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BPI CEO Says Portugal Loans Must Drop by 36 Billion Euros

November 17, 2011

Nov. 17 (Bloomberg) -- Portuguese loans must drop by 36 billion euros between the end of 2011 and the end of 2014, assuming deposits increase in line with inflation, if banks are to fulfill the deleveraging targets required by the country’s external aid program, Banco BPI SA’s Chief Executive Officer said.

Capital requirements that demand Portuguese banks have a core tier 1 capital ratio of 10 percent by the end of 2012, are a “monumental stupidity,” Fernando Ulrich said at a conference in Lisbon today.

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