The Ethics Committee of the Bank of Portugal acknowledged this Wednesday the damage caused to the image of the institution in the Mario Centeno case and further stated that the Governor of the Bank of Portugal “fulfilled the general duties of conduct.”
“In its opinion, the Ethics Committee expresses its understanding that the Governor acted with the restraint necessary in the particular circumstances described therein and discharged his general duties of conduct as a member of the Board of Directors, regardless of other events that occurred surrounding the Board of Directors.” “believes that the conditions of independence of Banco de Portugal and its bodies in the exercise of their powers have always been respected,” the statement said.
However, he warns that “at an objective level, subsequent political and media developments could damage the Bank’s image.”
“The protection of the institution therefore becomes even more relevant in a period such as the current one, which is why the Commission emphasizes the importance of the principles that underlie the current rules,” he argues.
The Ethics Committee also recommends that “the Governor, the administration and the Bank as a whole remain committed to protecting the image and reputation of Banco de Portugal.”
Regarding compliance with the conditions of independence, “The Board of Directors considers that the conditions of independence of Banco de Portugal and its bodies for the exercise of their powers have always been respected”, can be read here.
The Ethics Committee considered that Mario Centeno fulfilled his general duties of conduct and acted with the necessary restraint, but warned that, on an objective level, political and media developments following the invitation “could harm the image of the Bank.”
In this sense, it recommends that “the Governor, the administration and the Bank as a whole remain committed to protecting the image and reputation of Banco de Portugal.”
The Bank of Portugal’s ethics committee met on Monday after the current prime minister proposed Mario Centeno to replace him in the post following the resignation of Antonio Costa.
Mário Centeno clarified on Monday in a statement that the President of the Republic did not invite him to head the government after Marcelo Rebelo de Sousa denied that he had invited anyone to head the government, including the governor of the Bank of Portugal. or has authorized any contact for this purpose.
The president’s remarks came after Centeno told the Financial Times that he had received “an invitation from the president and prime minister to think and consider the possibility of leading the government.”
The European Central Bank (ECB) said this week it was awaiting the report from its ethics committee.
“Ethics Committee of the European Central Bank [BCE] will be informed of the results of the assessment by the Ethics Committee of the Bank of Portugal,” an official source at the Frankfurt institution responded to Lusa.
The Ethics Committee of Banco de Portugal meets quarterly and extraordinary when convened at the initiative of any of its members or at the request of the Board of Directors or the Audit Council.
In accordance with the rules of conduct of the Portuguese banking supervisor, this committee is responsible for promoting the development, implementation and compliance of the Bank’s code of conduct applicable to members of the Board of Directors.
The responsibilities include “issuing, on its own initiative and after hearing from interested parties, an opinion on the conformity of certain conduct of members of the Board of Directors with the provisions of the code of conduct applicable to them.”
Author: morning Post
Source: CM Jornal
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