State pumps €1.73B p.a. 2008-2019 to support banks – auditors
The Court of Auditors (TdC) said on Monday that the State support for banking amounted to 20.8 billion euros between 2008 and 2019 in net terms, representing an average of 1.73 billion euros per year.
State support for banking amounted to 20.8 billion euros between 2008 and 2019 in net terms, representing an average of 1.73 billion euros per year, the Court of Auditors (TdC) advanced on Monday.
This includes support to BES/Novo Banco amounting to 6.75 billion euros, to BPN amounting to 6.248 billion and to Caixa Geral de Depósitos (CGD) amounting to 5.50 billion.
The court notes that in 2019, public support for the financial system “continued to involve an expenditure of significant value” totalling 2.55 billion euros “with operations within the scope of the commitments made in the sale of the Novo Banco (1.22 billion euros) and the process of nationalisation and reprivatisation of the BPN (1.32 billion euros).”
Non-reimbursable public support to entities outside public administration (companies and individuals) amounted to 2.8 billion euros, indicates the body that oversees public accounts.
Of this support to companies and individuals, 71% comes from national funds and 29% from community financing, the latter including support to the agricultural and forestry sector and that granted within the scope of Science, Technology, Higher Education and Support Services.
In turn, the largest share supported by national funding and own resources (2 billion euros) was directed to three areas of intervention: employment, science and higher education, education and the environment.
