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1 BOARD OF DIRECTORS AND OFFICERS Board of Directors and Officers as at _ GENERAL MEETING BOARD OF DIRECTORS Chairman Chairman Prof. Doutor Luís Manuel Moreira de Campos e Cunha Comendador Horácio da Silva Roque Secretaries Vice Chairmen Dr. Miguel José Luis de Sousa Dr. Joaquim Filipe Marques dos Santos Dr. Carlos David Duarte de Almeida Full Members Dr. António Manuel Rocha Moreira Dr. Artur Manuel da Silva Fernandes Dr. José Marques de Almeida Alternate Director Dr. Fernando José Inverno da Piedade 04

2 SUPERVISION BOARD Chairman Prof. Doutor Fernando Mário Teixeira de Almeida Efective Full Members Dr. António Ernesto Neto da Silva Dr. José Lino Tranquada Gomes Alternate Full Members Dr. José Pedro Lopes Trindade Official Audit Ernst & Young Audit & Associados S.R.O.C., SA, represented by: Dr. João Carlos Miguel Alves (ROC nº 896) Secretary General Dr. Carlos Oliveira Alternate Secretary Dra. Vanda Melo ADVISORY BOARD Chairman Comendador Horácio da Silva Roque, representing RENTIPAR Financeira SGPS, SA Comendador João Francisco Justino, Prof. Doutor Luís Manuel Moreira Campos e Cunha Dr. Fernando José Inverno da Piedade representing Renticapital Investimentos Financeiros, SA Dr. Rui Alberto Faria Rebelo, representing Empresa de Electricidade da Madeira, SA Dr. Gonçalo Cristóvam Meirelles de Araújo Dias Eng.º António Fernando Couto dos Santos Dr. Miguel José Luís de Sousa Eng.º Nicolau de Sousa Lima Dra. Maria Teresa Henriques da Silva Moura Roque Dal Fabbro Prof. Dr. António Soares Pinto Barbosa Dr. Diamantino Pereira Marques _ BOARD OF DIRECTORS Dr. José Marques de Almeida Dr. António Manuel Rocha Moreira Dr. Joaquim Filipe Marques dos Santos Comendador Horácio da Silva Roque Dr. Carlos David Duarte de Almeida Dr. Artur Manuel da Silva Fernandes 05

3 Notice of Annual General Meeting _ On the request of the Board of Directors, I hereby notify the shareholders, in accordance with the law and the articles of association, of the Annual General Meeting to be held at the registered offices of the company, at Rua de João Tavira no. 30, Funchal, on 31 March 2008, at 11 a.m., with the following order of business: 1. To receive the Management Report of Banif SGPS, SA, Individual and Consolidated, for the Financial Year of 2007, and the Financial Statements of Banif SGPS, SA, Individual and Consolidated, relating to the same period; 2. To resolve on the proposal for allocation of profits; 3. To assess in general terms the management and auditing of the company; 4. To resolve on a proposal from the Board of Directors for the acquisition and disposal of own shares; 5. To resolve on a proposal from the Board of Directors an increase in the share capital from two hundred and fifty million euros to three hundred and fifty million euros, through capitalization of reserves of fifty million euros and a rights issue, with the consequent amendment of Article Five of the articles of association; 6. To resolve on a proposal from the Board of Directors for amendment of Article Seventeen of the articles of association; 7. To resolve on the ratification of the appointment of an alternate member as full member of the Audit Board; 8. To resolve on filling the vacancy on the Audit Board. For the purposes of attendance at the General Meeting and exercise of voting rights, the following rules shall be observed: a) Without prejudice to the right to form groups, as provided for in article 3795 of the Companies Code, participation and voting rights at the meeting shall depend on registration, no less than five days prior to the date set for the meeting, of no less than one hundred shares in an account with a financial broker authorized by the Securities Market Commission. b) For the purposes of participation, Shareholders with voting rights shall prove this capacity to the chairman of the general meeting, by delivering to the company s registered offices, by seventeen hundred hours on the last business day prior to the date of the meeting, a certificate issued for this purpose by the financial broker, attesting to registration of their shares. c) Shareholders who wish to be represented shall notify the Chairman of the General Meeting of the name of their representative, by means of a proxy letter received at the registered offices of the company, by seventeen hundred hours on the business prior to the date of the meeting, proxy forms being available at the company s website, at or on request from the head office. d) Shareholders who wish to exercise the right to form groups as provided for in Article 07

4 NOTICE OF ANNUAL GENERAL MEETING _ of the Companies Code shall ensure that the Chairman of the General Meeting receives the instruments proving the constitution of such groups on the terms set out in c) above. e) Corporate shareholders shall notify the Chairman of the General Meeting, by letter received by the same by the opening of the meeting, of the name of their representative. f) Shareholders with voting rights may only exercise such rights through postal votes. Postal votes shall be considered when sent by registered mail with recorded delivery, received at the registered offices of the company by seventeen hundred hours on the business day prior to the date of the meeting. Such letters shall be addressed to the Chairman of the General Meeting, at the registered offices of the company, at Rua de João Tavira no. 30, Funchal. Each letter shall contain: 1. The certificate referred to in b) above; A closed envelope indicating that it contains postal votes, and the General Meeting to which they relate. This envelope shall contain the voting form (which may be obtained from the company s website, at under Assembleia Geral ), indicating (i) the full name of the Shareholder, (ii) the vote in favour, or against, the corresponding item on the order of business, identifying the proposal to which it relates. 2. The voting form shall be signed, and the signatory, in the case of individuals, shall indicate the number, date and issuer of their identity card or equivalent document issued by the relevant authority of a European Union country, or of their passport. In the case of corporate shareholders, the voting declaration shall contain the company stamp, signature and capacity of the representative. Postal votes received in due time at the Company shall be delivered to the Chairman at the beginning of the General Meeting to which they relate. The Company Secretary shall be responsible for organizing postal voting and, in particular, (i) shall verify the number of votes held by the voter and the authenticity of the vote, by examining the certificate referred to in b), (ii) at the start of voting on each item of the order of business where postal votes are allowed, open each of the postal votes, annotating the time of opening on the respective envelope, and signing the same. In counting the votes on each of the items on the order of business where postal votes are permitted, postal votes shall be included in accordance with the expression of intention contained in the voting declaration, such votes cast being deemed to be against motions tables after casting. The presence at the General Meeting of the shareholder who has sent in postal votes, or his representatives, is understood as revocation of the respective postal votes. 08

5 _ The documents and preparatory information for the General Meeting referred to in Article 289 of the Companies Code shall be available for consultation by the Shareholders at the registered offices, as from the fifteenth day prior to the date of the meeting, during office hours, and shall also be available at the company s website, at The financial statements may also be consulted through the Information Disclosure System of the Securities Market Commission. The proposed amendments to the articles of association shall be available at the registered offices for consultation by the shareholders as from the date of this notice, during office hours, and are also available on the Company s website, at Lisbon, 28 February 2008 The Chairman of the General Meeting Prof. Luís Manuel Moreira de Campos e Cunha 09

6 MESSAGE TO THE SHAREHOLDERS Message to the Shareholders _ Maintaining the momentum of expansion and growth displayed in previous years, the Banif Financial Group consolidated its position in the Portuguese and international financial markets in In a particularly difficult economic climate, exacerbated by market instability worldwide, with particular impact on the financial sector, the Group increased its capacity to create value, as reflected in the results of its main companies, which present sustained growth in relation to previous periods. As a result, The Banif Financial Group recorded consolidated cash flow for 2007 of million euros and consolidated net profits of million euros, representing growth of 37.9% and 29.4% respectively over the previous year. Net assets stood at 10,761 million euros, up by 17.6% on year end Another indicator of growth, the Group s distribution network, comprised 423 points of sale at the end of 2007, with 274 in mainland Portugal, 111 in the island regions and 38 abroad. Internationally, the Banif Financial Group made major strides in Significant holdings were acquired in banking institutions, notably in Banco Caboverdiano de Negócios, SA (46%), in Banca Pueyo, SA (33.3%) and in Banco de la Pequeña y Mediana Empresa, SA ( Bankpyme ) (27.5%), marking the Group s entry into the Cape Verde and Spanish markets. At the same time, the Group opened Banif Bank (Malta) PLC, in Malta, along with London branches of Banif Banco Internacional do Funchal, SA and Banif Banco de Investimento, SA, now with offices both in the City and at Victoria Station. Also in international operations, excellent results were obtained from the commercial and investment banks in Brazil, reflecting the growing success of the Group s decision to invest in this country. Alongside sustained growth, the Banif Financial Group has continued to give priority to the excellence of its products and services. In 2007, several Group companies were successful in obtaining quality certification. The high standard of products and services was confirmed by the first place won by Banif Banco Internacional do Funchal, SA in the ranking of banks for quality of service at branches, and the classification of Companhia de Seguros Açoreana, SA as the best life insurance company operating in Portugal. This ranking was awarded by Prémio magazine for the second year running, and also by Exame magazine, for the fifth time in six years. 10

7 _ The Banif Financial Group has continued to gain growing international recognition of its institutional quality. After its upgrading in 2006, Banif Banco Internacional do Funchal, SA again obtained higher ratings during with year, with a long term rating of A2 and short term rating of P1 from Moody s. At the same time, the Bank achieved an excellent rating in the 2007 S&P Global Challengers Class, drawn up by Standard & Poor s, one of the world s leading financial rating agencies. In this prestigious ranking of 300 medium sized companies from around the world (stock market capitalization of between 500 and 5,000 million dollars), posed to challenge the world leaders, Banif ranked tenth out of the European companies, and third in the list of European financial companies, as well as being the only Portuguese company included in the list. In September 2007, shares in Banif SGPS, SA were included in the Euronext NEXT 150 index. At home, the Banif Financial Group planned and implemented major changes to its organization. A new operating company, Banif Go, Instituição Financeira de Crédito, SA, was incorporated, transforming the operational model for the Business Centres and representing the first step in a process of system integration for the commercial banks. Within Banif SGPS, SA itself, departmental responsibilities have been reassigned, with a view to transversal and integrated management of the entire Group, optimizing and pooling resources. Measures have also been implemented to align the Banif Financial Group with best practice in corporate governance, with development of new procedures for shareholder information and participation, including the creation of the Investor Support Office and simplification of the procedure for postal voting at General Meetings. The Group s clearly positive performance in 2007 was achieved thanks to the expertise, commitment and dedication of thousands of employees who have striven daily to advance the cause of the Group, and who have a special claim to be identified with its success. I wish to express my appreciation to each of them for their sterling work. On 15 January 2008, Banif celebrated the twentieth anniversary of its founding. The small, regionally based credit institution, with a precarious financial situation, has given way to a prestigious Financial Group which now enjoys a leading position in national and international markets, and which is aware of its social responsibilities and the need for sustainable development. With the confidence justified by its long and successful track record, the Group has marked the start of this new phase in its life by adopting a new corporate image comprising a new logo, 11

8 MESSAGE TO THE SHAREHOLDERS _ a new colour and a new signature. These will be shared as the property and responsibility of all the companies in the Group. By adopting a shared image for all its companies, the Banif Financial Group has reinforced its identity and outreach, and drawn attention to the importance of combined effort, reciprocal collaboration and development of synergies. The choice of the mythical figure of the Centaur, reflecting the perfect balance between physical strength and mental dexterity, demonstrates that the new identity in no way alters the Group s core culture and values. In concluding, I would like to address a note to our shareholders, clients, other stakeholders and, in general, all those who have placed their confidence in the Banif Financial Group. To all of these, I would like to express my thanks and give my assurance of our absolute belief in the Group s progress, in the business capabilities of its component companies and in the skills, dedication and capacity to create value of their employees. These are sure factors for success, which enable us to look to the future with confidence. HORÁCIO DA SILVA ROQUE _Chairman of the Board of Directors 12

9 DIAGRAM OF BANIF FINANCIAL GROUP HOLDINGS AS AT Diagram of Banif Financial Group Holdings as at Banif SGPS, SA Share C: Banif Imobiliária Share C: % 100% BanifServ a) Soc. Imobiliária Piedade Share C: ,80% Banif Comercial SGPS, SA Share C: % Banif Investimentos SGPS, SA Share C: ,20% 100% Banif Banco Internacional do Funchal, SA Share C: % 100% 100% Banif (Açores) SGPS, SA Share C: Banif Finance, Ltd Share C: c) Metalsines Share C: ,75 46% 100% Banco Caboverdiano de Negócios Share C: $00 Banif Bank (Malta) 14,07% 33,62% Companhia de Seguros Açoreana, SA Share C: % Banif Banco de Investimento Share C: % Banif (Cayman), Ltd d) Share C: USD % 100% Banif Financial Services Inc Share C: USD Banif Mortgage Company Share C: USD % Banco Banif e Comercial dos Açores, SA Share C: % 100% 59,195% Banif & Comercial Açores, Inc San José b) Share C: USD Banif & Comercial Açores, Inc Fall River Share C: USD Investaçor, SGPS Share C: Eur 33,32% 27,5% 33,33% Banca Pueyo, SA (Espanha) Share C: Bankpime (Espanha) Share C: Inmobiliaria Vegas Altas (Espanha) Share C: ,42 100% 29,19% 48,38% 10,81% 75% Banif Gestão de Activos Share C: Banif Açor Pensões Share C: Banif Capital Soc. de Capital de Risco Share C: % 60% Banif International Holdings, Ltd Share C: USD FINAB Share C: USD % 100% 100% Banif Forfaiting (USA) Inc Share C: USD Banif Forfaiting Company f) Share C: USD Banif Trading Inc Share C: USD ,9% Banif Holding (Malta), Ltd 0,1% Share C: % Centro Venture f) Soc Capital de Risco, SA Share C: % Banif Securities Holdings, Ltd Share C: USD % Banif Securities Inc Share C: USD % Banif Go, SA Share C: % Gamma Soc. Titularização de Créditos Share C: % 80% Banif (Brasil), Ltd Share C: R $ % Econofinance, SA Share C: BRL: % Banif Rent, SA Share C: % Numberone SGPS, Lda. Share C: ,1% 99,9% Banif International Bank, Ltd Share C: % Banif Investimento México Share C: Pesos 90% Banif Banco Internacional do Funchal (Brasil), SA Share C: R $ ,00 10% 100% Banif International Asset Management Share C: USD % 75% Banif Banco de Investimento (Brasil), SA Share C: R $ Banif Multi Fund e) Share C: USD % Banif Corretora de Valores e Câmbio Share C: R $ % Banif Nitor Asset Management Share C: R $ ,34 a) b) c) d) e) f) g) Due to being an ACE ("Complementary Company Grouping"), its position in the diagram may have to be reviewed in the light of the relevant legislation. Paid up share capital USD % control of voting stock, the share capital comprising: 1,000 ordinary shares with a nominal value of USD 1 and 100,000 nonvoting preference shares with a nominal value of EUR 0, % control of voting stock, the share capital comprising: 26,000,000 ordinary shares with a nominal value of USD 1 and 16,000,000 nonvoting preference shares with a nominal value of USD 1. Paid up share capital USD 100. Yet to start trading. Banif Banco de Investimento (Brasil), S.A. directly holds a quota share with a nominal value of R$ 1, corresponding to 0,0003(3)% of the share capital, and Banif Nitor Asset Management is holder of the quota part corresponding to %. Nitor Administração 100% Recursos g) Share C: R $

10 BANIF FINANCIAL GROUP DISTRIBUTION NETWORKS Banif Financial Group Distribution Networks Points of sales as at 31/12/07 MAINLAND MADEIRA AZORES ABROAD TOTAL BANIF COMERCIAL Banif Branches Business centres Banif privado Call centre Offshore office Home loans shop Representative offices/other BBCA Branches Client centres Offshore office Other Banif Go Banif Banco Internacional do Funchal (Brasil) Other BANIF INVESTIMENTOS Banif Cayman Banif International Bank Banif Banco de Investimento Banif Banco de Investimento (Brasil) Other SEGUROS/INSURANCE CSA TOTAL

11 ECONOMIC BACKGROUND Economic Background _ 1. THE INTERNATIONAL ECONOMY The financial year of 2007 was characterized by continued robust economic growth worldwide, albeit once again with increasing divergence between different economic blocks. According to estimates from the International Monetary Fund, the world economy is thought to have grown at a pace of 5.2%, as compared to 5.4% in 2006, with the US economy slowing significantly to levels below its potential pace, whilst Europe and Asia achieved stronger economic growth than initially expected. Another key development in 2007 was the end of the aggressive stand taken by the European Central Bank (ECB), with a view to neutralizing its monetary policy, and the start of a new cycle in US monetary policy, following the decision by the Federal Reserve (FED) to cut its intervention rate by 100 base points (bp) to 4.25%. In Japan, the economy also showed signs of renewed vigour, causing the intervention rate to rise to 0.5%. On the financial markets, the Euro rose against the Dollar (closing the year at 1.46 Dollars/Euro), and financial markets worldwide again recorded a significant increase in volatility, reaching the highest levels since 2003, as markets reassessed risk premiums. Oil prices again rose substantially, up over the year by approximately 57.2%, to levels close to 96 dollars/barrel (WTI); gold prices also rose by approximately 30.9% to 834 dollars/ounce, benefiting from its status as a safehaven asset, in an economy marked by strong demand for most raw materials. Growth in the US economy is estimated at 2.2% in 2007, significantly down from the rate of 2.9% recorded in After a first quarter marked by economic growth clearly below potential levels (0.6% in annualized terms, the lowest rate of growth in the last four years), due, essentially, to specific factors (a worsening trade balance, dwindling stocks and a sharp drop in investment in residential property), the second half saw signs of increasing economic vigour (growth of 3.8%). The rate of growth then accelerated at the start of the second half, with GDP growing by 4.9% in annualized terms in the third quarter of Contributions to this economic performance were again made by exports, clearly benefiting from a favourable exchange rate (the Dollar remained on a downward course against other major currencies), accumulating stocks and livelier consumer spending. However, in August, the problems in the subprime mortgage market in the US began to rub off on the rest of the financial sector, with a movement away from risk comparable only to that experienced in the 20

12 _ aftermath of 9/11. As a result, the risk premium was downsized in the light of an environment of higher interest rates in the main economic blocs, with the yield on 10 year US treasuries rising to 5.02%. In the second half of the year, significant deterioration in the credit risk associated with subprime finance operations led to direct intervention by several central banks. In an unprecedented operation, the ECB was the first to take action, injecting an extraordinary amount of liquidity, whilst the FED opted to cut its discount rate by 50 bp to 4.75%, the first cut since June 2003, defending the need to assure the stability and liquidity of the US money markets. In October and December, the FED again took action, although less drastically (25 bp at each meeting), leaving the leading rate at 4.25%, 100 bp lower than at the start of the year. Although the impact of the financial crisis on the pace of US growth is still difficult to assess, economic conditions deteriorated rapidly in the final quarter of 2007, with fears that a significant economic slowdown might be due to flagging consumer spending. The unemployment rate, whilst still at a historically low level, rose to its highest in the last five years (5.0%), with American consumers feeling the pressure of more restrictive credit terms, due to the rising oil price, increasing inflationary pressures due to foodstuffs (known as agriflation ) and declining disposable incomes due to the situation in the capital and real estate markets. In terms of prices, the current inflation rate is thought to have fallen to 2.7% in 2007 from 3.2% in 2006, due to a downturn in economic activity and a more restrictive monetary policy. The core rate, excluding the effect of food and energy goods, actually dipped below the level regarded as comfortable by the FED (2.0%), for the first time since Importantly, this improved performance in inflation was achieved in a context of sharply rising prices for commodities, especially oil (the WTI was up by 57%, ending the year at close to 97 dollars/barrel). In Europe, after a year of strong economic growth in 2006, with economies growing at the fastest pace for the last six years (2.8%), a slight slowdown was perceptible at the start of 2007, due principally to the increase in VAT in Germany (from 16% to 19%), in January. However, 2007 started on a clearly optimistic note, with the German and Spanish economies doing better than expected, whilst in France and Italy economic performance was more moderate. 21

13 ECONOMIC BACKGROUND _ Faced with a healthy set of monetary indicators and the expansion of consumer lending, the ECB continued to restrict its monetary policy to a level regarded as neutral, increasing the leading rate by 50 bp to 4.0%. After the first half of the year, the optimism around Europe began to ebb away, as fears grew that the financial crisis would hit European economies and the Euro again hit historically high levels against the Dollar (at around the 1.50 Dollar/Euro level). Economic growth is estimated to have dropped to 2.4% in 2007, with Germany taking back the role of the driving force for growth in the European bloc. Faced with the dilemma of balancing persistent inflationary pressures against signs of an economic slowdown, the ECB opted to hold its intervention rate steady at 4.0% through to the end of Growth in GDP (Real Variation Rate) 3.5 % EU USA Japan E Estimates point to economic growth in Japan of 2.0% in 2007, slightly down from the figure of 2.2% recorded in 2006, based on dynamic corporate investment and foreign demand, especially from China. The Japanese economy continues to show signs of stronger economic growth, although the marks of a decade of deflation remain clear to see. Retail prices are thought to have recorded zero growth in 2007, after a rise of 0.3% in the previous year. Faced with this situation, the Bank of Japan opted to keep its reference 22

14 _ rate unchanged at 0.5% from February through to the end of the year. A further significant development was the sharp slide of the Yen against the main international currencies, falling to a historical low against the Euro (168.6 Yen/Euro), giving rise to a significant increase in carry trade operations. The main Asian economies are expected to have recorded growth of 9.8% in 2007, identical to the 2006 figure, supported by the buoyancy of the Chinese and Indian economies (growth of 11.5% and 8.9%), where internal demand pushed up the volume of trading overall. The fundamentals of the Asian economies (high savings rates, strong economic growth and lively consumer spending) are one of the main factors underpinning the world economy in 2007, more than offsetting the slowdown in the US and Europe. Growth of 4.9% is estimated in Latin America for 2007, comparing with 5.4% in 2006, with the inflation rate unchanged at 5.2%. Internal demand continued to be the main driving force for growth in the Latin American bloc, benefiting from low interest rates and growing consumer credit, whilst the growth in the US economy and the stimulus of external demand from China, together with favourable performance in commodity prices, all worked to the benefit of the export sector. In Brazil, the economy grew by an annualized rate of 4.4% in 2007, outperforming the figure of 3.7% recorded in the previous year. The Brazilian economy has benefited from significantly expanding internal demand, supported by an accommodating monetary policy, growing public spending and an improving employment market. Strongperforming investment components, due to the low level of interest rates, and healthy growth in exports also explain the sound performance of the Brazilian economy. As regard retail prices, inflation is thought to have stood at 3.6%, down from the figure of 4.2% recorded in Faced with a scenario of economic growth at above potential levels, the Brazilian Central Bank decided to bring an end to the cycle of interest rate cuts, with the SELIC rate ending the year at 11.25%, 175 bp lower than at the start of the year. The improvement in public accounts and the balance of payments, combined with increasing political stability, continued to help the Real climb against the Dollar (up by approximately 16.7% over the year to 1.78 Reais/Dollar). The growing financial instability in the second half caused the spread to widen on the main Brazilian risk referential (the EMBI+ index) to a level identical to that recorded in late 2005: 240 bp, as opposed to 170 bp at the start pf

15 ECONOMIC BACKGROUND _ 2. THE PORTUGUESE ECONOMY This was the second year of recovery in the Portuguese economy. According to Bank of Portugal estimates, economic growth is thought to have gathered pace, with GDP up by 1.9%, as opposed to 1.2% in the previous year, supported essentially by healthy exports, driven by strong growth in foreign markets. Growth in GDP (Real Variation Rate) 5.0 % Portugal EU E A more detailed analysis of the components of GDP reveals that consumer spending grew at an annual rate of 1.2% in 2007, similar to that recorded in the previous year, and that it continues to be affected by the gradual rise in interest rates, in a context of heavy household indebtedness and an increasing tax burden. Figures for investment were encouraging, up on the year by 2.6% (as compared to 1.8% in 2006), after several years of decline. However, growth in investment was not uniform, and the improvements were particularly visible in corporate investment. Internal demand is therefore thought to have contributed 1.3 p.p. in 2007, as compared with 0.2 p.p. in Exports of goods and services, responsible for the good performance of the 24

16 _ Portuguese economy in recent years, are thought to have grown by 7.0% in 2007, slightly slower than in 2006 when exports were up by 9.1%. However, this performance was due to less dynamic exports of merchandise (growth slowing to 5.0%), as compared to the very significant growth in services (12.4%)." Growth in imports of goods and services is thought to have slowed to 4.1% in 2007, whilst growth in the import of merchandise is expected to have held relatively steady. Net exports are through to have made a contribution of only 0.6 p.p. in 2007, as against 1.0 p.p. in the previous year. Mention should also be made of the efforts made by the Portuguese government to consolidate the budget. The public sector deficit is expected to have fallen to 3.0% of GDP by the end of 2007, as against 3.9% in 2006, achieving the target established in the Stability and Growth Programme one year earlier than expected. Consumer Confidence (Index) Portugal EU E 0 Inflation, measured by the retail price index (IHPC), is through to have stood at 2.4% in 2007, as compared to 3.0% in the previous year. This lower inflation rate is largely due to sharp slowdown in energy prices, and also to more moderate growth in unit labour costs and the prices of nonenergy goods. 25

17 ECONOMIC BACKGROUND Portugal EU % Inflation (Retail Price Index) E _ The borrowing requirement, measured by the joint balance of the current account balance and the capital account balance, is estimated to stand at 7.3% of GDP, down from 8.2% in THE FINANCIAL SYSTEM This was a year of financial instability around the world, forcing the world s main central banks to take concerted action, by injecting huge amounts of liquidity into the global financial system. At the same time, financial institutions put up their deposit rates, in an attempt to attenuate the effect of the liquidity crisis triggered by the crisis in the real estate market. Another major development was the behaviour of the ECB which sought to push on with the process of monetary normalization by increasing its leading rate by 50 bp to 4.00%. The financial year of 2007 also witnessed the rejection of a takeover bid by BCP for BPI, followed later in the year by a proposal for merger of the two banks, by means of a stock switch, which also came to nothing. 26

18 ECONOMIC BACKGROUND Portugal EU % Inflation (Retail Price Index) E _ The borrowing requirement, measured by the joint balance of the current account balance and the capital account balance, is estimated to stand at 7.3% of GDP, down from 8.2% in THE FINANCIAL SYSTEM This was a year of financial instability around the world, forcing the world s main central banks to take concerted action, by injecting huge amounts of liquidity into the global financial system. At the same time, financial institutions put up their deposit rates, in an attempt to attenuate the effect of the liquidity crisis triggered by the crisis in the real estate market. Another major development was the behaviour of the ECB which sought to push on with the process of monetary normalization by increasing its leading rate by 50 bp to 4.00%. The financial year of 2007 also witnessed the rejection of a takeover bid by BCP for BPI, followed later in the year by a proposal for merger of the two banks, by means of a stock switch, which also came to nothing. 26

19 _ The ECB s hike in interest rates was reflected in the lending rates offered by Portuguese banks on new lending to nonfinance companies, which went up by 90 bp to 7.42%, whilst in retail banking the average increase was around 82 bp to 5.22% for home loans and 84 bp to 8.13% for new consumer credit lending. Deposit rates offered by banks had a negative effect on the brokerage margin, given that average rates on deposits for up to 1 year increased by 44 bp to 4.28% in the business sector and by 84 bp to 4.11% for private customers. Bank of Portugal figures for consolidated lending through to November show growth at a yearonyear rate of 12.2%. Lending to private customers was up by 9.1%, with mortgage lending recording growth of 8.8%, down from 10.1% in the same period in the previous year, whilst consumer credit rose by 10.6%, as compared to growth of 9.6% in On the foreign exchanges, 2007 witnessed significant appreciation by the Euro against the main international currencies. In a context of higherthanexpected economic growth in Europe and increasing demand from foreign central banks for Eurodenominated assets, the Euro rose 10.5% against the Dollar and 3.74% against the Yen, ending the year at 1.46 Dollar/Euro and Yen/Euro. The behaviour of the three central banks also contributed to these movements on the foreign exchanges: whilst the FED was forced to cut its reference rate by 100 bp to 4.25%, in order to contain the effects of the subprime crisis, and the Japanese Central Bank held its rate steady, in the face of persistent signs of deflation, the ECB, in a context clearly favourable to its restrictive policy, increased its reference rate by 50 bp to 4.0%. (see graph on next page) With regard to Euribor rates, the economic buoyancy experienced at the start of year fuelled expectations that the ECB would increase its rates. In the second half, fears that the crisis in subprime mortgage lending could undermine the stability and liquidity of the interbank money market were responsible for the significant increase in rates offered by financial institutions. Interest rates rose overall for all maturities, with 3 month yields ending the year at 4.68% (+96 bp), 6 month yields at 4.71% (+85 bp) and 12 month yields at 4.75% (+72 bp). 27

20 ECONOMIC BACKGROUND Exchange Rates Dollar / Iene (EE) Dollar / Euro (ED) Jan 26Mar 18Jun 10Sep 3Dec Euribor Rates (Yield Curves) 4.9 % M 6M 9M 12M 28

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