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The SIC commentator, Luís Marques Mendes, revealed this Sunday that the injection of the Resolution Fund in Novo Banco will be possible through a loan from a banking syndicate, which he said will be led by Caixa Geral de Depósito.
Marques Mendes believes that the 2021 State Budgets will be approved, but recalled the demand of the Left Bloc for “not one more euro for the New Bank.” The Block began by saying that it does not want the EO to enter a loan amount into the Resolution Fund, to inject it into Novo Banco under the Contingent Capitalization Contract (CCA). “There, BE has already won, because it is public and well known that the Government is not going to put a euro in the State Budgets for the New Bank,” said Marques Mendes.
Trying to unveil Francisco Louçã’s article on Expresso – in which the founder of the Block says that “the Government is preparing to propose in the Budget to continue the payment to Novo Banco until the 3,900 million established in the contract are exhausted” – the The commentator said that the Left Bloc not only wants to prevent an amount registered in the OE for next year from being transferred to the Resolution Fund, but also wants the Government to prohibit the Resolution Fund from complying with the contingent capitalization agreement and injecting the last 912 million euros are missing in the bank’s capitalization mechanism.
“This is a condition [a existir] that cannot be fulfilled because the Government cannot break a contract that another entity signed, ”recalls Marques Mendes. No law of the Republic can revoke this contract and, therefore, “if the Resolution Fund looks for money elsewhere, nobody can stop it,” he says.
“At this moment there is already a kind of banking syndicate, a kind of commission of the four main banks, led by the Caixa Geral de Depósito, which is already negotiating to get money from the banks here to finance the Resolution Fund”, revealed Marques Mendes. .
“And here it is, if the Block wants the Resolution Fund to be unable to finance Novo Banco, it is illegal and impossible and would lead to legal proceedings,” he said. “Nor is it possible that the Resolution Fund does not appear on the maps of the State Budget, because it is a public entity,” he said.
Regardless of whether the State lends money to the Resolution Fund or not, the totality of the capital injected by the Resolution Fund to the Novo Banco for 2021 will count towards the deficit because it is a public entity.
This news revealed by the commentator goes against the news of the Express this Saturday, which states that Prime Minister António Costa called the president of the Portuguese Association of Banks (APB), Fernando Faria de Oliveira, to sensitize him about the need. The bank made the loan to the Resolution Fund in 2021 to inject into Novo Banco for the losses of 2020. This concern was manifested, according to the weekly, even in August.
António Costa is concerned about the lack of political margin to include in the State Budgets for 2021 the amount that the Resolution Fund must inject into Novo Banco’s capital and wants to prevent the Novo Banco problem from spreading, due to lack of capitalization to the national financial system.
The political left, specifically the Left Bloc, has already warned the Executive that it does not accept that the State register a transfer of public money to the Novo Banco, through the Resolution Fund, which, if it occurs, will prevent the approval of the next State Budget . by blockers.
The State signed an agreement with the Resolution Fund, signed with the sale of Novo Banco to Lone Star, by virtue of which it promised to lend up to 850 million euros per year.
The value of the losses recorded in Novo Banco in 2020 will only be known at the end of this year. In the accounts for the first semester, the institution led by António Ramalho revealed that, until June 2020, the need for the call for capital amounted to 176 million euros.
Marques Mendes believes that even if BE fails, the 2021 State Budget will be approved because “the PSD will make it possible at hour 25”, in the name of political stability in the midst of a pandemic crisis. “The country cannot add a political crisis to the current health, economic and social crisis. The normal thing will be the viability of the left ”, he adds.
No talks for the Montepio / BCP merger
Luís Marques Mendes also spoke about the Expresso news about the hypothetical merger between BCP and Montepio.
Contrary to what the weekly said, the commentator says that he found that “no contacts have yet been made between BCP and Montepio; and that there was no contact between the BCP and the Ministry of Finance or the Minister of Finance on the Montepio issue ”.
But Marques Mendes considers that “this hypothesis cannot be ruled out from today to tomorrow. It makes sense and mergers and concentrations in banking are the current trend in Europe. Just look at Spain ”.
Jornal Economico confirmed that Miguel Maya, president of the BCP, never spoke with the Minister of Finance about a possible integration of Banco Montepio. In fact, Banco Montepio is the main asset of the Associação Mutualista Montepio Geral and the guarantor of the savings of more than 600 thousand members.
The topic of the hypothetical BCP / Montepio merger. This issue arose when the commenter referred to the Recovery and Resilience Plan. Marques Mendes says that, among other things, a program to support business concentration, mergers and acquisitions is needed. This is because SMEs are the hard core. But he maintains that it is necessary to gain muscle, gain scale, gain competitiveness.
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