The banks have already received thousands of requests for credit restructuring, but the number of requests made must be around “1,000 or 2,000” among the various financial institutions, said Paulo Macedo, executive president of Caixa Geral de Depósitos, at the Fora da Caixa Meeting that took place held in Vila Nova de Gaia this Tuesday.

“There is widespread concern about rising interest rates. The concern is greater in the case of families because the mortgage payments increase”, began by saying the CEO of the state-owned bank. “There are families who have difficulties with the increase in rates. If rates continue to rise, they may have even greater difficulties,” he said.

Even so, and despite estimating that “banks will have a few thousand requests for restructuring”, “requests made, carried out” should be around “one thousand or two thousand”, at a time when “a lot of information is still awaiting from the families”.

“There are many families who want to wait to find out what the interest rate will be”, said Paulo Macedo, recalling that the difficulties of families are felt mainly in the middle class, since “the lower class did not have the possibility of going into debt up to buy a house”.

In the Outside the Box Meetings that took place at the Hilton Porto Gaia Hotel, in Vila Nova de Gaia, Paulo Macedo, Chairman of the Executive Committee of Caixa Geral de Depósitos (CGD), also defended the gain in size of companies and the end of zombie companies.

Paulo Macedo addressed six aspects that they consider to be challenges for company CEOs: competitiveness, the logistics chain, business models, new risks, people, and ESG requirements.

Portuguese companies take longer to resist crises than Anglo-Saxon companies, acknowledged the president of Caixa.

With regard to logistics chains, the CEO of CGD recalled that “nobody will ever again be dependent on a single supplier, namely those who come from Asia, because the supply chains have been greatly affected by recent events” and “lesser deglobalization is synonymous with higher costs”.

The CEO also spoke of context costs and addressed the issue of slowness of justice. “Even today, credit cases for large companies are being resolved, originating from the 2007 and 2008 crisis”, said Paulo Macedo, who asked for an improvement in justice.

The first Fora da Caixa Meeting of 2023 had the theme “2023: challenges for companies”. The opening of the Fora da Caixa Meeting, at 3 pm, was ensured by António Morais, Chairman of the Board of Directors of Caixa, followed by a framework of “Macroeconomic Trends and New Challenges”, by Paulo Moita de Macedo, Chairman of the Executive Committee from the box.


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