Bank of Portugal must send Parliament list of big debtors

After much opposition and claims of breaching of banking secrecy, a law requiring the Bank of Portugal to disclose to Parliament data on large debtors of those banks that received public aid has been published in Diário da República.

The Bank of Portugal now has 100 days to deliver an extraordinary report on large debtors of banks that in the last 12 years have received public aid.

The Bank of Portugal, run by Carlos Costa, has informed government that the period in which the report must be prepared is not sufficient.

The banks in question are Caixa Geral de Depósitos, BES/Novo Banco, Banif, BPN, BCP and BPI.

Comments  

+1 #7 Marg 2019-02-15 13:24

Following in the footsteps of the the ex Portimao council Vice President, I'd suggest Mr Costa eat that paperwork, he's got 100 days.

+2 #6 AL 2019-02-13 18:54

Quoting Dierdre:

Particularly interesting, if as open and transparent as a north European bank audit, will be any revelation on the connection between the debtor and the final beneficiary. How many loans were taken out by 'footy mates' or 7 year old daughters? A previous attempt by Financas to list debtors fell down as many of the final beneficiary's were never named; just intermediaries. Given the layers, and huge amounts, of honour involved will this be any better at rooting them out? I think not. It is clear that this is an ECB initiative and nothing has changed in Portugal or they would have done this audit themselves when the banks were collapsing.

North European banking audits transparent? You must be joking!!
This is all probably has to do with pre-election brownie points.

0 #5 Richard 2 2019-02-13 18:52

A small boat can turn on a sixpence; a supertanker needs a mile. The Portuguese banking system is a supertanker. One should be pleased that they are trying to turn instead of criticising the time.

+3 #4 Dierdre 2019-02-13 11:43

Particularly interesting, if as open and transparent as a north European bank audit, will be any revelation on the connection between the debtor and the final beneficiary. How many loans were taken out by 'footy mates' or 7 year old daughters? A previous attempt by Financas to list debtors fell down as many of the final beneficiary's were never named; just intermediaries. Given the layers, and huge amounts, of honour involved will this be any better at rooting them out? I think not. It is clear that this is an ECB initiative and nothing has changed in Portugal or they would have done this audit themselves when the banks were collapsing.

+1 #3 AL 2019-02-13 11:37

Keeping the accounting books clean is an art form, it can't be rushed!

+4 #2 Peter Booker 2019-02-13 08:35

Carlos Costa should already know who these people or companies are.

+2 #1 nogin the nog 2019-02-13 00:27

hmm
What s up Mr Costa is 100 days not long enough to loose all the incriminating data..

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