Businessmen want an ending to the controversy around CGD

Controversy has followed the administration of Caixa Geral de Depósitos (CGD) from the moment they took office – starting with the salaries earned by the administration and the chairman António Domingues, then the recapitalization of the bank, and lastly, the controversy around the declaration of income and patrimony to the Constitutional Court, which the administrators do not want to hand in.

Portuguese businessmen have had enough of this controversy. Although they admit CGD’s instability has not yet affected their companies, namely due to their connection to the bank, they are unanimous when stating this instability environment is putting into question the already fragile national financial system. Businessmen also agree on the fact that Domingues and his team’s expertise are not at stake, but they believe no one can stand above the law. They consider CGD is creating an unnecessary situation they perceive as shameful; the general belief is that trust is now lost, and so is the bank’s credibility – the situation has gone too far and the situation must be solved as fast as possible.

The Portuguese prime minister has already attempted to stop the instability arising from the situation. Yesterday, in Morocco, António Costa assured CGD’s stability is not at stake regardless of its administration.

"We must not confuse the CGD and the national financial system’s stability with the troubles the CGD administration may eventually have in complying with their legal obligations. ”