Liquidation of Banco Master should dominate Galípolo's public hearing in a Senate committee

The president of the Central Bank (BC), Gabriel Galípolo, is expected to participate this Tuesday (19) in a public hearing at the Senate's Economic Affairs Committee (CAE). The hearing should be dominated by a single subject: the Banco Master scandal.
Throughout 2025, the Central Bank blocked the purchase of 58% of Banco Master shares for R$2 billion by Banco de Brasília (BRB).
In November last year, Daniel Vocaro, owner of Banco Master, was arrested in an operation aimed at selling fake credit securities. A day later, the BC decreed the liquidation of Master.
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The expectation in the Senate is that parliamentarians will question Galípolo about the liquidation of Banco Master. Government officials should also ask about a possible omission by his predecessor in command of the Central Bank, Roberto Campos Neto.
These were the main questions regarding Galípolo's participation in the Organized Crime CPI in April this year. The BC president's responses irritated some of President Luiz Inácio Lula da Silva's (PT) assistants.
At the time, Galípolo stated that there was nothing within the BC pointing out that Roberto Campos Neto had done anything wrong since the creation of the Master until the liquidation process.
Opposition parliamentarians should question Galípolo about the meeting with Daniel Vorcaro held outside of President Lula's agenda at Palácio do Planalto, a topic that was also addressed in the CPI on Crime Organized.
Galípolo must repeat the answers in which he guarantees that Lula ordered him not to persecute or spare anyone in the analysis of the situation at Banco Master.
The president of the Central Bank, Gabriel Galípolo, during his participation in the Organized Crime CPI
Saulo Cruz/Agência Senado
When speaking about the meeting with Vorcaro, Lula said that he received the president of Master at his request, because there was no officially scheduled agenda.
According to his report, the former Minister of Finance, Guido Mantega, came to Brasília accompanied by Vorcaro and asked if the president could assist him.
The meeting was not on Lula's agenda and was attended by Gabriel Galípolo, who at the time was nominated to succeed Roberto Campos Neto as president of the Central Bank.
When announcing the audience with Galípolo last week, the president of the CAE, Renan Calheiros (MDB-AL), stated that the meeting will be important for him to answer questions about BRB.
"It is essential so that we can update not only the facts of the investigation in relation to Master's fraud, but also to demand action from the Central Bank in relation to BRB. Apparently, the Central Bank is making the same mistakes in relation to BRB, in Brasília, that it made in relation to the liquidation of Banco Master. The liquidation of Master took a long time, and today it is known that three directors of the Central Bank have already been removed due to involvement with Banco Master", said Renan Calheiros.
According to investigations, even without purchasing 58% of Master's shares, BRB acquired bad credit portfolios from Vorcaro's bank for R$12 billion.

Source: G1

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