The president of the Court of Auditors stated this Wednesday, 17th, that the IGCP has made an effort to identify savers who have incomplete data and the heirs of old savings certificates, to try to ensure payment of the titles.
In a hearing in parliament, at the Budget, Finance and Public Administration Commission (COFAP) on the opinion given to the General State Account (CGE) of 2024, the president of the Court of Auditors (TdC), Filipa Urbano Calvão, said that the IGCP has sought to follow up on the court’s recommendations regarding the amounts that remain unpaid to savers.
“The court made a set of recommendations in the opinion [e] the IGCP itself has made an effort to improve communication with savers, the holders of these certificates”, stated Filipa Calvão, promising that the court will continue to monitor this process.
On December 31, 2024, the IGCP had 77 million euros in its custody that it was unable to pay to families that invested in savings certificates, states the TdC in the opinion.
In today’s hearing, IL deputy Mário Amorim Lopes stated that the IGCP works as “a kind of purgatory” for certificates and argued that there should be an articulation between the IGCP and the Bank of Portugal for the State to identify the legitimate heirs, to “attribute ownership, so that these savings certificates that result from the hard work – sweat – of the Portuguese are not lost”.
Regarding this issue, Filipa Calvão highlighted that the TdC made a recommendation addressed to the Minister of Finance so that, in conjunction with the IGCP, the Portuguese State can “save this investment by families”.
In the opinion, the TdC warns that “there are savings accounts in the Savings Products System with outdated and incomplete data, which prevents payments due to families”, which could lead to the agency being unable to deliver the amounts to families, causing the titles to end up being expired.
“The longevity of savings products and the fact that in the older series (A and B) the titles are physical, nominative and perpetual, combined with less demanding subscription standards regarding personal data, allowed savings accounts to be maintained over decades with little personal data, making it difficult or unfeasible to identify holders”, the opinion reads.
In addition to the cases of heirs and savers who have paper certificates, there are risks associated with more recent subscriptions, even in cases where personal data is complete. When accounts are closed without updating the IBAN with the IGCP, this “has made interest and capital payments unfeasible”, states the opinion.
For the president of the TdC, “the State cannot leave unprotected, especially those who are less informed, who have more difficulty accessing information”.
Chega deputy Patrícia Almeida, who raised this issue in today’s hearing, stated that “the State’s silence could result in an effective loss of savings, in the enrichment of the State through the prescription of these savings certificates and, obviously, in a breach of trust in public savings instruments”.
In line with what Filipa Calvão said, judge advisor Ana Furtado, who accompanied Filipa Calvão at the hearing, said that the IGCP, since the TdC began interacting with the agency, “has already carried out several actions to improve communication with savers”.
“The risks of prescription are greater the more savers are not informed about their obligations.”
Ana Furtado explained that the problem arises most clearly with “citizens who have less access to information, technologies, and who are generally those who hold the oldest certificates”.
The judge advisor also recalled that, from next year until 2029, there will be an obligation for some holders of paper savings certificates to return the titles, so that they can be registered.
Regarding the 77 million euros that were yet to be returned, Ana Furtado said that this amount, being part of 257 billion euros of public debt, is, from this point of view, a “materially insignificant” amount in the total debt, although it is “the most important” with regard to savers.