In the political corridors of Brasília, members of President Lula's administration are expressing significant concern over the potential electoral repercussions of the ongoing scandal surrounding Banco Master and banker Daniel Vorcaro, particularly with the presidential election of 2026 on the horizon. Reports indicate that a strategy is emerging among government officials to deflect responsibility for the crisis away from itself and onto the Central Bank, specifically targeting the tenure of its former president, Roberto Campos Neto.

This effort is predicated on the belief that if the Banco Master incident escalates into a broader systemic crisis implicating various institutions of the Republic, it could adversely affect President Lula's administration. The growing perception among allies of the administration is that the Supreme Federal Court (STF) is currently viewed as closely aligned with the government. To mitigate potential damage, the strategy involves shifting scrutiny towards the Central Bank's regulatory and supervisory practices during Campos Neto’s leadership, painting a narrative of failures on its part.

While the government seeks to control the narrative surrounding the crisis, there are indications that behind-the-scenes discussions are taking place among key players. The focus will likely continue to be on the Central Bank's regulatory actions during the relevant period, as the government grapples with the potential fallout of the Banco Master scandal and its implications for its political future, further complicating an already contentious political landscape leading up to the next presidential elections.