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Portuguese gov't confident in recapitalisation of state bank CGD

Xinhua, November 25, 2016 Adjust font size:

The Portuguese government is confident in Caixa Geral de Depositos' (CGD) restructuring plan, the ministry of finance said in a statement on Thursday.

"The government is confident in the reform it is undertaking at CGD and in the administration it chose, for its professionalism, independence and idoneity," the statement reads.

"The government will defend all the components of the capitalisation plan, in particular the independence and the conditions given to the administration council to undertake the business plan," the statement points out.

Portugal and the European Commission agreed in August that the country's largest bank by assets would be recapitalised, with the state-bank receiving an injection of up to 2.7 billion euros (2.86 billion dollars).

The European Commission held a meeting with the president of CGD, Antonio Domingues, on Wednesday, to debate the bank's recapitalization plan.

The capitalisation plan has been delayed by a recent court ruling that the bank's team to declare their income and assets. Endit