BNDES policies will be reviewed, says new president.
When questioned about criticisms regarding excessive interest rates subsidized by BNDES, including on some international loans, Maria Silvia Bastos Marques stated that these issues are defined in the bank's operational policies; "These policies will all be reviewed. We will have answers to this soon," she said; the new president of the bank, who took office this Wednesday, also said that she works "with controls"; "We will work with facts. We will look at all operational policies, all loans."
Reuters - The operational policies of the National Bank for Economic and Social Development (BNDES) will be reviewed and analyzed, said the new president of the financial institution, Maria Silvia Bastos Marques, in an interview this Wednesday after her inauguration at the Planalto Palace.
When questioned about criticisms regarding excessive interest rates subsidized by BNDES, including on some international loans, Maria Silvia stated that these issues are defined in the bank's operational policies.
"These policies will all be reviewed. We will have answers to this soon," the economist stated, emphasizing that she will not conduct a thorough investigation of the bank, nor will everything necessarily be changed.
"I work with controls. I'm forming a controllership department that will handle compliance, risk management, everything organized, and we'll work with facts. We'll look at all operational policies, all loans," he said.
Regarding the advance payment of 100 billion reais from BNDES to the National Treasury, a portion of the development bank's debt to the Union, Maria Silvia stated that the amount was calculated jointly with the financial institution and will not affect its operational capacity.
"The 40 billion (reais) returned now were calculated exactly as the projected cash surplus for this year, compared to the disbursement and receipt assumptions. The other funds will be returned in one or two years and are also in line with expectations," she stated.
The new president of BNDES stated that if the economy improves, the development bank can raise private funds, which it has always done.
"In a normal economy, this possibility of resource constraints will not exist. And if it does exist, it's a good problem, a sign that the economy has grown, we have a lot of demand, and we will pursue this financing," he said.
(By Lisandra Paraguassu)