Monday, March 1, 2021

Parliament awaits changes to Novo Banco contract to make it public

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Parliament expects the Resolution Fund (FdR) to send a version of the Novo Banco sales contract that can be made public after the protected sensitive parts have been purged.

“There is documentation classified as confidential and which, according to information provided by the” FdR, “will be purged of information considered sensitive with a view to making it publicly available”, they indicated to the Public support services to the Budget and Finance Commission, according to an article released this Friday.

According to the same source, this information was given to Parliament in December 2020, with the FdR saying that “the documentation would be made available, as soon as possible”.

The contract has been in Parliament since June 2020, in a confidential version, which allowed only Members to have access to it in full. The contract has already been sent to the parliamentary committee of inquiry to Novo Banco, which assesses the losses of the bank and attributed to the FdR.

The question of confidentiality was raised by the Bloco de Esquerda, author of the request that asked the FdR to send the contract, Filipe Neto Brandão, chairman of the parliamentary committee on Budget and Finance (COF), told the daily newspaper.

At that time, the FdR confirmed to Parliament that part of the contract is linked to trade secrets, banking and a contractual confidentiality clause, requiring authorization from Lone Star, which purchased 75% of Novo Banco in 2017.

After its sale, Novo Banco has already received almost 3000 million euros under the Contingent Capital Mechanism.

Taísa Pagno Taísa Pagno //

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Parliament awaits changes to Novo Banco contract to make it public