Africa-Press – Cape verde. The Minister of Finance, Olavo Correia said this Thursday that he hopes to receive “in the next few days” the central bank’s conclusions on the investigation into the deposit auctions of the National Institute of Social Security (INPS).
The Bank of Cape Verde (BCV) “already knows that this is urgent”, he said in an interview with Lusa, following complaints from banks that participated in the December auctions, leading the institution to suspend them, as well as their financial liquidation. , in favor of INPS, due to questions raised about criteria and risks.
The lack of financial settlement motivated, a week ago, a press conference by the National Union of Cape Verdean Workers – Central Sindical (UNTC-CS), which classified the action as a “kidnapping of taxpayers’ funds”, with the bank’s complicity. central.
At issue, 1.3 million euros resulting from the auction that Banco Cabo-verdiano de Negócios (BCN) should have transferred to INPS, sparking a public discussion and exchange of communications.
The BCN justified itself with guidelines from the regulator and Olavo Correia confirmed, in the interview with Lusa, that everything awaits the opinion of the BCV, adding that the financial system “is in good health and is recommended”, despite being harmed by the discussion in the public square of issues that have other instances of analysis, he said.
“There is a problem that is important: issues cannot be resolved in the public square and through the media. Banks live on trust and reputation and I think it is a shot in the foot when financial institutions discuss regulation, application of assets or profitability in the way they are doing it”, said Olavo, the government official.
Olavo Correia says he appealed to those involved in the issue “to discontinue this communication war”, because “it puts into question the most important asset of the financial system, which is trust and its reputation”.
“The issue here is not knowing who is right”, something that he considers “difficult to know”, indicating that, “what is at stake is the protection of a greater good, which is the Cape Verdean financial system”.
The Bank of Cape Verde is investigating “the procedures that the INPS is adopting in launching the auctions, the configuration of the current financial system” and “the potential implications of these auctions from a robustness and liquidity perspective” – taking into account that the INPS “It is the largest institutional investor” in the financial system, with systemic influence, he said.
“The Government, the central bank and each party, within the framework of their competences, will make the best decisions” based on this report, he added, considering that it would be “premature” to make decisions before the BCV’s opinion.
“We want everything to work well, to optimize INPS assets, within a framework of transparency in the financial system and which, at the same time, does not jeopardize its liquidity, solvency and robustness”, he said.
The Government “has been following this issue since day one”, detailed Olavo Correia, saying that he himself has spoken “with all the banks, INPS and BCV”, but “with total discretion”, without disturbing the system – and , in the case of INPS, with shared supervision with the Minister of State and Family, Fernando Elísio Freire.
Cape Verde has a financial system “that is working well and respects all robustness, liquidity and solvency criteria. There is no problem regarding this matter,” he concluded.
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