Ex Post Evaluation of the Economic Adjustment Programme. Portugal, 2011-2014

180 Pages·2016·2.02 MB·English

ISSN 2443-8014 (online)
Ex Post Evaluation
of the Economic
Adjustment
Programme
Portugal, 2011-2014
INSTITUTIONAL PAPER 040 | NOVEMBER 2016
EUROPEAN ECONOMY
Economic and
Financial Affairs
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Luxembourg: Publications Office of the European Union, 2016

KC-BC-16-040-EN-N (online) KC-BC-16-040-EN-C (print)
ISBN 978-92-79-54355-5 (online) ISBN 978-92-79-54354-8 (print)
doi:10.2765/094591 (online) doi:10.2765/257396 (print)

© European Union, 2016
Reproduction is authorised provided the source is acknowledged.
European Commission
Directorate-General for Economic and Financial Affairs

Ex Post Evaluation of the Economic
Adjustment Programme
Portugal, 2011-2014

EUROPEAN ECONOMY Institutional Paper 040

ACKNOWLEDGEMENTS
This evaluation has been carried out by a team of economists of the European Commission. The team was
led by Daniel Daco and included Ana Agúndez García, Alessandro Angelini, Luigi De Sanctis, Zivile
Didziokaite, Jorge Durán Laguna, Christine Frayne, Milda Valentinaite, Samuel Whittaker, and Michael
Sket during the first part of the project. Statistical support was provided by Alberto Noriega Guerra.
The evaluation benefited from guidance from an Inter-service Steering Group chaired by Matthias Mors
(DG ECFIN). The following staff members of the European Commission formed the Steering Group:
Elena Flores Gual (DG ECFIN), Peer Ritter (DG COMP), Tanguy De Launois (DG FISMA), Aron Kiss
(DG EMPL), Fabienne Corvers (SECGEN), Andrew Winter (DG ECFIN). Adina Onofrei (SECGEN)
contributed to the work of the Steering Group as alternate member.

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ABBREVIATIONS
ALMP - Active Labour Market Policy
AMC - Asset Management Company
BANIF - Banco Internacional do Funchal
BCP - Banco Comercial Português
BdP - Banco de Portugal
BES - Banco Espírito Santo
BFL - Budget Framework Law
BIS – Bank for International Settlements
BPI - Banco Português de Investimento
BPN - Banco Português de Negócios
BRRD - Bank Recovery and Resolution Directive
BSSF - Bank Solvency Support Facility
CCL - Commitment Control Law
CdF - Conselho das Finanças Públicas
CES - Extraordinary Solidarity Contribution
CT 1 - Core Tier 1
CET 1 - Common Equity Tier 1
CGA - Caixa Geral de Aposentações
CGD - Caixa Geral de Depósitos
CIT – Corporate Income Tax
CoCos - Contingent Convertible notes
CS – Sustainability Contribution
DFI – Development Financial Institution
DG COMP - Directorate General 'Competition' of the European Commission
DG ECFIN - Directorate General 'Economic and Financial Affairs' of the European Commission
DG EMPL - Directorate General 'Employment, Social Affairs and Inclusion' of the European
Commission

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DG FISMA - Directorate General 'Financial Stability, Financial Services and Capital Markets Union' of
the European Commission
DG TAXUD - Directorate General 'Taxation and Customs Union' of the European Commission
DGTF - Direçao –Geral do Tesouro e Finança
EA – Euro Area
EBA – European Banking Authority
EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization
EC – European Commission
ECB – European Central Bank
EFSF - European Financial Stability Facility
EFSM - European Financial Stabilisation Mechanism
EIB – European Investment Bank
EIF - European Investment Fund
ELA – Emergency Liquidity Assistance
EPL - Employment Protection Legislation
ESA - European System of Accounts
ESAME - Estrutura de Acompanhamento dos Memorandos (Program Monitoring Unit)
ESF - European Social Fund
ESFG - Espírito Santo Financial Group
ESI - Espírito Santo International
ESM - European Stability Mechanism
ETTRIC – Exercício Transversal de Revisão das Imparidades das Carteiras de Crédito
EU – European Union
FDI - Foreign Direct Investment
GDP – Gross Domestic Product
GGD – Gross Government Debt
HH - Household

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HICP - Harmonised Index of Consumer Prices
HNWI - High Net Worth Individuals
IAPMEI - Agência para a Competitividade e Inovação
IGCP - Agência de Gestão da Tesouraria e da Dívida Pública
IMF – International Monetary Fund
INE - Instituto Nacional de Estatística
LME - Liability Management Exercise
LTD - Loan-To-Deposit ratio
LTRO - Long-term refinancing operation
MEFP - Memorandum of Economic and Financial Policies
MFI – Monetary Financial Institution
MIBEL - Mercado Ibérico de Electricidade
MIBGAS - Mercado Ibérico do Gás
MoU - Memorandum of Understanding on Specific Economic Policy Conditionality
NFC – Non-Financial Corporation
NGS - National Guarantee System
NHS – National Health Service
NIIP – Net International Investment Position
NIM – Net Interest Margin
NPL - Non-Performing Loan
NRA - National Regulatory Authority
NRP - National Reform Programme
OECD - Organisation for Economic Co-operation and Development
OIP - On-site Inspections Programme
OMT - Outright Monetary Transactions
PCA - Portuguese Competition Authority
PER - Processo Especial de Revitalização

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PES - Public Employment Service
PIT – Personal Income Tax
PPP – Public-Private Partnership
PPS – Post-Programme Surveillance
PSPP - Public Sector Purchase Programme
REFER - Rede Ferroviária Nacional
Repo – Repurchase Agreement
RoRC – Return on Risk Capital
RSI - Social Integration Income
SDR - Special Drawing Rights
SECGEN - Secretariat General of the European Commission
SGP - Stability and Growth Pact
SIP - Special Inspections Programme
SIREVE - Sistema de Recuperação de Empresas por Via Extrajudicial
SME - Small and Medium-sized Enterprise
SOE – State Owned Enterprise
TAP - Transportes Aéreos Portugueses
TFP – Total Factor Productivity
TSCG – Treaty on Stability, Coordination and Governance
ULC – Unit Labour Costs
UTAM - Unidade Técnica de Acompanhamento e Monitorização do Setor Público Empresarial
UTAP - Unidade Técnica de Acompanhamento de Projetos
VAT – Value Added Tax

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