Portugal
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Fewer counterfeit banknotes withdrawn in Portugal in 2015
Statistics released by Bank of Portugal reveal a drop in the number of counterfeits withdrawn from circulation last year; the €20 remains the most frequently faked denomination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
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 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
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