Speaking at a news conference to present the 2018 accounts, Paulo Macedo said that the sum was to be used to compensate workers who agree to leave the bank by mutual agreement or under early retirement schemes.

As part of the process in 2016, they saw almost €5 billion in fresh capital injected into CGD (half of it directly from the Portuguese state). The bank started a restructuring process that is to lead to the departure of 2,200 workers by 2020, following hundreds more in previous years.

In 2017 a total of 547 people left by mutual agreement and last year another 646, according to last year’s report and accounts.

However, hundreds of workers must still leave in the next two years to meet the agreement with European Union officials.

CGD last year registered a net profit of €496 million, up from €51.9 million in 2017.