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The President of the Portuguese Banking Association, Faria de Oliveira, on Thursday criticized the "populist legislative measures" that have "implications" for banks in Portugal, such as negative interest rates
"It makes no sense that various legislative measures of a populist nature that penalize Portuguese banks in relation to European counterparts and which contravene the objective of equal treatment contained in the draft bill. the European Union be introduced in Portugal, "he criticized. Noting that these new laws were introduced after "unprecedented regulatory pressure, a genuine regulatory massacre," Faria de Oliveira said "it is essential that politicians [theimplicationsandtheimpactoftheiroptionsdonotcreateincentivesfortheattractivenessofthebankingsystem"
Already speaking to journalists on the sidelines of the meeting, the former leader noted that "several bills have been introduced and that […] have enormous implications for the soundness of banking institutions." "Banks play a fundamental role for society and can not be discriminated against in Portugal in relation to everything that happens in all other European countries, "he stressed, adding that" some of these measures are unprecedented in Europe makes no sense "
According to Faria de Oliveira, there are laws that" try to match certain types of claims, but everything must be p este and judged in all the claims that may occur ", as that is related to the application to the loan agreements of the negative values of Euribor, known this month.
"In the case of the negative Euribor, it is not the immediate impact that scares me, [porque] will only apply to very few people, especially those with very low spreads and therefore the best customers, those with the highest incomes, "he said. "The problem is the terrible precedent and there was, for some reason, a more complicated situation, the overall impact would be really systemic."
. If instead of having negative interest rates in the order we had, they were much higher, more than 1%, the impacts would be systemic, "he explained. [19659002] Faria de Oliveira therefore calls for such measures to be "duly weighed," since "the banking system lives on financial stability and without financial stability there is no financing for the economy, for the citizens, and therefore there is no possibility to support businesses, create wealth and create jobs "
A diploma published in mid-July in the Diário da República stipulated that banks will be obliged to reflect the negative values of Euribor in housing loan agreements, having until July 30 to revise the calculation index of the interest rate of credits. 19659002] The diploma specified that "the calculated negative value must be deducted from the outstanding principal in the ac expired "and specifies that the published changes apply to Payments of outstanding credit agreements at the time of their entry into force
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