Bank of Portugal
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’
Portuguese central bank reshuffles board responsibilities
The appointment of two new board members sees vice-governor Pedro Duarte Neves lose responsibility for prudential supervision in the wake of the central bank’s intervention in BES
Bank of Portugal initiates administrative proceedings against 14 banks in first half of 2014
Throughout the period the Portuguese central bank also issued 357 recommendations 'to require the correction of irregularities and infringements detected'
Bank of Portugal splits failed bank BES in 'clean’ resolution
Portuguese central bank splits troubled lender Banco Espírito Santo into good and bad bank as part of a €4.9 billion rescue
Bank of Portugal shifts research focus after Gaspar review
Portuguese central bank sets new research priorities following a strategic review; internal commission places emphasis on quarterly publication and career development
Structural reforms could get eurozone out of recession, paper shows
Bank of Portugal working paper finds structural economic reforms could get the eurozone out of recession and away from the zero lower bound if designed correctly
Portuguese paper finds banks lend to riskier borrowers when policy rates are low
Researchers find evidence supporting the existence of the ‘risk-taking channel’ of monetary policy; banks will grant more loans to companies with recent defaults when rates are lower
People: Bank of Portugal appoints ‘temporary’ chief economist; Bank of Spain reveals pride in ECB hire
Isabel Horta Correia named head of economics and research ‘under temporary assignment’ at Bank of Portugal; Ramón Quintana praised by Bank of Spain for ECB success
Bank of Portugal fails to fill chief economist vacancy
Board of directors calls off search for a new head of economics and research due to dearth of quality applicants; initiates review for a 'strategic repositioning' of the department
Portugal governor: banks are stronger now than pre-crisis
Bank of Portugal's Carlos da Silva Costa argues stringent capital requirements 'well above the EU 8% benchmark' are starting to pay off; banks' average loan-to-deposit ratio was 123% in June
Portuguese paper presents macroeconomic model for small economies
Researchers at the Bank of Portugal detail the features and applications of the Portuguese Economy Structural Small Open Analytical (Pessoa) model, which they say is useful for small economies in monetary union