LISBON Andrus Peat Saints Jersey , July 17 (Xinhua) -- Portuguese Minister of the Presidency and Parliamentary Affairs Luis Marques Guedes said on Thursday that management changes at the country's largest private bank Banco Espirito Santo (BES) was an "important step" to put the bank's financial strength back on track.
"The new management changes at the bank will surely contribute to a faster stabilization of this process," Marques Guedes told journalists at a press conference, after the regular council of ministers meeting.
This came after concerns about the financial health of the bank's parent company emerged last Thursday, leading the bank to accelerate the appointment of new executives, with Vitor Bento replacing Ricardo Salgado as the bank's new chief executive.
Marques Guedes said it was very important to clearly separate the bank from family-held companies in trouble which are behind the bank.
"It is important that we clearly make this separation," he pointed out.
Portuguese Prime Minister Pedro Passos Coelho has tried to reassure investors, saying it is important to "remain calm". And BES has said losses relating to the bank would not put it at risk, claiming that the +bank's solvency was "solid."
Marques Guedes reiterated that the bank's "solidity and guarantee for the respective holders is assured, according to a declaration made by the governor of the Bank of Portugal in detail."
Bank of Portugal Director Carlos Costa has reassured investors that they won't have to bear the bank's troubles.
"If any additional capital is necessary, because of risks which in this current moment are not visible, there are for sure shareholders interested in participating in BES'capital increase," he told national broadcaster TVI.
Referring to problems at the Espirito Santo Group (GES), Marques Guedes said BES' difficulties were not responsibilities that have to do with a private group or that the government would transfer to the public or to the taxpayer.
He added: "That doesn't mean, obviously, that we will not continue to follow their case with the importance the issue deserves."
Finance Minister Maria Luis Albuquerque spoke at parliament on Thursday afternoon after a request by Portugal's Left Block party, assuring before MPs that "all situations of bankruptcy" and "difficulty" were being "followed by the government with great preoccupation," adding that the "whole financial situation" shouldn't be confused with the bank's current circumstance.
The BES crisis has raised concerns regarding the country's economic fragility after the debt-laden country ended on May 17 its 78-billion-euro bailout program with the troika of ts international lenders -- the European Commission, the International Monetary Fund and the European Central Bank.
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