Bank of Portugal
Bank of Portugal ‘unprecedented’ decision over BES split questioned in lawsuit
Central bank’s decision to remove a loan from Oak Finance to BES from the ‘good bank’ created in the wake of its failure is challenged in court by New Zealand Superannuation Fund
Bank of Portugal considers conflict of interest
Working group will consider whether share portfolios held by central bank board members could be considered a conflict of interest; local reports suggest Varela has stake in Portuguese banks
Portuguese paper analyses crisis impact on union agreements
Bank of Portugal working paper evaluates changes in union agreements since the crisis, finding they have reduced due to ‘downward nominal wage rigidity in deflationary times’
Bank of Portugal was ‘overly cautious’ intervening in BES
A more assertive attitude from the Bank of Portugal could have resulted in the ‘possible mitigation of impacts’ arising from the BES case, finds parliamentary committee
Bank of Portugal governor calls for a European monetary fund
Costa believes such an institution is the only way to ‘guarantee stability’ in Europe; ESM head Regling says current model has created ‘successful status quo’
Portuguese parliament reshapes central bank governance
The next governor of the Bank of Portugal will face tougher parliamentary scrutiny on appointment in June; central bank board must now comprise at least 33% women
Bank of Portugal launches mobile app
Users can access key statistical indicators for Portugal and the eurozone, calculate foreign exchange rates and obtain interest rate simulations, in the first Portuguese central bank app
Bank of Portugal gets new powers to assess bank directors
Bankers’ current court cases and their personal business conduct are now also part of the Bank of Portugal's assessment of the banking system
Bank of Portugal looks set to audit banks' conduct
Central bank is expected to focus on banks’ governance models during the exercises, in an effort to prevent the issues associated with BES from resurfacing elsewhere
People: Mark Carney reappointed as FSB chair; Bank of Portugal names new head of supervision
Governor of Bank of England gets second term as chair of the Financial Stability Board; Bank of Portugal appoints three new people in banking prudential supervision department; and more
European Commission approves Portuguese institution designed to finance SMEs
New development bank to finance SMEs until 2020, at which point the Commission will assess how the market has evolved; will have starting capital of €100 million
Singular spectrum analysis helpful when assessing output gaps, study finds
Bank of Portugal paper analyses the ‘added value of singular spectrum analysis-based nowcasts in a real-life, policy-making scenario’
Angolan central bank looks to boost BESA capital by $4.3 billion
National bank of Angola sets out plans to recapitalise BESA; Novo Banco will get a 9.9% stake in the bank and receive $850 million over ten years in restructuring deal
Trade balance improves after fiscal devaluation, study finds
European economists analyse the effects of a temporary fiscal devaluation in Spain and Portugal, finding it leads to improved trade balance
European Commission approves central bank’s BES intervention
Bankruptcy would have led to losses up to €28 billion; European Commission says central bank decision is ‘compatible with the internal market for reasons of financial stability’
Portuguese governor calls for powers to act ‘just in time’
Carlos Costa argues that legislative changes are necessary to give national supervisors greater agility when it comes to intervening in failing banks
People: RBI names three new executive directors; Former vice-governor returns to Bank of Portugal
Reserve Bank of India promotes three new executive directors and reshuffles portfolios; João Costa Pinto rejoins Bank of Portugal; Rafi Melnick departs Bank of Israel
Banks should offer ‘equal service’ when facing a run, research finds
Working paper published by the Bank of Portugal analyses models of bank runs, and finds equal service leads to a faster recovery
Bank of Portugal intensifies central bank cooperation programme
The Bank of Portugal completed 105 projects by September this year; the majority of which were conducted with central banks from other Portuguese-speaking countries
European economists analyse global value chains
Bank of Portugal working paper analyses the global value chains in the eurozone and underlines the core role of Germany in production linkages
Portuguese research examines decline in allocative efficiency
Bank of Portugal working paper finds service sector the ‘main driver’ of decline in allocative efficiency between 1996 and 2011, which the authors say nearly halved GDP growth
Portuguese central banker warns new €10 banknote may not be accepted by all vending machines
Bank of Portugal board member says he cannot guarantee the note will be accepted by all machines, as owners are responsible for making necessary software changes
Bank of Portugal appoints new CEO to Novo Banco
Bank of Portugal appoints Lloyds director Eduardo Stock da Cunha as the new CEO of Novo Banco, the good bank that resulted from the intervention in BES
Bank of Portugal's Varela calls for ‘impeccable' banking ethics
António Varela, recently appointed to the board of Bank of Portugal, argues the banking system needs a ’demanding diagnostic of the capabilities of each institution’