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The Resolution Fund plans to inject, according to the State Budget proposal for 2021 delivered this Monday by the Government, another 476.6 million euros in Novo Banco, an amount that, if it materializes, will have an impact on the public deficit of around 0, 2% of GDP.
This number is present in the maps of the SO proposal that present more detailed information on the expected income and expenses for each Public Administration agency. And, in the case of the Resolution Fund, the main expense that this body plans to make is in financial assets of banks and other financial institutions.
The Secretary of State for Finance, João Nuno Mendes, questioned this Tuesday morning about whether this figure concerns Novo Banco at the press conference to present the OE proposal, confirmed that “yes, the value is 470 which is registered in the statement of expenses ”.
However, it was not easy to obtain this information from those responsible for the Ministry of Finance. Before being specifically placed before the number in the tables, both the Minister of Finance, João Leão, and the Secretary of State did not take advantage of the seven previous questions on this topic to describe exactly how much the Resolution Fund hopes to inject into the New Bank. .
Rather, they preferred to repeat several times that the OE does not foresee a state loan to the Resolution Fund, affirming João Leão that the impact of an eventual injection of capital into Novo Banco by the Resolution Fund “could be 200 million euros” , Without explaining how he got to that number.
Before that, already on Monday night, the Ministry of Finance had corrected information contained in the OE report and that it accounted for a loan from the State to the Resolution Fund of 468.6 million euros, stating that said loan after of everything, is intended for CP. The report does not refer to the expenses foreseen by the Resolution Fund.
In the more detailed maps of the OE, however, it can be seen that the Resolution Fund expects to have as income in 2021 some 211 million euros from bank transfers, 178 million from State transfers (the funds resulting from periodic and extraordinary contributions from banks) and 50 million euros in dividends. It also plans to receive a loan of 275 million euros from banks.
On the expense side, in addition to the million euros for its daily management, it plans to spend 102 million euros in interest, 134 million in transfers to European institutions and the 476 million in financial assets of banks and other financial institutions, which Secretary of State confirmed to be related to Novo Banco.
Even with financing from the private sector, any expenditure from the Resolution Fund counts for the calculation of the public deficit, since this entity is part of the perimeter of the Public Administrations.
