Bank of Portugal gets new powers to assess bank directors

bancodeportugal
Bank of Portugal

The Bank of Portugal is now equipped with the power to include any ongoing legal proceedings an individual is involved in when assessing their suitability to serve on a bank's board.

The central bank can also make a judgement based on the individual's personal business, and not just their record at the helm of a financial institution.

These changes were brought about with new legislation that came into force earlier this week, stemming from – but also going beyond – the EU's capital requirements

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