Bank of Portugal, the country’s banking regulator, has been told to ‘get its act together’.
Annulling fines of 4.8 million euros slapped on various Montepio banking bosses in February, the Competitions Court has told the bank to go back to the drawing board and ‘start again’.
Evidence supporting the fines was presented in 330 annexes, explains the court, and should have been “at least organised”, allowing those fined to organise a defence.
The Bank now has time to redesign the process, though it is by no means assured that the Accounts Court will find any new fines acceptable, either.
Montepio’s former boss Tomás Correia made it clear in February that he would be challenging the fines, which in his case came to €1.25 million for seven apparent incidents of mismanagement.