Banco de Portugal

The Banco de Portugal (English: Bank of Portugal) is the central bank of the Portuguese Republic. The bank was founded by royal charter in 1846, during the reign of Queen Maria II of Portugal, by a merger of the Banco de Lisboa (Bank of Lisbon), the first bank founded in Portugal, and the Companhia Confiança Nacional (National Insurance Company), making it one of the oldest banks in continuous operation in the world. It is a full member of the Eurosystem and the European System of Central Banks.

Banco de Portugal
(Bank of Portugal)
Banco de Portugal new logo.svg
HeadquartersLisbon, Portugal
Coordinates38°42′31″N 9°08′17″W / 38.708729°N 9.138148°W / 38.708729; -9.138148Coordinates: 38°42′31″N 9°08′17″W / 38.708729°N 9.138148°W / 38.708729; -9.138148
Established19 November 1846; 173 years ago (1846-11-19)
Ownership100% state ownership[1]
GovernorMário Centeno[2]
Central bank ofPortugal
Reserves4 980 million USD[1]
Preceded byBanco de Lisboa
Companhia de Confiança Nacional
Succeeded byEuropean Central Bank (1999)1
Websitewww.bportugal.pt
1 The Bank of Portugal still exists but many functions have been taken over by the ECB.

HistoryEdit

 
The Banco de Portugal is the successor to the Banco de Lisboa, the first bank established in Portugal.

FoundationEdit

Queen Maria II of Portugal established the bank by royal charter on 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa, the first bank founded in Portugal, and the Companhia de Confiança Nacional, an investment company specialised in the financing of the public debt.

The bank was designated by the Portuguese Crown as the emitter of legal tender, at the time the Portuguese real, which it continued producing until 1911.

RepublicEdit

 
The Banco de Portugal building on the Avenida dos Aliados in Porto.

Following the Implementation of the Republic in 1910, the Banco de Portugal began to emit the Portuguese Escudo.

In 1932, the bank established the Biblioteca do Banco de Portugal, one of the most significant private libraries in Portugal.

In 1946, the institution was bestowed the honor of Grand Cross of the Order of Christ by the President of Portugal.

During the Estado Novo, the bank pursued a vigorous policy of gold acquisition starting in 1957, which has contributed towards Portugal's present-day status of having the 14th largest gold reserve in the world.

NationalizationEdit

 
The Banco de Portugal branch in Braga.
 
The Museu do Dinheiro (Museum of Money) at the Banco de Portugal's headquarters in Lisbon's Baixa.

Following its nationalisation in September 1974 and its new Organic Law (1975), the Banco de Portugal was, for the first time, responsible for the supervision of the banking system.

It is an integral part of the European System of Central Banks, which was founded in June 1998.

The Banco de Portugal ceased emission of the Portuguese Escudo in 1999, with the country's adoption of the Euro.

ContemporaryEdit

In 2013, the bank announced that it would pay €359 million in dividends, referring to the year of 2012.[3]

In 2014, the bank announced that it would pay €202 million in dividends, referring to the year of 2013, representing a steep decline in comparison to 2012.[4]

In August 2014, Banco de Portugal announced it was restructuring Portugal's second biggest bank, Banco Espirito Santo, by splitting the bank in two. During the bank restructure, one of the lenders, Oak Finance, had its loan liabilities remain with Banco Espirito Santo. This triggered a lawsuit from a group of investors including: hedge funds and the New Zealand Superannuation Fund.[5]

GovernorsEdit

 
Bank offices in Lisbon.
 
Bank offices in Lisbon.
 
Branch in Viseu.
 
Branch in Castelo Branco.
 
Branch in Coimbra.
 
Branch in Faro.
 
Branch in Évora.
 
Branch in Funchal.
 
Branch in Leiria.

Prior to 1887, the Banco de Portugal was governed by a Chairman of the Board. Since then, the administration has been entrusted to the Governor of the Banco de Portugal.[6]

# Name Portrait Term
1st António Augusto Pereira de Miranda 1887–1891
2nd Pedro Augusto de Carvalho 1891–1894
3nd Júlio de Vilhena 1895–1907
4th José Adolfo de Mello e Sousa 1907–1910
5th Inocêncio Camacho 1911–1936
Between 1936 and 1957, the Banco de Portugal operated without a governor.
6th Rafael da Silva Neves Duque 1957–1963
7th António Pinto Barbosa 1966–1974
8th Manuel Jacinto Nunes 1974–1975
9th José da Silva Lopes 1975–1980
10th Manuel Jacinto Nunes 1980–1985
11th Vítor Constâncio 1985–1986
12th Tavares Moreira 1986–1992
13th Luís Miguel Couceiro Pizarro Beleza 1992–1994
14th António José Fernandes de Sousa 1994–2000
15th Vítor Constâncio 2000–2010
16th Carlos da Silva Costa 2010–2020
17th Mário Centeno 2020–

See alsoEdit

ReferencesEdit

  1. ^ a b https://d-nb.info/1138787981/34
  2. ^ [1] retrieved 20 July 2020
  3. ^ https://www.jornaldenegocios.pt/empresas/detalhe/lucros_do_banco_de_portugal_disparam_para_449_milhoes_em_2012.html
  4. ^ https://expresso.sapo.pt/banco-de-portugal-vai-dar-202-milhoes-em-dividendos-ao-estado=f868678
  5. ^ "Sovereign Wealth Fund Takes Legal Action Against Banco de Portugal Over Costly Debt Transfer". Sovereign Wealth Fund Institute. 20 February 2015. Archived from the original on 23 March 2015. Retrieved 8 March 2015.
  6. ^ "Governors past and present". www.bportugal.pt.

External linksEdit