The completion of the restructuring process at Caixa Geral de Depósitos (CGD), which culminated in the transfer of assets and liabilities from the CGD Employee Pension Fund to Caixa Geral de Aposentação (the CGA, the Civil Service Pension Scheme), caused an immediate increase of 3.7 billion euros of Portuguese government debt, an amount to be paid over the next three decades, until 2052.
This deal, which roughly ensures that officials (their Caixa) lend money to the Republic, to Portuguese taxpayers (where the officials themselves are located), will not affect the deficit, guarantees Finance.
Last February, during the process of finalizing the restructuring of the public bank defined by the European Commission, it was decided that the CGD Fund would pass to the State (CGA), with CGD transferring the value of the respective assets in cash. It also transferred responsibility for paying current and future pensions for CGD personnel to the state.
Source: DN
