Exposure to Credit Suisse ruled out

Portugal’s banking sector has not felt any “turbulence” whatsoever regarding customers withdrawing their savings deposits.

Paulo Macedo, the CEO of State-owned Caixa Geral de Depósitos said that any fallout from the bank’s exposure to Credit Suisse could be “ruled out” and that the institution would not be tightening rules on mortgages, rather “to the contrary”.
The banker also said that because of the financial solidity of Portugal’s banking sector it could withstand “the impacts of a much larger shock”.
“I’d like to stress that the banking system, namely the Portuguese and European banks, have been relatively calm. The Portuguese banking system has not suffered any fallout either from Credit Suisse or the US (regional banks)”, he told the online news source ECO on the sidelines on a conference ‘The Desire to Grow: Boosting growth in Portugal’ (Querer e Crescer: Acelerar o Crescimento de Portugal) organised by the Business Rountable Portugal Association which took place on Monday at NovaSBE in Carcavelos.
“The Portuguese banking system is not only in a much more robust situation, with concrete data to back this up, we’re not seeing any withdrawal runs, or any requests that are out of the ordinary. It’s all business as usual for Portugal’s banks, and that obviously includes Caixa Geral de Depósitos,” said Paulo Macedo.

Photo: Lusa