"CGD has to be the same as the others in profitability because the rules are the same for public and private", he said at a lunch in Lisbon debate organised by the American Chamber of Trade in Portugal,.

We are well aware what would have happened to a bank with seven years of losses if it had not been state-owned, Paulo Macedo said, adding that only following the current restructuring process will be bank get back into the black.

Mr Macedo went on to say that “If the CGD does not make a profit, it will have to ask the tax-payer for more money. And I have a (good) idea what the answer will be ".

The bank’s CEO also spoke about the climate of uncertainty and the increasing risk at the macroeconomic level that affects the banking industry, particularly the recent impacts on the country’s banks that have led to significant changes, with the disappearance of names such as BES, Banif, Barclays and Popular.