The Portuguese Securities Market Commission (CMVM) will not be able to pay December salaries

  • ECO News
  • 7 June 2017

Gabriela Figueiredo Dias attacked the regulators budget appropriation. She says there is no room for maneuver: in theory, there is not enough money to pay salaries in the end of 2017.

Gabriela Figueiredo Dias. Paula Nunes / ECO

The Portuguese Securities Market Commission (CMVM) is risking running out of money to pay the December salaries. It was the Regulator’s president herself who made this statement, adding she acknowledges an increase in supervisory fees.

“We are having a budget appropriation like we’ve never had before. We do not have enough funds to pay the salaries correspondent to this year’s last month”, stated Gabriela Figueiredo Dias, recalling that CMVM is not the only institution harmed by these appropriations (although it has a greater impact on a regulator such as CMVM, who is in charge of many proceedings on banking clients’ losses).

We need more resources… We do not have enough means because we have hiring restrictions; this is crippling the activity.

Gabriela Figueiredo Dias

CMVM president

This budget appropriation — happening for the first time in 2017 — is being performed on a regulator who obtains financing by raising their own revenue. “Our revenue is 100% raised through our supervisory fees”, which is why the president acknowledges having to “increase supervisory fees in order to address this restricted budget”.

All in all, this appropriation has “affect the human resources budget”. This means it will not be possible to pay the last salary of 2017 to the 220 CMVM employees — a number which Gabriela Figueiredo Dias wants to increase, because of the rising amount of proceedings CMVM has been handling.

“We need more resources… We do not have enough means because we have hiring restrictions; this is crippling the activity”, stated Gabriela Figueiredo Dias.

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