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The Government already has a Deloitte audit that found no “relevant non-conformities” in the management of Novo Banco. Parliament will soon have an evaluation of the institution’s accounts. Then, some work by one commission or another, one evaluation or another of the Resolution Fund will be enough and the Government will have to disburse up to 600 million euros there to help again the bank’s losses. This has been the case for years, and this time, not even the intervention of Parliament, which prohibited the inclusion of 478 million euros in the 2021 Budget for the operation, will save the country from this scandalous loss. Nothing to say: Novo Banco has the right to claim this money on the basis of a contract signed by the State and the State has to assume what it signs; However, something to say: the annual transfers to the Novo Banco have become the most painful abscess of our democracy.
Due to more audits and parliamentary commissions that are carried out, the country has already realized the success in which it was involved in a contract signed by the PS Government and endorsed by the Bank of Portugal. In the form, the sale of assets that justify the requests for injections of public capital are in accordance with the contract, and, says the management of Novo Banco, they are integrated with European requirements and international best practices. In the end, however, beyond the financial jargon and the impenetrable jargon of the jurists, the history of Novo Banco is much simpler: a well-organized operation for the appropriation of state money with legal cover.
As much as António Costa, Mário Centeno and João Leão try to find ways to justify their capitulation, with more or less supervision, the essential part of this attack on our rights as citizens and as taxpayers is well reflected in João Costa Pinto’s statement. , former deputy governor of the Bank of Portugal, in Parliament: “When funds are used, it specializes, on average, to recover the investment in three years, earning from 15% to 20% annually”, which implies “that the asset devaluation less than 50% ”,“ substantial losses ”are unavoidable. Now it is the “exceptional” conditions given to the buyer in the sale of credits, and their realization by the management of Novo Banco, which afflict him.
In the presentation of the 2020 accounts, António Ramalho, CEO Novo Banco, announced a light at the end of this dark tunnel, saying that the institution is recovering and that “everything had to come to an end.” And he left a wish: “I hope the State is not called.” Even after the € 3.9 billion promised as collateral for losses has been used up, can we believe the end of the nightmare?
