Portugal
Bank of Portugal sells majority share in ‘good bank’
EC permits recapitalisation deal with US investor after lengthy attempts at sale
Bank of Portugal expects stronger growth in 2017
Exports are expected to boost GDP growth to 2.5% in 2017, up from 1.5% in 2016
Portuguese governor clashes with government
Treasury intends to transfer banking resolution competencies out of the central bank
Portuguese government welcomes proposal for new supervisory agency
New agency could take financial oversight and bank rescues away from the central bank
People: Portugal’s central bank appoints new deputy governors
Portuguese board also gains two new members; economist joins RBI board
Portuguese bank seeks legal ruling on resolution fund payouts
BCP concerned by contingent obligations in Novo Banco sale; Portuguese government and financial sector have financed the resolution fund since its creation in 2012
Paper looks at effects of international regulatory reform on Portugal
Tighter standards had different effects on foreign and Portuguese banks – researchers
Bank of Portugal selects preferred buyer for ‘good bank’
Novo Banco sale process has met with difficulties; US firm Lone Star is named the best-placed bidder
All eyes on Italy as EBA prepares to release stress test results
Portuguese, Austrian and German banks may also be the possible subjects of market attention after tonight's publication
IMF’s crisis performance criticised by internal review
Report evaluates IMF’s handling of eurozone crises from 2010 to 2013; work during programme design and implementation described as ‘uneven’ and concerns raised over political pressure
Ratings agency fined €1.38 million by Esma for regulatory breaches
The European Securities and Markets Authority fines Fitch for improper discussions of information and mishandling timing of Slovenia’s sovereign downgrade
ECB paper considers impact of banking shocks on Portugal
Researchers examine impact of different types of credit supply shock on the Portuguese economy from 2005 to 2013; shocks to large banks may have had large impact on total investment
Investors to sue Portuguese central bank over asset writedown
A group of bondholders in a failed bank are bringing a lawsuit against the Portuguese central bank over its writedown of their holdings in a failed commercial bank
Bank of Portugal director responsible for banking supervision resigns
Board member with responsibility for banking supervision resigned on March 7; Antonio Varela had previously been state-appointed non-executive director on troubled bank Banif
Market fears endanger Italian and Portuguese bank sell-offs
Recent measures by the Bank of Portugal, as well as market fears about the quality of Italian banks’ assets, may discourage investors from buying Italian and Portuguese bridge banks
Fewer counterfeit banknotes withdrawn in Portugal in 2015
Statistics released by Bank of Portugal reveal a drop in the number of counterfeits withdrawn from circulation last year; the €20 remains the most frequently faked denomination
ECB welcomes draft Portuguese law on banknote production
Proposals would remove requirement that Bank of Portugal must own 51% of legal entity responsible for banknote production; could pave way for closer co-operation with other NCBs
ECB paper explores fiscal adjustment in stressed countries
Fiscal corrections have been ‘more costly’ in contractionary times in Greece, Ireland, Portugal and Spain over the past 50 years, paper suggests
Legal assistance cost Bank of Portugal €2 million in 2014
Bank of Portugal reveals €2 million cost of legal assistance with its intervention in BES, an act it describes as ‘an unprecedented effort to safeguard financial stability’
Bank of Portugal initiated administrative proceedings against 25 banks in 2014
Bank of Portugal also concluded 27 administrative offence proceedings during last year, applying fines worth around €0.5 million
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