The Secretary of State for Finance said today that banks should exercise caution in granting credit, especially to consumers, so as not to jeopardise the work done in making institutions more sound, calling for "vigilance."
"Without an adequate risk assessment, an increase in lending to individuals is a short-term strategy that may call into question what has been achieved by banks and shareholders in recent years," said Ricardo Mourinho Félix at the Bank of the Future conference in Lisbon.
The politician expects the banks to behave themselves and is especially concerned about the amount on money being lent to consumers for ca loans.
Mourinho Felix spoke of the importance of regulation by the Bank of Portugal, noting its new lending rules (in fact nothing more than weak guidelines,) and the necessity to "remain vigilant."
"The high level of bad credit is still a mark of the previous crisis, so it is fundamental to monitor the evolution of credit in our economy," waffled the financial expert.
In addition, considered the sage, "as important as regulation, is modern and intelligent management."
Ricardo Mourinho Félix said it is fundamental that credit is given to, "projects that generate more value and that create jobs.”
After this extraordinary naive commentary, there was one gem of wisdom, which the banks will continue to ignore as one,
"Even if it involves more spending, banks can and should continue to provide services to segments of the population that can not keep up with digital developments."
