Centeno postpones Reform of Financial Supervision for 2019 – The Economic Newspaper

Centeno postpones Reform of Financial Supervision for 2019 - The Economic Newspaper


It will not be this year that the Financial Supervision Reform is completed. According to sources familiar with the process, the Ministry of Finance has already announced that the legislative process of the Financial Supervision Reform will not be triggered this year. Official source does not comment.

It was originally planned that the final document of the Reform of Supervision would go to the Council of Ministers in September, but this did not happen, and the discussion of the 2019 State Budget, which will be delivered to the Assembly of the Republic on Monday, leaves the reform which Mário Centeno dubbed "structural reform" with an "urgency character" postponed to 2019. Ricardo Mourinho Felix is ​​now leading the dossier within the Ministry.

It has been more than a year since Finance Minister Mário Centeno, flanked by the leader of the working group, Carlos Tavares, presented the report on the Reform of Financial Supervision. But the final version of this reform, it takes time to see the light of day. This gap is not unrelated to the areas of divergence that still persist between financial sector regulators (Banco de Portugal, CMVM and ASF – Insurance and Pension Funds Supervisory Authority) and the Ministry of Finance.

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