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BCP informed, in a statement to the CMVM, that “it decided not to continue the process before the General Court of the European Union with a view to partially annulling the decision of the European Commission on its approval of Novo Banco’s Contingent Capitalization Mechanism (MCC). “.
The bank directed by Miguel Maya assures that there were two factors that weighed, above all, in this decision.
Firstly, “the recognition that the preservation of the stability of the national financial system is of crucial importance, especially reinforced at the current time of the pandemic, with the risk that said stability could be affected by a decision of European organizations that indirectly questioning the sale process of Novo Banco, unlike the position supported by the BCP, which has always only questioned MCC ”, he says.
Secondly, “there is now more evidence and public awareness that Novo Banco’s current loss compensation model, through the MCC supported by the National Resolution Fund, places Portuguese banks in first place, those that most support the resumption of the economy – in a disadvantageous and unsustainable position vis-à-vis financial institutions that, not being based in Portugal, market financial products and services here, the BCP maintains the legitimate expectation that a financing model will be found for the Fund National Resolution that, without penalizing the Portuguese taxpayers, safeguard the competitive equity and competitiveness of the different financial institutions that operate in the Portuguese market ”, he concludes.
In an interview with Conversa Capital, last June, Miguel Maya said that the contingent capital mechanism created in connection with the sale of Novo Banco was not balanced and distorted competition, arguing that the alternative involved a tax on financial transactions paid by all banks.
The CEO of BCP emphasized that he wanted to see all banks operating in Portugal contributing to Novo Banco’s contingent capital mechanism. And when did Lone Star put it up for sale? Miguel Maya admitted to having studied the file, but “it is not Plan B, nor Plan C,” he said.
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