At issue is a fine of 9000 euros imposed by Banco de Portugal on Caixa Geral de Depósitos due to failures in the regulator’s inspection actions.
Caixa Geral de Depósitos (CGD) is challenge a fine of 9000 euros in court applied by Banco de Portugal. The case continues to be assessed by the Competition, Regulation and Supervision Court, in Santarém.
According to , the case dates back to two inspection actions carried out by Banco de Portugal at CGD branches, in Santiago do Cacém and Guimarães.
At the Santiago do Cacém branch, the inspection concluded that there was incorrect information on the installation of cash protection systems in case of robbery or theft. The documentation indicated the existence of a banknote inking devicebut inspectors discovered the equipment was not installed.
In Guimarães, a failure related to a 10 euro note initially considered suspected forgery. According to Banco do Portugal, the agency did not fully comply with the required procedures.
Based on these facts, the banking supervisor accused CGD of four infractions: two for providing incorrect or incomplete information, one for failing to comply with the rules for recording suspicious notes and another for failing to send the note to the Judiciary Police.
Caixa rejects the accusations and maintains that there was no harm to third parties nor any intention to breach the rules. Regarding the 10 euro note, the bank argues that it was subjected to a second validation by a specialized company, which was considered authentic and returned to the customer.
The Bank of Portugal, in turn, maintains that legal procedures were not respected and considers that the late updating of information is not justifiable. The supervisor also emphasizes that the fine applied is close to the minimum amount foreseen for this type of infraction.
Despite the small value of the sanction, the case follows CGD’s usual practice of appealing the regulator’s sanctioning decisions in court. The next trial session is scheduled for June.
