Fernando Ulrich, the former CEO and current chairman of BPI, said today that he was “unfortunately” right about Novo Banco’s capital needs after the resolution, and that the agency’s recovery was a “success story”.
In the initial intervention of the Novo Banco Commission of Inquiry, Fernando Ultrich recalled in an interview with Expresso in September 2014 that he hoped that the Bank of Portugal “calculated very well” and did not believe that One or three years” banks can “become better.”
“Unfortunately, I am right in these two statements,” he told the delegates in the preliminary intervention of the Parliamentary Investigation Final Committee today that he was responsible for the losses registered by Novo Banco and the losses attributed to the resolution fund. Initial intervention.
For the current chairman of the BPI board of directors, a “related question” is whether Novo Banco’s losses “incurred until August 2014” or later.
“I don’t have an exact answer, but based on my experience and observations, my impression, my opinion, and my feeling are that a large part of the 16.4 billion euro capital is used to make up for losses. This is due to August 2014. Decisions made before this month,” the economist said.
At the end of the initial intervention, which lasted about 25 minutes, the former BPI CEO stated that “from August 2014, the tragedy caused by the bank management followed one after another, and then another success story”. However, Fernando Ulrich believes that “the bank’s capitalization efforts are improperly distributed and unfair” because “the participation of creditors should be more and the participation of the disposal of funds is much smaller.
In his speech, Fernando Ulrich also believed that the transfer of obligations at the end of 2015 should be greater, which “defends the public interest more than done.”
He concluded: “I admit that there are good reasons why it is not the way I hope.”