“My level of distress is so great… I question whether it is worth voting” – BPI CEO
With everything pointing to another general election, on May 11 (possibly 18), the chairmen of the country’s main banks have been expressing their “discontent at the political crisis” that has brought us all to this point.
Discontent is truly putting the chairmen’s views mildly: they are exasperated.
It was clear from the statements yesterday at the Fórum Banca conference in Lisbon that they utterly despaired at the spectacle that played out in parliament on Tuesday.
BPI chairman João Pedro Oliveira e Costa was perhaps the most critical, alluding to his level of distress being “so great” that he almost feels like “giving up”, questioning whether it is even worth voting” as no politician seems to ‘listen’. “I think it is a question of respect”, he went on. “In front of everything (that has been playing out) I have never heard the word ‘Portugal’”, he said – echoing sentiments on the street that politicians collectively have created this crisis, for their own ends.
Licínio Pina, the chairman of Crédito Agrícola, referred to Tuesday’s ‘back and forth’ in parliament as MPs haggled potential scenarios (that never worked) out of the crisis, as “degrading”, stressing “there will hardly be any people of quality who want to hold public office, given the demands made on the person and their family”.
Pedro Leitão of Montepio agreed, “what happened (in parliament) was everything we didn’t need: instability is bad for the system”.
Santander Totta’s CEO Pedro Castro e Almeida agreed that it is difficult to ruin a company, or a bank, in a year – but that the constant ‘run to the polls’ of the last three will have its consequences.
He likened the political landscape as a bit like Portugal competing in a car race, but pulling over after every lap to change drivers.
BCP’s Miguel Maya was more optimistic, saying he trusted in the quality of Portugal’s entrepreneurs, but, of course, instability is not something that banks enjoy.
The chairmen of state bank Caixa Geral de Depósitos and Novo Banco were not present at the conference.
