The government wants to ever launch a debate on the change of financial supervision in Portugal. Finance Minister considered this reflection “a priority” , citing decisions of the recent past on the financial system architecture. “ I have not found anyone who agrees with them “, said Mário Centeno.
The minister was speaking Tuesday at the opening of a conference at the Faculty of Law of Lisbon, under the theme “The Portuguese financial system. 40,000 million impairment after “in the BES and Banif cases were the hearty dish of interventions.
For the incumbent minister of finance and the financial regulatory system is not for the government” lead the discussion but cheer her up and once completed, put it into practice. ” Believing that all of society follows the government “in this priority,” the minister now promises to launch a debate without developing the theme, and ensures that the government will take into account the findings in the decision-making process.
The government program provides for changes in financial regulation, but in a period of greater stability in the banking sector. One of the changes that have been advocated by some politicians respnsáveis is empowering a new entity resolution authority which is now the Bank of Portugal.
According to the minister, the reflection on the financial regulation framework should rely on institution and its credibility, providing them with clear and known rules of all. Stressing several times, the complexity of the financial system and supervision, Centeno points out that more and more institutions to offer all products and services, challenging the traditional model of supervision that we have in Portugal and based on sectoral regulators (banking, stock exchange, insurance).
With the development of large institutions and complexity products before was only promoted by a single agent today have different channels. “Does it make sense to be analyzed by a single regulator? Or should be just one? “.
Mario Centeno recalls that some countries have adopted a model of pillar twins, who concrentra prudential supervision into a single regulator, leaving the conduct supervision to another entity. However, shows no preference as to the model and emphasizes that must take into account developments in the European Union.
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