In just over three months, the New Bank Investigation Committee held 56 hearings in Parliament. In a total of 174 hours, the delegates questioned and heard the explanations of the witnesses.
The parliamentary investigation final committee’s hearing on the losses recorded by Novo Banco and attributed to the resolution fund took more than 10,000 minutes—10,447 minutes to be precise—the hearing ended.
Of all the 56 inquiries, the longest was Novo Banco’s executive chairman António Ramalho-which lasted more than 7 hours and even needed a lunch break-and the shortest was GNB (Novo Banco Group) assets The chairman of the management company João Pina Pereira (João Pina Pereira) completed it in just over half an hour.
The following are the main points raised by a possible parliamentary investigation committee regarding the losses recorded by Novo Banco and credited to the disposal fund:
Costa Pinto Report
The hearing of the investigation committee began on March 10, and João Costa Pinto, the former chairman of the audit committee of the Bank of Portugal (BdP) and committee coordinator, prepared a report that analyzed the supervisory authority Procedure before BES decision.
The report “drew attention to the need to reorganize the supervision of the entire financial system”, especially for the National Supervisory Board to “take effective and adequate action”, and stated that João Costa Pinto has so far No substantial changes have been seen.
“If you ask me whether I should take more timely and dynamic actions, and whether the connection between the supervision of Bank of Portugal and CMVM has been sufficient, the report assesses this but thinks it is not”, he criticized . .
This idea was opposed by the current and former director of the Bank of Portugal (BdP), Luís Costa Ferreira, who assured him that the director’s performance was “energetic and confident”.
Former BdP President Carlos Costa also believes that although the Costa Pinto report has “eight valuable chapters”, it lacks a separator for BES monitoring and “contradictions” between chapters and conclusions.
Regarding confidentiality, Carlos Costa explained that this is an “internal monitoring document” and that “the competent BdP service has determined that it is confidential”.
The document issued by Observer and Novo during the committee caused controversy. The committee asked the Supreme Court (STJ) to remove the secret surrounding it, but the request was rejected.
As the report appeared in the media, a brief investigation of the leak was conducted and it is still ongoing.
Initial capitalization of Novo Banco
The other biggest dispute that occurred in the investigation committee was due to the amount of initial capital of Novo Banco, which highlighted the different views of BdP and the Ministry of Finance on this issue at the time.