The Finance Minister Maria Luís Albuquerque, said today that the investigation of the European Commission to the Banif process “is a normal procedure” and expressed tranquility to future conclusions.
The European Commission announced today an in-depth investigation to examine whether the State aid provided to Funchal bank complied with European Union rules on state aid.
“This is a normal procedure and we will move forward with the process,” he said the minister told reporters at the end of a meeting with the administration of Portugal infrastructures.
Maria Luís Albuquerque said that is quiet regarding the investigation, given that there has been an “open relationship” between Banif , the Ministry of Finance and the Bank of Portugal in this process.
The Ministry of Finance explained in a statement that the Brussels investigation into state aid given to Banif is a “procedural phase” that does not affect the plan ongoing recapitalization of the bank and added that the Portuguese authorities are monitoring the process, “in close collaboration with the European Commission” to provide all necessary clarifications.
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