The government believes that forcing banks to sell savings certificates is intended to stimulate competition.

Expanding the distribution network of savings certificates (SS) among banks is intended to “stimulate competition” and reduce distribution costs, but so far no bank has shown interest in selling them, according to the Finance Ministry.

In response to questions from Lusa, an official source at the Ministry of Finance, it says that the possibility of subscribing a CA “in the physical or digital networks of any financial or payment institution registered with Banco de Portugal” and specified for this purpose by the Agency for the Treasury and Public Debt Management (IGCP) , “responds to the proposal of the IGCP”, and also responds to “the comments made by the Accounts Chamber”.

This IGCP proposal, says the same official, was “justified to encourage competition in the distribution of savings certificates and thus accelerate the expansion of distribution channels available to investors, as well as reduce distribution costs.”

However, “commercial banking has so far shown no interest in distributing savings certificates,” and “there have been no proposals to distribute these products to the IGCP from institutions other than the incumbent (CTT),” he says. the ministry was headed by Fernando Medina.

The ruling of June 2, which suspended the sale of “series E” CAs and began the sale of “series F”, available from this Monday, provides that these government debt securities can be signed in physical (branches) banks and digital networks. joining CTT and Citizen’s Spaces.

In early February, IGCP President Miguel Martin stated during a parliamentary hearing at the Commission on Budget and Finance (COF) that the Portuguese state pays CTT between 0.585% and 0.26% for subscriptions to a savings account of certificates or the Treasury and the purpose of the IGCP was to expand the distribution network these products.

“In terms of subscription, we pay CTT 0.585% of the subscription up to a certain amount, after which we pay 0.26% for the subscription,” Miguel Martin said when asked about the cost, referring to an interest in expanding the distributor network. to also get around what he said was the bank’s lack of interest.

Lusa also asked the Treasury about the cost of selling these products on Citizens’ Spaces and the number of “E-series” subscriptions made through this channel during 2022 and the first five months of this year, but has not yet received a response. .

The end of CA’s “Series E” (with a maximum base rate of 3.5%) and their replacement by a new series (with a maximum base rate of 2.5%) drew criticism from opposition parties, namely BE and PCP, who accuse the government of giving in to banks or providing services to them, the charge is denied by the government.