CONSELHO CONSULTIVO - 28.MAR                            
        ETV - Diário Económico                                                             
          (Author Participation)

http://videos.sapo.pt/raHRggOQgsa2lRenF344

ASSEMBLEIA-GERAL - 25.MAR                            
        ETV - Diário Económico                                                             
          (Author Participation)

 http://videos.sapo.pt/FzzuKanhbGrJQDePZ3Np

Crédito Concedido versus Crédito de Cobrança Duvidosa

Depois, da já habitual "limpeza" de final de ano, no que diz respeito à utilização da provisão já totalmente constituída, para os Créditos de Cobrança Duvidosa, e da correspondente passagem a "write-offs" destes mesmos créditos, eis que volta de novo a crescer o Crédito de Cobrança Duvidosa, ou Crédito Malparado ou ainda as !Imparidades" - eufemismo que muitos gostam de chamar, àqueles créditos que deixam de ser pagos pelos seus mutuários, muitas vezes motivados por uma análise de crédito feita de forma apressada e sem o rigor que, de forma prudencial e cautelar, se aconselha.
Seria importante, que o Banco de Portugal, publicasse todos os meses o montante que as Instituições Financeiras sob a sua tutela supervisional, enviam para "write-offs", porque juntando estes valores ao Crédito de Cobrança Duvidosa, dar-nos-ia um cenário bem mais real, e quanto o sistema financeiro está a perder, em termos destes créditos.

Esta tendência é para continuar!

O Crédito Vencido e de Cobrança Duvidosa vai continuar a aumentar, pelo menos, por mais 2 anos!

 Primeiro Cobrança Duvidosa e depois "fora de balanço", pelos saneamentos feitos pela utilização da provisão, entretanto constituída.
A vida irá continuar a ser difícil para as Instituições Financeiras.
De que serve ter "funding" disponível, se o risco não for bom? Aí reside o actual paradoxo do financiamento à economia. E já nem falo no seu preço.

	VARIAÇÕES MENSAIS
	MONTH 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	DEZ.13	105.775		2.398
Mortgage	JAN.14	105.426	-0,33%	2.428	1,25%
Consumo	DEZ.13	12.075		1.407
Consumption	JAN.14	11.947	-1,06%	1.406	-0,07%
Outros Fins	DEZ.13	10.265		1.296
Another Finality	JAN.14	10.215	-0,49%	1.304	0,62%
Total	DEZ.13	128.115		5.101
Total	JAN.14	127.589	-0,41%	5.137	0,71%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank

					Milhões de Euros
					Millions of Euros
EMPRESAS NÃO FINANCEIRAS (Variação Mensal)
	Crédito Concedido				Cobrança Duvidosa
	DEZ.13	99.309			11.594
	JAN.14	98.623	-0,69%		11.905	2,68%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank

CONSELHO CONSULTIVO - 21.MAR                            
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http://videos.sapo.pt/YSIiSB4rD98zBEnHRymH

CONSELHO CONSULTIVO - 14.MAR                            
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http://videos.sapo.pt/mbZLUhGzubzENzvAYG7S

CONSELHO CONSULTIVO - 7.MAR                            
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http://videos.sapo.pt/5Ttzr7M7DH89MCpU6LcZ

   10.000 VISITANTES

10.000 VISITORS

Statement by the EC, ECB, and IMF on the Eleventh Review Mission to Portugal
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during February 20-28 for the eleventh quarterly review of Portugal’s economic adjustment program.

The economic recovery is strengthening. Led by investment and exports, economic growth is somewhat ahead of projections, employment is increasing, and the unemployment rate is continuing to decline from very high levels. GDP is now expected to rise by 1.2 percent in 2014—an upward revision of 0.4 percentage points—while unemployment is projected to decline to 15.7 percent — a downward revision of 1.1 percentage points. The current account balance, which moved into surplus in 2013, is expected to improve further, although at a more moderate pace than before.

The program’s fiscal targets remain unchanged. The 2013 budget deficit is estimated at 4.5 percent of GDP (excluding the recapitalization of Banif), well below earlier projections. This outcome reflects better revenue performance, including collections from the one-off tax and social security debt recovery scheme, and prudent expenditure control. The 2014 deficit target of 4.0 percent of GDP has been confirmed, with the improved economic outlook implying more evenly balanced risks around this target. Nevertheless, should any risks to the execution of the budget materialize, the government remains committed to implement compensatory measures of equivalent size and quality to meet the agreed deficit target. Looking further ahead, the government’s Fiscal Strategy Document due by end-April will provide a key opportunity to signal continued commitment to budget discipline, including by specifying the spending ceilings and measures needed to reach the deficit target of 2.5 percent of GDP in 2015.

The stabilisation of the financial sector has continued, but low profitability, high corporate debt levels and financial fragmentation are still posing challenges. Capital buffers are broadly adequate, and liquidity conditions have improved further. However, banks’ profitability remains depressed, and reducing the corporate debt overhang requires a strategic plan to facilitate debt workouts, particularly for viable small and medium-sized enterprises.

A deepening of the structural reforms agenda is needed to continue the switch to an export-led growth model. A wide array of structural reforms has already been adopted, and these reforms are expected to have a positive impact on growth and job creation over the coming years. But there are still important bottlenecks that hinder Portuguese companies in competing with their foreign competitors on a level playing field; these include remaining excessive rents in the non-tradable sector and rigidities in the labor market, while public administration needs to become more business-friendly. A strong commitment to continue and expand the process of structural reform into the medium term will be essential in attracting more foreign direct investment to the tradable sectors.

The program remains on track, as also reflected in improved market sentiment. Yields on sovereign debt have continued to tighten, and recent bond issues combined with remaining program disbursements ensure that the public sector’s financing needs for 2014 are fully covered. Public debt remains high but is sustainable provided the reform momentum is maintained beyond the program horizon. Reaching a broad political understanding that fiscal discipline and structural reform efforts have to continue to underpin Portugal’s future policies would certainly constitute an important anchor for restoring full and sustainable market financing. Provided the authorities persevere with steadfast program implementation, euro area member states have declared they stand ready to support Portugal until full market access is regained.