Speaking at the parliamentary inquiry into the collapse of the bank, Carlos Tavares recognised that there was “very intense trading” but there were no signs of any crime of insider trading.

On Sunday 20 December, the Portuguese government and the Bank of Portugal announced the resolution of Banif, with the sale of part of the banking activity to Santander Totta, for €150 million and the transfer of the other assets, including the toxic assets to a new vehicle company.

The news on TVI, a few days earlier, about the crisis at the bank, was the main focus of the hearing of the CMVM president.

"I don’t really believe anyone produced the news item deliberately to damage the bank. Rather, I believe in a situation of negligence instead of malice", he added.