QE
Question for written answer E-003279/2017to the CommissionRule 130Manuel dos Santos (S&D)Subject:Caixa Geral de DepósitosThe bank Caixa Geral de Depósitos (CGD) is fundamental to the Portuguese economy and is the most prominent player in the Portuguese banking sector.The Portuguese population has been deeply affected and worried by recent issues concerning CGD, including non-performing loans, the need for substantial public recapitalisation, the composition of a team that negotiated the increase in recapitalisation but did not implement it for political reasons, and the creation of a new team which may now pursue a different plan.Civil society and a number of political actors have repeatedly and unsuccessfully asked the Portuguese Government about its plan for the recapitalisation and recovery of the bank. In view of this:To what extent is the Commission involved in the recapitalisation of CGD and, specifically, was the Commission responsible in obliging it to issue around EUR?1 billion in subordinated bonds to the private sector?Can the Commission confirm the exact status of those bonds? Moreover, can it confirm whether the agreement between the Portuguese Government and the Commission on the issuance of subordinated bonds includes any reliable and specific resolution preventing the loan from ever being converted into CGD capital, thus ensuring that no privatisation process will be authorised?Was the process for downsizing CGD, particularly with regard to branch closures and staff redundancies, discussed, and if so on what terms? ................
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