CONSELHO CONSULTIVO - 10.OUT                          
        ETV - Diário Económico
            (Author Participation)

http://videos.sapo.pt/ZCiW0zVGWZZZ8WmhJN4F

IMF Publishes Fiscal Transparency Evaluation for Portugal

The International Monetary Fund has published a FiscalTransparency Evaluation for Portugal, which was carried out at the request of the Portuguese government by a joint team from the Fund’s Fiscal Affairs and Statistics Departments that visited Lisbon in May 2014.
The report recognizes that Portugal has made remarkable progress since the beginning of the financial crisis and now meets most of the principles and practices set by the revised Fiscal Transparency Code at good or advanced levels. The evaluation also highlights scope for further improvement in Portugal’s fiscal transparency practices in a number of areas, largely because recently launched reforms have not yet been fully implemented. The report’s key findings are the following:

• Fiscal reporting meets good or advanced practices, particularly in compliance with European Union requirements and ESA 95 standard (the harmonized European methodology for the compilation of national accounts). But still lacks a sound conceptual accounting framework based on internationally accepted standards.
• Fiscal forecasting and budgeting have improved over the last three years, with only investment evaluation still remaining at a basic level of practices.
• Fiscal risk management is in its infancy and in spite of initiatives undertaken in the last few years, such as the publication of a fiscal risk statement, remains fragmented.

The overall positive result of the evaluation marks a significant improvement over the situation observed at the start of the adjustment program in mid-2011. The key achievements can be summarized as follows:

• The quality, transparency, and comprehensiveness of information on fiscal developments have improved. New fiscal reports and documents, including on tax expenditures, government guarantees, and public-private partnerships (PPPs) have been developed and published.
• A new legal and institutional framework for PPP was established in 2012, which includes the creation of a central monitoring unit as well as a series of measures aimed at increasing the control over potential fiscal risks.
• Progressive refinements of the Budget Framework Law have been enacted, including the transposition of the EU Fiscal Compact provisions.
• The new legislation on the financial management of local governments (municipalities and regions) that was approved in September 2013 strengthens monitoring and reporting requirements as well as coordination across levels of government.

Despite the progress, the report points to Portugal’s still fragile public finances, especially in terms of its still sizable negative net worth position (including employment-related pension liabilities) and overall exposure to contingent liabilities.
The report therefore identifies completing the ongoing reform agenda as the key priority to strengthen the management of public finances and further improve transparency practices. This would require:

• bringing to fruition the ongoing efforts to develop and implement an accounting framework based on generally accepted accounting standards, and eventually publishing accrual-based consolidated financial statements;
• expanding the focus of fiscal reports from the general government to the public sector;
• revising the Budget Framework Law to reflect recent reforms and provide the basis for sound and prudent fiscal management; and,
• better coordination, and preferably centralized risk management within a coherent framework under the responsibility of the Minister of Finance.

                                 CONSELHO CONSULTIVO - 3.OUT                          
                                           ETV - Diário Económico
                                              (Author Participation)

            http://videos.sapo.pt/3KQvyWtGdYZPbr8SiW1h

CORE VALUES

1. Alignment and accountability: We accept responsibility for our actions. We make and support business decisions through experience and good judgment.
2. Customer Service Excellence: We are dedicated to satisfying customer needs and honoring commitments that we have made to them.
3. Teamwork: Our team is supportive of each other’s efforts, loyal to one another, and care for each other both personally and professionally.
4. Balance: We are flexible, helping team members strike a healthy work and life balance.
5. Community and environment: We strive to help and improve the communities where we work and live. We are concerned about the environment and promote the use of recyclable products and renewable energy.
6. Integrity: We act with honesty and integrity, not compromising the truth.
7. Passion for results: We show pride, enthusiasm and dedication in everything that we do. We are committed to selling and delivering high quality products and services.
8. Respect: We treat our team members, customers, partners and suppliers with mutual respect and sensitivity, recognizing the importance of diversity. We respect all individuals and value their contributions.
9. Open Communication: All team members are encouraged to openly share their
   opinions and views.

STRATEGIC COMPETENCES

1) SystemicThinking
The ability to think…outside the box, and to see the inter-connectedness between seemingly disparate things in a manner that brings about change to an organization’s structure, functions, people, culture and general ‘feeling’. Systemic thinking is about facilitating an environment where diverse perspectives lead to great insight.
2) Strategic Intent
The ability to use insight to analyze, understand, and develop simple and clear solutions that solve problems – leading to the attainment of an organization’s strategic objectives.
3) Ethical Mindset
The ability to navigate the ‘politics’ of the workplace as it relates to business, opinion, hierarchy and relationships, ensuring the right thing remains paramount – and is performed at all times.
4) Respect and Equity
The ability to treat all persons with due regard, as ends in themselves, and to positively challenge arising negative behavior that militates against the principles of equity and fairness.
5) Inter-personal fluency
The ability to use personal depth to engage and bring people on-board to your thinking. There is nothing wrong with this. It is likely to include a deep sense of genuineness that is infectiously inspiring such that it motivates and fuels change.
6) Global Mindset
The ability to bring political, economic, socio-cultural and technological world views into local workplaces,thinking beyond subconscious and limiting frameworks. It involves being able to see the inter-connectivity in the global workplace and applying the lessons learnt for successful strategy implementation – in the localized workplace.
7) Cross-cultural Competence
Recognizing socio-cultural difference and possessing the ability to leverage it to great effect; improving business processes, developing talent, and enhancing the competitive advantage.
8) Business Acumen
Possessing great knowledge and experience of business, understanding how it works and being able to show a considered view of its underlying social and economic principles and philosophies.
9) Knowledge of HR & People Management
The ability to use HR and People Management processes – including talent management/development, performance management, pay and reward, flexible working practices, etc – to improve the ‘psychological contract’ and ensure staff retention.
10) Technology & Social Media Savvy
Ability to navigate the constantly changing technological landscape – and have a good grasping of social media channels (Facebook, Twitter, LinkedIn, etc), cloud technology and related tools and processes for keeping in touch in new communication trends and general ‘ways of doing’ that have implications in the workplace.

CONSELHO CONSULTIVO - 19.SET                          
       ETV - Diário Económico
          (Author Participation)

http://videos.sapo.pt/Pb1ypBRE5P2F6AQZaJdW

	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	JUL.13	107.370			2.342
Mortgage	JUL.14	103.508	-3,60%		2.515	7,39%
Consumo	JUL.13	12.417			1.513
Consumption	JUL.14	11.572	-6,81%		1.314	-13,15%
Outros Fins	JUL.13	10.567			1.354
Another Finality	JUL.14	10.075	-4,66%		1.460	7,83%
Total	JUL.13	130.354			5.209
Total	JUL.14	125.154	-3,99%		5.289	1,54%
Fonte: Boletim Estatístico do Banco de Portugal
Source: Portugal Central Bank