Mário Cruz / Lusa
ATM owner challenges her supervisor with a lawsuit. At issue is a European Union rule that would have been interpreted differently by the two entities.
Banco de Portugal and SIBS have had a troubled relationship in recent years, says . The BdP has already imposed “specific determinations” on the company that it would have to comply with.
Now, relations between supervisor and supervisee have become increasingly sour, at a time when SIBS is even move forward with a process legal action against his hierarchical “superior”.
At issue is a European legislation (Regulation 751/2015) which aims to regulate the group’s operations, as well as guarantee the separation between payment and processing systems.
“SIBS FPS collaborated from the beginning with the Bank of Portugal, implementing over almost three years a demanding plan for adapting your serviceswith the plan being completed at the end of 2024, with regular monitoring by the Bank of Portugal”, writes the company, which says it was even forced to publish a code of conduct in September last year on the separation between the SIBS system MB and SIBS FPS activity.
“SIBS FPS, considering full compliance with the almost three-year plan of the Specific Determination, and having a different grounded interpretation of Regulation (EU) 751/2015, cannot conform to the decision of the Bank of Portugal, thus appealing in court“, this is how he justifies the process.
According to Expresso, this is not the first time that SIBS has resorted to legal proceedings, and the other time it ended up being fined in 13.8 million euros for abuse of a dominant position.
