CONSELHO CONSULTIVO - 29.NOV

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CONSELHO CONSULTIVO - 22.NOV

        ETV - Diário Económico
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	VARIAÇÕES HOMÓLOGAS
	HOMOLOGOUS CHANGE
Empréstimos de Outras Instituições Financeiras Monetárias a Particulares
Loans of Other Monetary Financial Institutions to Private Individuals
					Milhões de Euros
					Millions of Euros
Crédito		Concedido		Cobrança Duvidosa
Banking Credit	Installment Credit			Uncertain Collection
Habitação	SET.12	110.749			2.199
Mortgage	SET.13	106.725	-3,63%		2.369	7,73%
Consumo	SET.12	13.645			1.583
Consumption	SET.13	12.306	-9,81%		1.473	-6,95%
Outros Fins	SET.12	11.077			1.209
Another Finality	SET.13	10.457	-5,60%		1.316	8,85%
Total	SET.12	135.471			4.991
Total	SET.13	129.499	-4,41%		5.159	3,37%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank

	VARIAÇÕES HOMÓLOGAS
	HOMOLOGOUS CHANGE
Empréstimos de Outras Instituições Financeiras Monetárias a Empresas Não Financeiras
Loans of Other Monetary Financial Institutions to Non-Financial Corporations
					Milhões de Euros
					Millions of Euros
	Crédito Concedido				Cobrança Duvidosa
Installment Credit				Uncertain Collection
	SET.12	108.052			10.288
	SET.13	100.670	-6,83%		11.995	16,59%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank

CONSELHO CONSULTIVO - 15.NOV

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CONSELHO CONSULTIVO - 8.NOV

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http://videos.sapo.pt/p2CZ8Rzvi40nZlYBrqmP

IMF Completes Eighth and Ninth Reviews Under an EFF Arrangement with Portugal, Approves €1.91 Billion Disbursement

The Executive Board of the International Monetary Fund (IMF) had completed the eighth and ninth reviews of Portugal’s performance under an economic program supported by a 3-year, SDR 23.742 billion (about €27.03 billion) Extended Fund Facility (EFF) arrangement. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 1.679 billion (about € 1.91 billion), bringing total disbursements under the EFF arrangement to SDR 21.379 billion (about €24.34 billion).
The Executive Board also approved a request for waivers of applicability for the end-September 2013 performance criteria (PC). This waiver was necessary because the Executive Board meeting was scheduled to take place after end-September but prior to the availability of data to assess the relevant PCs.
The EFF arrangement, which was approved on May 20, 2011 is part of a cooperative package of financing with the European Union amounting to €78 billion over three years. It entails exceptional access to IMF resources, amounting to 2,306 percent of Portugal’s IMF quota.

Portugal’s short-term outlook has improved and unemployment has started to decline. Considerable progress has been made in advancing fiscal and external adjustment and structural reforms. Decisive steps were taken to keep the program on track following recent setbacks and legal challenges. Nonetheless, there remain implementation risks and uncertainty surrounding macroeconomic prospects and market financing. Continued strong commitment to the program and political cohesion are therefore critical to strengthen the recovery and regain full market access.
In light of still fragile debt prospects, tighter financing conditions, and a sizable adjustment ahead, it will be important to sustain the fiscal consolidation effort. Full implementation of the 2014 budget and the underpinning expenditure reforms is particularly critical. The government is committed to taking alternative measures should key planned reforms be ruled unconstitutional. At the same time, further efforts are needed to address underlying weaknesses in public finances, including a large public sector with relatively high wages and pensions. The planned fiscal reforms aim to control expenditure and domestic arrears, restructure state-owned enterprises, and strengthen tax compliance.
The authorities have a strong record in preserving financial stability, and banks’ liquidity and capital conditions remain adequate. Given the challenging economic environment, ongoing initiatives to improve supervision and monitor risks are welcome, including a further strengthening of banks’ quarterly stress tests. Channeling credit to viable firms is key to support the recovery and employment. In this context, there is a need to step up restructuring efforts to address the corporate debt overhang.
Forceful implementation of the ambitious reform agenda is critical to boost competitiveness, jobs, and long-term growth. This includes further advances to address the remaining nominal rigidities and supply-side bottlenecks.
In addition to strong program implementation, Portugal’s success continues to depend on external support and effective crisis management policies at the euro area level, including support by the Eurosystem to help address financial segmentation and restore an appropriate monetary policy transmission.

UK - September mortgage lending by mutual sector shows 50% increase on 2012

Lending by building societies and other mutual lenders was 50% higher in September 2013 than the same month last year, demonstrating a continued improvement in consumer confidence about home purchase.
The mutual sector is the only part of the mortgage market that has grown, with net lending for the whole mortgage market in September (£1.1 billion) below total net lending by mutual lenders (£1.4 billion).

September mortgage lending highlights:

    •    Gross lending up 50% to £3.7 billion compared to £2.5 billion in September 2012.
    •    Total gross lending for the first nine months is £29.9 billion, 32% higher than same period in 2012.
    •    Gross lending market share for the first nine months of 2013 is 24%, up from 21% January-September 2012.
    •    Around one in three new loans from mutuals in the nine months to September were made to first time buyers (61,000 loans) of which 29% were made to borrowers with a deposit of 10% or less.  
    •    Net new mortgage lending (gross lending minus repayments and redemptions) was £1.4 billion in September, almost three times the amount in the same month last year.
    •    Total net new lending by mutual lenders January – September 2013 was £9.7 billion, double the amount in the same period last year.
    •    Total net new lending for the mortgage market as a whole January – September was £6.8 billion

Savings balances in September:  
     
    •    Retail savings balances at mutuals rose by £67 million in September compared to an outflow of £242 million in the same month last year.
    •    In the first nine months of this year retail savings balances have risen by a total of £7.2 billion compared to a £1.7 billion increase January – September 2012.

 Building societies and other mutual lenders have been consistently open for business for the past year plus.  What has changed and is the main factor driving this year-on-year lending increase, is a palpable improvement in consumer confidence.  Currently, the primary success criterion that we are using to judge schemes such as Help to Buy is the positive effect that they have had on the behaviour of existing and aspiring homeowners.      
 
Despite the increase in the cost of living, the UK public is still saving.  With energy costs in particular now rising quite dramatically, household budgets will come under increasing pressure this winter.  It is inevitable that this will eventually be reflected in the amount that individuals are able to save whether for specific purchases or simply to put by for a rainy day.  We may well see this change reflected both in the retail sales figures for Christmas and savings numbers into the New Year.

   CONSELHO CONSULTIVO - 1.NOV

        ETV - Diário Económico
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http://videos.sapo.pt/CUePahQvW3JQSDMog1d6