“New Bank is expected to receive an additional 429 million from the Resolution Fund

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Nuno Fox / Lusa

Finance Minister João Leão

The Council of Ministers approved, this Thursday, the diploma that alters the financing framework of the Resolution Fund, allowing it to be financed with the bank to carry out the transfer to Novo Banco.

At the press conference after the Council of Ministers, which took place this Thursday morning, in Lisbon, the Minister of State and the Presidency, Mariana Vieira da Silva, began by announcing that the calamity situation will continue until June 13. and which counties are going retreat in the deflation: Arganil, in Coimbra, and Golegã, in Santarém.

The minister also indicated that the municipalities of Montalegre, in Vila Real, and Odemira, in Beja, remain and that the municipality of Lamego, in Viseu, is advancing to the same phase as the rest of the country.

Then the minister gave the floor to the Minister of Finance, João Leão, which was also present in this briefing to explain some of the measures that were approved this Thursday.

The holder of the Finance portfolio then explained that the “resolution authorizing the amendment to the framework agreement entered into with the Resolution Fund, as well as the financing contracts signed between the State and the Resolution Fund, necessary for the execution of its financing operation with the banking sector ”.

“As the Government has always said this year, the Resolution Fund was not going to get any loan from the State, but it would finance yourself from the financial sector“, He explained.

Thus, the approved diploma allows the Resolution Fund to finance itself from the bank to reinforce its budget and for its activity, namely to be able to carry out the capital calls of Novo Banco under the contingent capitalization agreement.

Asked about the amount that will be transferred to Novo Banco, the government official stated that it is still being determined by the Resolution Fund, but that the initial amount indicated by this entity points to 429 million euros.

“Right now, it is the Resolution Fund that is doing the value assessment. The amount that had been initially requested by Novo Banco was 598 million euros. At this moment, there is an initial value indicated by the Resolution Fund of 429 million euros, which is below what was requested ”, said João Leão.

The minister also told reporters that the injection to the bank will be “below the value foreseen in the State Budget ”and ensured that“ no change to the OE law will be necessary, because there is no rule that makes this transfer impossible ”.

Leão also did not forget the approval of the “regulatory decree that defines the scope and conditions of operation of the IVAucher program“, Which kicks off on June 1.

As the communiqué of this Council of Ministers explains, IVAucher is a mechanism that allows consumers to accumulate the value corresponding to the total VAT incurred in consumption in the accommodation, culture and catering sectors during a quarter, and to use that value during the quarter next, through the participation in consumption in these same sectors.

Between June and August, all VAT incurred in these three sectors is automatically credited to a consumer account that in the following quarter can be used for expenses in these three sectors ”, explained the minister, guaranteeing that it will have no cost to consumers.

The credit will be accumulated by the consumer in a virtual account, which can be used in October, November and December, and the “only limit that exists is that supports up to 50% billing ”. “Therefore, if the consumer goes to a hotel or restaurant, 50% of this bill can be supported by this program,” he said.

Foreseen in the State Budget for 2021 (OE2021), this program has an allocation of 200 million euros, having been designed to promote consumption in some of the sectors most affected by the pandemic.

The decree-law that “establishes the exceptional regime for budget execution and simplification of procedures for projects approved under the Recovery and Resilience Plan (PRR), in order to expedite the implementation of the policy measures or investments in question, in a swift and transparent manner ”.

Filipa Mesquita Filipa Mesquita, ZAP // Lusa