Portuguese central bank reshuffles board responsibilities
Prudential supervision is now responsibility of new board member, António Varela
A reshuffle in the Bank of Portugal's board of directors means Pedro Duarte Neves, one of the central bank's two vice-governors – will lose his responsibility for prudential supervision in the wake of the troubles at Banco Espírito Santo (BES).
The change was prompted by the appointment of two new board members – António Varela and Hélder Rosalino – on September 4, and was described by one Portuguese economist as an admission the central bank "needs to improve" its supervision.
According to a
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