Press Release of Banco de Portugal on the distribution of responsibilities within the Board of Directors
The appointment of the new board members of Banco de Portugal by the Government is effective from today. Therefore the new board members took part in today's meeting of the Board of Directors of Banco de Portugal which approved a new distribution of responsibilities in accordance with standard procedure when there are changes to its members.
The allocation of the responsibilities to the members of the Board of Directors is based on the following principles:
- Separation and rotation of the different supervisory areas, with the financial stability area allocated to Vice-Governor Pedro Duarte Neves; the resolution area is made autonomous, reporting to Vice-Governor José Berberan Ramalho, who also remains responsible for the Resolution Fund; banking prudential supervision and issues relating to the Single Supervisory Mechanism (SSM) are allocated to board member António Varela and banking conduct supervision and legal enforcement remain with board member João Amaral Tomaz;
- Promotion of synergies in the areas of research and financial stability, through the allocation of the economic research and statistics areas to Vice-Governor Pedro Duarte Neves, alongside responsibility for the financial stability area;
- Promotion of synergies in the payments areas, with the allocation of the issue, treasury and payment systems to board member João Amaral Tomaz;
- Promotion of synergies in the internal management areas, through the allocation of the human resources, administrative services and IT systems responsibilities to a single member of the Board of Directors, board member Hélder Rosalino.
The Governor will retain responsibilities directly related to internal governance and external relations – internal audit, risk management and international relations.
Lisbon, 9 September 2014