Quick Summary
- 1The Tribunal de Contas da União (TCU) has confirmed a technical inspection into the Central Bank's handling of the Banco Master liquidation.
- 2Minister Jhonatan de Jesus, the appointed relator, emphasized that no conclusions have been formed pending the technical verification of facts.
- 3The inspection will focus on two central issues: early indications of Banco Master's liquidity problems in 2024 and the decision to liquidate despite a purchase proposal from Fictor.
- 4The move follows a period of institutional tension between the TCU and the Central Bank, which initially challenged the inspection's authority but later withdrew its objection after a high-level meeting.
Quick Summary
The Tribunal de Contas da União (TCU) has officially launched a technical inspection regarding the liquidation of Banco Master. This move, spearheaded by Minister Jhonatan de Jesus, seeks to scrutinize the actions taken by the Banco Central (BC) following the bank's collapse.
The investigation comes amidst a backdrop of institutional dialogue aimed at balancing the TCU's fiscal oversight with the Central Bank's autonomy. The core of the inquiry rests on the timeline of Banco Master's financial distress and the ultimate decision to proceed with liquidation rather than alternative rescue measures.
The Inspection Mandate
Minister Jhonatan de Jesus has clarified that the inspection will be evaluated by his cabinet and subsequently voted on by the full TCU plenary. He explicitly stated that “Não há conclusão formada antes da verificação técnica dos fatos” (There is no conclusion formed before the technical verification of the facts).
The inspection was triggered by requests from the Public Ministry of Accounts in December 2025 regarding the business dealings between the BRB and Master, as well as the final liquidation procedures. The AudBancos unit, responsible for banking supervision within the TCU, will conduct the inspection.
The inquiry will be guided by the Central Bank's previous response to the TCU, which detailed the history of the process. However, investigators will specifically focus on:
- Indicators of liquidity issues surfacing as early as 2024
- The rationale behind liquidation despite a viable acquisition offer
- The specific terms of the Fictor proposal involving an Arabe fund
"Não há conclusão formada antes da verificação técnica dos fatos."— Jhonatan de Jesus, Minister, Tribunal de Contas da União
Institutional Dialogue
Tensions initially arose when Minister de Jesus determined an inspection was necessary, citing missing information in the BC's explanations. The Central Bank challenged this, arguing that such a procedure required a full collegial deliberation rather than a single minister's decree.
Following this dispute, a meeting was held on Monday between TCU President Vital do Rêgo Filho, Minister de Jesus, and BC President Gabriel Galípolo. After the meeting, the Central Bank withdrew its objection to the inspection.
Minister Vital do Rêgo Filho described the inspection as providing “segurança jurídica” (legal security) and estimated the entire process would take less than a month. He noted that the goal of the meeting was to reconcile the TCU's inspection powers with the Central Bank's autonomy.
“The force of the banking sector is built on the strength of the regulator, which is sustained only by respect, credibility, and institutional dignity.”
The Banco Master Case
The background of the case involves the liquidation of Banco Master, owned by banker Daniel Vorcaro, which was decreed by the Central Bank in November. The situation escalated when the Federação Brasileira de Bancos (Febraban) issued a statement expressing full confidence in the Central Bank's decision.
Febraban emphasized that the “solidez e a resiliência do setor bancário” (solidity and resilience of the banking sector) and the independence of the financial system regulator are national assets. This support highlights the high stakes surrounding the regulatory decision to liquidate the bank.
Minister de Jesus noted that his decision to submit the controversy to the Plenary was influenced by the “dimensão pública” (public dimension) the case had assumed, moving it from a routine procedural matter to one of significant institutional stability.
Timeline and Next Steps
The technical inspection is set to begin immediately, with TCU technicians scheduled to start work at the Central Bank headquarters this week. The process is expected to be swift, with a target duration of less than one month.
The sequence of events leading to this point includes:
- December 2025: Public Ministry requests diligence regarding Banco Master.
- January 2026: TCU Minister determines inspection; BC challenges authority.
- January 12, 2026: High-level meeting results in BC withdrawing challenge.
- January 13, 2026: Inspection confirmed to begin this week.
Observers will be watching closely to see how the TCU plenary ultimately votes on the findings of the AudBancos team regarding the Central Bank's handling of the Banco Master liquidation.
"A solidez e a resiliência do setor bancário e a independência do regulador do sistema financeiro são um ativo e um patrimônio nacional."— Federação Brasileira de Bancos (Febraban)
"Ocorre que a dimensão pública assumida pelo caso, com contornos desproporcionais para providência instrutória corriqueira nesta Corte, recomenda que a controvérsia seja submetida ao crivo do Plenário."— Jhonatan de Jesus, Minister, Tribunal de Contas da União
Frequently Asked Questions
The Tribunal de Contas da União is conducting a technical inspection of the Central Bank's decision to liquidate Banco Master. The investigation specifically looks at the bank's liquidity problems in 2024 and why liquidation was chosen over a purchase proposal from Fictor.
Minister Jhonatan de Jesus serves as the relator for the case. He was appointed after the Public Ministry of Accounts requested diligence regarding the bank's acquisition and liquidation processes.
The Central Bank initially challenged the inspection, arguing that a single minister could not authorize such a procedure without a full collegial vote. However, after a meeting with TCU leadership, the BC withdrew its objection.
According to TCU President Vital do Rêgo Filho, the entire inspection process is expected to take less than one month to complete.
