The case involving Banco Master could be the biggest bank fraud in the country’s history, said this Tuesday (13) the Minister of Finance, Fernando Haddad. According to him, the government closely monitors the actions of the Central Bank (BC) and has maintained a permanent dialogue with the monetary authority since the liquidation of the financial institution was declared.
“The case [Master] It inspires a lot of caution, we could be facing the biggest bank fraud in the country’s history, we could be facing that. So we have to take all due precautions, with the formalities, guaranteeing all the space for the defense to explain itself, but, at the same time, being very firm in relation to what has to be defended, which is the public interest”, said the minister upon arriving at the Ministry of Finance.
Haddad reported that he has spoken daily with the president of the Central Bank, Gabriel Galípolo, and made a point of expressing public support for the work carried out by the BC in the case.
Brasília (DF) 09/05/2025 President of the Central Bank, Gabriel Galípolo Photo-file: Fabio Rodrigues-Pozzebom/ Agência Brasil – Fabio Rodrigues-Pozzebom/ Agência Brasil
“I am absolutely confident with the work that Galípolo and the team did,” said Haddad, during a conversation with journalists at the entrance of the Ministry of Finance, in Brasília.
“I already said that, it is a very robust work”, he reinforced.
Haddad highlighted that conducting the process requires technical rigor and transparency, given the seriousness of the suspicions and the potential impact on the national financial system.
>>Financial entities defend the Central Bank’s actions in the Master case
Coordination with the TCU
The minister also revealed that he discussed the matter with the president of the Federal Court of Auditors (TCU), Vital do Rêgo. According to him, there was progress in the dialogue between the control bodies and the Central Bank.
According to Haddad, the meeting held on Monday (12) between Galípolo, Vital do Rêgo and the rapporteur of the TCU investigation, Jhonatan de Jesus, indicated a convergence of understanding on the procedures adopted by the BC in the liquidation of Banco Master.
“Apparently, there was a good convergence in relation to the reading of the facts and the importance of investigation”, said Haddad.
Impact on FGC
When commenting on the developments in the case, the minister highlighted the relevance of the Credit Guarantee Fund (FGC), responsible for protecting depositors in situations of bank failure. The minister recalled that the fund is supplied not only by private banks, but also by public institutions.
“The FGC is made up of resources from the entire system, including public banks, such as Banco do Brasil and Caixa Econômica Federal”, he stated.
After the liquidation of Banco Master, the FGC must honor eligible deposits of up to R$250,000 per individual, in accordance with current rules. The head of the Treasury highlighted that the episode reinforces the importance of protection mechanisms for the financial system and account holders.
For Haddad, a complete investigation of the case will be essential to clarify responsibilities and prevent similar episodes from occurring again.
