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Shortly after taking office of António Costa as Prime Minister in 2015, the Board of Banco de Portugal, considering that Banif – Banco Internacional de Funchal, SA was at risk or in the event of insolvency, on 20 December of this year, apply a resolution measure aimed at ensuring the continuity of the provision of essential financial services provided by this credit institution based in Madeira and an appropriate presence in the region. Portuguese community in Venezuela and South Africa. Banco de Portugal warned against the need to preserve the stability of the Portuguese financial system and invoked urgent reasons to reject the prior hearing of the interested parties, in a resolution process in which the institutions were invited to acquire the 39; shareholders of the Portuguese State Bank to submit proposals, but that
The State, whose majority presence in the capital of the banking institution has been presented as a guarantee of strength and trust, definitively abandoned this bank, in a process indeed, contrary to what was envisaged, was not limited to pass on its participation to this credit institution and which is essentially marked by the long process of transfer and emptying of assets, in one of the tables that, in my opinion, affect confidence in the banking system, the state and the financial system, and which exposes and demonstrates the imbalance of the solution and the disastrous consequences of being confused with the traditional bank with an investment bank which, in this case, invokes so often state in the institution, finished by harming clients, many with subordinated bonds acquired under circumstances
I will not go into this issue further, and I am not in my place to explain the reasons for the collapse of the Bank, but I have to say that I still have the feeling that, as always, for lack of courage or ignorance, also addressed what actually caused this collapse that began, of course, well before the intervention of the state on a way of no return.
The truth is that after the long process of transferring assets from Banif – Banco Internacional do Funchal, SA, which is clearly beyond the scope of any normal business venture, while the Bank has maintained its legal existence and many were hoping, and others have despaired, after almost three years, the European Central Bank has finally revoked the authorization to carry on the business of d & # 39; A credit institution, revocation that produces the effects of the insolvency declaration and, as such, requires the Bank of Portugal to apply for the liquidation of this credit institution, which is now empty, in the context of a legal proceeding requiring that all creditors and other interested parties apply for their credit until August 4, 2018.
The rules of the insolvency procedure apply to the judicial process and to Now that few people believe the rule of law, in the state and in the financial system, justice remains a rule of law where the principle of the separation of powers prevails and where we can not force, firmly and firmly, courage, rights, values and fundamental principles of our legal system. At this moment, perhaps more than ever, it makes sense the last big Banif slogan: "the strength to believe", now in Justice!
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