this aspect I have no moods,” he said, emphasizing that “there must be a parity of what the market value is in what is the hiring, remuneration and attraction of the people who will be in charge of supervision.” and that “it is important that the responsibility assumed in the functions be adapted to the conditions assigned”.
Regarding the rotation of personnel between the different supervisory entities, specifically the Banco de Portugal, the director designated for the central bank devalued the topic.
I do not identify this issue as a problem. What is relevant and important is to ensure that the people are suitable and that the people who assume these functions have technical competence and experience and meet the suitability requirements,” he said, considering that “Banco de Portugal is a natural exporter of talent and people with these skills.”
According to him, “looking at the indications of the names of the Banco de Portugal, the CMVM and the ASF itself, there is no such preponderance of elements of the Banco de Portugal”.
“I think when people qualify, it’s no longer as relevant where they come from, unless there’s some conflict of interest. What matters is how people then carry out their functions in a dedicated and independent way”, he concluded.
Source: Observadora
