In order to ensure an appropriate and timely adoption of these corrective measures, Banco de Portugal has monitored their execution and has met the institution’s management and the audit committee regularly, along with BES’s external auditor.
In the light of the conclusions reached in Banco de Portugal’s horizontal supervisory initiatives, namely the Horizontal Review of Credit Portfolio Impairment (ETRICC) of the main Portuguese banking groups, Banco de Portugal decided to deepen its assessment of a set of economic groups where the capacity to recover their debt and the inherent impairment are analysed through the creation of financial flows (ETRICC 2).