The
last few months have brought CGD (Caixa Geral de Depósitos) to the front pages
of the newspapers. The diverse factors responsible for the mediatisation of the
state bank have not been the noblest, and many times we have the idea that the
bank's destiny seems doomed to a hectic reform, or even to a privatization.
The
latest controversy involves the closure of several bank branches, leading to protests
in some countryside regions – Almeida Council the most visible. Under this
constant turmoil of the state bank, the trend will be to look for the culprits.
Is CGD, through its managers, the culprit? Does population understand the need of
the bank reorganisation?
As a
matter of fact, both CGD and the citizens are right. Both are victims of the
bank's administrative past, as well as the policies followed by the past governments
with regard to the countryside where the investment is nil.
Desertification
in the countryside intensifies and no measures are taken - the loss of
population, the loss of Health Centers, the loss of equipment, and now it is
the loss of CGD branches. People have the right to be outraged, but CGD is not
to blame for this. The Bank is not responsible for creating wealth in the
countryside. The decrease in population is due to goverment’s lack of
investment. Furthermore, we mustn’t forget CGD has a program approved in
Brussels which, because of the recapitalization, requires a decrease on
expenditure, both in reducing employees and branches.
Thus, who
should we assign responsibilities to? Previous governments, namely the Socrates
government and previous administrations - Armando Vara and Santos Ferreira, for
example, who let CGD in an odd situation where it was necessary to inject a lot
of money.
Miguel
Verde - Senior Consultant, Professor of International Relations
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