The Governor of the Bank of Portugal, Álvaro Santos Pereira, is set to be heard in Parliament regarding his purchase of corporate shares while leading the institution, following a request approved by the PSD, CDS-PP, Chega, IL, and PS. The motion received a green light during Wednesday’s meeting of the Committee on Budget, Finance, and Public Administration (COFAP), passing with the unanimous support of the benches present at the time of the vote.
The request to summon Santos Pereira was initiated by the Chega party following a report by the newspaper Público on April 27, which revealed that the current leader of the Bank of Portugal (BdP) bought company shares after assuming office.
Leading the BdP since October 6, 2025, Santos Pereira purchased stocks in Jerónimo Martins and Galp Energia, and as further revealed by Observador, also in Nestlé and The Navigator Company between December 2025 and January 2026. However, he was subsequently compelled by the European Central Bank (ECB) to divest from these holdings.
In the declaration of interests submitted to the ECB on January 12, the Portuguese governor indicated he had acquired shares in the two Portuguese companies in December 2025, purchasing stock in the owner of Pingo Doce on December 29 and in the oil company on December 17 and 29.
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In January 2026, he also acquired shares in Nestlé and The Navigator Company and increased his positions in Galp and Jerónimo Martins. Chega deputy Eduardo Teixeira justified the hearing by citing the “delicate nature of the issue,” arguing that the Assembly of the Republic is the appropriate venue for clarifications, as the BdP is bound by codes of conduct intended to ensure independence and credibility.
“We do not wish to condemn or praise the conduct, but rather to clarify it,” the deputy stated.
During the discussion, PSD deputy Hugo Carneiro appealed for the hearing to avoid “political chicanery” and maintain “respect and high standards.”
PS deputy António Mendonça Mendes noted that while the socialists voted in favor, the bench held doubts about whether the Assembly should scrutinize a regulatory matter that falls under—and has already been addressed by—the ECB. The PS suggested broadening the hearing to include the management of central bank reserves, but Chega rejected this, keeping the focus strictly on the Governor’s investments.
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IL deputy Mário Amorim Lopes added that while Santos Pereira had already provided some explanations, it remained sensible for Parliament to hear him on the detected irregularity. CDS-PP parliamentary leader Paulo Núncio justified his party’s support as a matter of transparency and the preservation of the BdP’s reputation.
The code of conduct for central bank officials in the eurozone does not strictly prohibit but significantly limits the acquisition of private company shares, which prompted the ECB’s review and the subsequent order for Santos Pereira to sell the assets.
In a clarification published on the BdP website on April 29, Santos Pereira stated that he was the one who “timely communicated these transactions involving financial assets to the ECB, all related to entities not subject to the supervision of the Bank of Portugal, within the framework of the annual declaration of interests held in early 2026.”
He added that he reported all asset details to the Transparency Entity on January 15. On April 1, the ECB Ethics Committee informed the Governor that acquiring shares, even in non-financial companies, was not permitted and that he would have to divest by June 30, 2026.
Following the sale, he reportedly decided to donate the capital gains resulting from the transactions to a social responsibility institution.
