By Anabela Sérgio (auth.)
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Additional info for Banking in Portugal
In Portugal there were several institutions that took advantage of this recapitalization opportunity20 and indeed requested it (BCP, CGD, BPI, and Banif21 ). In any event, if it is not requested, the law grants the Bank of Portugal the possibility of forcing a bank to ask for such recapitalization measures. A breach of such an obligation by the ﬁnancial institution grants the Bank of Portugal the power to appoint provisional management for the institution or to revoke its operating license. Apart from the ﬁnancial conditions of such loans, recapitalization using state funds is subject to obligations of a corporate governance nature.
This led to negative consequences with respect to their ability to grant more credit to the Portuguese economy. Notwithstanding this, the existence of sovereign risk has always had some impact on the proﬁtability and solvability of Portuguese banks. This impact was somewhat limited, since the existence of sovereign debt held by banks did not generate potential losses, because Portugal avoided a situation of default. We must underline that, due to the evolution of Portuguese sovereign risk, banks registered a strong increase in the proﬁtability rates of bonds issued by banks in the secondary market, together with the constraints that occurred in wholesale debt markets.
Its main reasons were the following: – By 2011 this was a governance model with a track record in Portugal, adopted by important Portuguese banks and proven to function adequately. – It is a model that integrates an internationally recognized corporate supervisory body (an audit commission), thus making it easier for any international counterpart and regulator to understand the fundamentals of the governance model. – Supervision is performed by non-executive directors (and not outsiders to the board), thus providing a better knowledge of the ﬁles, a 30 Banking in Portugal better ﬂow of communication between executive directors and supervisors, and a greater comprehension of the objectives and company activity; this is, in fact, an advantage in the process of supervision and evaluation of the work of the executive directors.
Banking in Portugal by Anabela Sérgio (auth.)