The Deputy Secretary of State for Finance, Ricardo Mourinho Félix, and Finance Minister Mário Centeno were under pressure today to explain why Portugal’s taxpayers are funding interest rates of up to 200% payable to the Spanish-owned bank, Santander Totta.
The ‘swaps’ contracts, entered into by the management of some of Portugal’s publicly owned transport companies including Metro do Porto, Metro de Lisboa, Carris and Sociedade de Transportes Colectivos do Porto, have current interest rates of 112%, 106% and 103%, with others at 50% and 30% interest.