Bank of Portugal prefers banks to disclose big debtors to parliament

By TPN/Lusa, in Business · 14-01-2019 10:12:00 · 0 Comments
Bank of Portugal prefers banks to disclose big debtors to parliament

The Bank of Portugal said it cannot back legislation that provides for the disclosure of large debtors of rescued banks, because it does not meet European law, and prefers banks to send this information directly to parliament.

The Portuguese central bank sent the government in early January its opinion on the parliamentary initiative to make it disclose the names of large debtors at banks benefiting from public aid. This diploma was approved this week in the parliamentary committee on budget and finance with favourable votes.

In the eight-page document, which Lusa had access to, Bank of Portugal raised many legal doubts about the text, considering that it is “in disagreement with European law,” and argues that the best way to overcome the situation is to give banks the duty of informing MPs of the large debtors.

On Wednesday, the members of the budget and finance committee approved a law providing for Bank of Portugal to inform parliament of large debtors at banks benefiting from public aid.

The central bank is to publish information on this matter on its website using aggregated and anonymous data.


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