Prime Minister points out that security is designed to finance companies and families The guarantees of the state loans made available to the national banking is not an aid to banks in itself, nor the bankers nor to the shareholders. The warning was made yesterday by the Prime Minister. Not to mention the request for an endorsement of 750 million from the Private Bank, an institution dedicated to the management of fortunes, José Sócrates was keen to stress that guarantees public and the banking recapitalization plan is intended to ensure that banks can claim out there to finance the economy and lend to businesses and families. Asked about whether the BPP would be entitled to assistance from the state, José Sócrates remember that there are rules to access the warranties and they have to be paid to taxpayers. The opinion on this application does not yet exist, said the prime minister, who spoke after the board of globalization. The initiative of COTEC met yesterday at Penha Longa leaders of major national and international companies. The global crisis and the need for a new equilibrium model of financial and regulatory issues were required. On the sidelines of the meeting and asked about the right of the BPP State guarantees, the finance minister replied that all banks operating in Portugal can use this instrument. Teixeira dos Santos said that each case must be evaluated on the basis of technical criteria by entities like Bank of Portugal and the Office of Management and Public Credit, entities that have not yet given its opinion. Shortly before, the president of BPI, Fernando Ulrich had been manifested shocked by a bank in the management of fortunes, as the BPP, is asking for an endorsement to 750 million euros. The BIS is the only one of the major national banks that do not need, for now, to resort to public confidence, which may be up to 20 billion euros. The fund, the BES and BCP have gone with the requests, and that in the case of the Millennium request up to five billion euros.
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