Brexit ‘obliges Bank of Portugal to give €28.6 million to ECB’

Headlining in Portugal today is the news that Brexit has “obliged the Bank of Portugal to give €28.6 million to the ECB (European Central Bank)”.

It’s just part of the much wider picture in which all 27 member states’ central banks are having to stump up to compensate for the Britain’s withdrawal from the European Union.

As reports stress, Britain was one of the ECB’s largest ‘shareholders’, responsible for 14.3% of the overall €10.8 billion capital budget.

Portugal’s enforced contribution will be one of the smallest, bearing in mind it is not one of Europe’s larger economies.

Explain reports, Portugal’s ‘payments’ will be made in two equal tranches at the end of 2021 and 2022.

It will take the annual contributions made by this from €177.5 million euros to €206.1 million.