By Anabela Sérgio (auth.)
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Additional info for Banking in Portugal
As a corollary, the banks started facing an increasing country risk, with the consequent greater difﬁculty in accessing the wholesale international debt markets. Portuguese banks obtained their funding from the ECB. It was within this framework that the portfolio of Portuguese state sovereign debt increased dramatically. On the other hand, and considering the need for deleverage and Portuguese state budgetary consolidation,13 the majority of assets held in Portuguese banks’ portfolios were bonds and other instruments issued by Portuguese companies.
Governance models foreseen in the Companies Code suffered a dramatic review and update in 2006, when the CMVM (the Portuguese Securities Market Commission)8 and the Portuguese government seized the opportunity granted by the review and transposition of the auditors Directive9 to amend the existing models and integrate a new one. Up to June 2006, Portuguese companies could be established in accordance with one of two governance models: • The classic or Latin model – a one-tier model comprising a board of directors and an audit board (one of the members of which was a chartered accountant).
This policy counterbalanced, although only partially, the reduction in the ﬁnancial margin. Nevertheless, the “cost to income”9 ratio at the level of 57% showed some deterioration when compared to the same period in the previous year. On the other hand, the results of international activities exhibited signiﬁcant expansion during the ﬁrst half of 2010. ” We must confess that the international ﬁnancial crisis displayed some fragility in the regulation of the ﬁnancial system in global terms. As a result, the Basel Committee on Banking Supervision introduced several proposals, as has already been mentioned, trying to intensify the quality of banks’ own funds, inserting measures of a countercyclical nature into 16 Banking in Portugal the regulation of the ﬁnancial system.
Banking in Portugal by Anabela Sérgio (auth.)