The president of Caixa Geral de Depósitos, António Domingues, who technically left his job on the last working day of 2016, sent a message to the bank’s employees saying what a good job he had done.
Domingues said his objectives had been fulfilled and the recapitalisation plan of State-owned bank had been agreed, even though it has been delayed until early 2017 due to the adverse impact it will have on the national accounts.
Domingues, chairman of the board at Caixa Geral and chairman of the bank’s executive committee, congratulated employees for the "work done and results achieved."
"Maintaining client confidence and achieving most of the goals set in a particularly difficult time frame and at least a challenging environment, testify to your professionalism and commitment," read Domingues’ note which did not dwell on the reasons for the ‘difficult time’ which include his unwillingness to lead the board in submitting their tax and assets statements, resulting in his own resignation and many fellow board members.
Domingues also noted "the extraordinary professional and personal experience" that he had as leader of the bank, highlighting the "extraordinary team of professionals" who accompanied him during this brief period, much of which was taken up in the battle with government over the required tax and asset submissions, thus wasting time, effort and serving further to taint the bank’s image by provoking relentless negative media coverage.
"CGD's capitalisation plan and the strategic plan, developed by Caixa Geral’s teams, presented and negotiated with the State and the European authorities, are the visible products of a very intense work programme that has occupied us in recent months with a view to create the conditions for the sustained growth of Caixa Geral de Depósitos," wrote Domingues.
"We have fulfilled the objectives, the company's recapitalisation without State aid, (sic) and the deadlines set. The final recapitalisation delay results from a government decision. It was an extraordinarily rich experience that I will not forget," added the outgoing banker, wishing his workers a "prosperous year."
Domingues was asked to remain in post until the new chairman, Paulo Macedo and his chosen team of directors has been approved by the European Central Bank.
Domingues resigned in November after three months in office. His vastly increased salary (€423,000, plus a variable bonus of up to 50%) as a leader of a State-owned enterprise caused concern but his refusal to submit a tax and assets statement, a requirement for those running a State enterprise, was a step too far whatever the whispered agreement had been with the Finance Minister.
In November, favourite ratings agency DBRS, put the Caixa Geral de Depósitos rating "under surveillance with negative implications," signalling the likelihood of dropping the State-owned bank’s rating to 'junk' status. The problem noted was one of corporate governance following the resignation of most of the Caixa Geral's directors alongside Domingues.
Domingues has wasted valuable time for Caixa Geral, and has overseen a period during which Caixa Geral’s influence has diminished at a critical time in the bank’s history while giving himself an image of avarice that may affect him being offered other ‘top jobs’ in the future.
See also: Caixa Geral's €6 billion injection pushed into 2017
