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"Are there any bankers yet, or are there no bankers?" To the question of the moderator of Forum Banca 2018, which brought together the leaders of some of the major banks operating in Portugal, the president of Caixa Geral de Depósitos, Paulo Macedo, gave a very straightforward answer: "a respected banker was once the one who had signed a 200 million credit only by a handshake." This practice has contributed to the "mistakes of the past" and, if we speak of "such bankers, I hope that there are more, just for what it cost us all" .
The comment was voiced this Thursday at the 2018 Banca Forum, organized by the Economic Journal and the PwC consultancy firm. The chairman of the executive committee of the state-owned bank argued that "today, credit systems are not perfect, but significantly better than those of the past, that it does not matter. risk criteria, ranking, models that have evolved a lot. "However, it is equally important, says Paulo Macedo, to" practice ":
There are things in the past that clearly go beyond the issue of models and risk analysis. There was a lot of shit, the bank must recognize that she did it, and the way she credited. As João César das Neves said, one of the problems was the Old Boys Network
sure[at[anetwork of old boys]. A respected banker is one who has signed a loan of 200 million euros with a handshake. I did not know the details of what I was signing. I hope that among these bankers, there are more. "
Paulo Macedo said that "who manages the banks can not think that the money is yours.The money comes from customers and depositors." According to Paulo Macedo, the "confusion" surrounding the definition of what should to be Caixa as a public bank is associated with this. "Should a public bank be an instrument of economic policy? It seems that the last time they did that, it was a bad result," joked Macedo, adding that "what They say when the shareholder ordered the public bank to do this or that it did not work.
Next to Paulo Macedo was sitting António Ramalho, president of the New Bank (resulting from the resolution of Banco Espírito Santo), which reinforced the role of banks as "buyers and sellers at risk," almost "blockchains "and stressed that today" no credit decision is taken by one person "and that" the examples of the past are excellent for learning from them, for the sake of Future ".
But to find responsible for these "errors", the president of Crédit Agricole, Licina Pina, defended that the "bankers" are not alone in charge – the one who does not consider himself "a banker because I do not have shares of a bank, my bank n & # 39; 39 "no actions". Part of this responsibility should be given to regulators, who "should have offered macroprudential solutions to avoid the growing transformation that existed: by the time they got more credit, they had more money, and that was the model. had and should have been called into question earlier. "
At a conference at which innovation was also debated in the banking sector, and two days later, other bankers blamed "innovation" for the problems that led to the financial crisis, Miguel Maya, of MillenniumBCP, refuted this idea, saying that one can not confuse "innovation and intrusion". Unlike "bullshit," innovation, according to the chairman of MillenniumBCP, will be an "essential weapon" for banks to reinvent themselves and attract "the best talent" to succeed.
However, while agreeing that the new control framework is "phenomenal" work, he criticized some aspects for which he has a "bitter-sweet" feeling, especially the differences that still exist between banks in different countries to assess risks. and, on the other hand, to set the bad credit ratios when, in Miguel Maya's view, it is important to determine to what extent these exposures are (or are not) covered by impairment losses. In addition, the chairman of BCP has asked regulators to ensure that there is no regulatory arbitrage in the financial sector, forcing multinationals to abide by the market rules where they operate and not to the regulation of their jurisdiction.
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