Febraban maintains support for manifesto despite threats from banks

Even after the threat by Caixa and Banco do Brasil to leave the Brazilian Federation of Banks (Febraban), the organization decided that it will not withdraw its signature from the manifesto. The signing of the document has already been submitted and approved by Febraban’s governance after internal debates that took place last week. Reports collected by Estadão state that there will be no retreat at this point and that the decision to postpone the release of the manifest was taken by Fiesp.

The decision of the bank entity to subscribe the document took into account the institutional crisis and the hostile environment of political tension that has worsened and contaminated the expectations of the market and economic agents.

To try to get around the crisis with public banks, some parts of the text are being revised again. One of them is the one that explicitly spoke of the need to create jobs, which irritated BB and Caixa. A source from a public bank says that official data show that Brazil created 1.848 million jobs in the first seven months of the year. Therefore, in the new wording, it will be made clear that jobs are being created.

Yesterday, Economy Minister Paulo Guedes, who learned of the manifesto on Saturday, blamed Febraban for what he classified as the document’s political content. “For democracy, no problem, but that’s not what they said. They said it was against the government and not for democracy,” he said. According to the minister, Febraban itself would have changed the content of the manifesto to take a stand against the government of Jair Bolsonaro (no party).

After Guedes’ statements, Febraban denied that it had articulated changes in the text. “Since its origin, Febraban has not participated in the drafting of a text that contains attacks on the government or opposition to the current economic policy. The content of the manifesto called for serenity, harmony and collaboration between the Powers of the Republic and warned of the effects of the institutional climate on expectations of economic agents and at the pace of activity.”

According to what was found by Estadão, some banks preferred the text to be released on the date initially scheduled, today. Officially, Fiesp claims that the postponement occurred because of the possibility of more adhesions.

The information is from the newspaper O Estado de S. Paulo.