The negative impact of the nationalization of Banco Portuguese Business (LBW) in public accounts was recorded at € 2.2025 billion at the end of December last year. The calculations are the Court of Auditors, chaired by Guilherme d’Oliveira Martins, are listed in the accompanying report of the central government budget execution, referring to 2013.
According to this document, now released, state spending with LBW, last year, amounted to EUR 472.9 million, which added value to 1.7296 billion euros of losses between 2011 and 2012 (-746, 9 million million and -982.7, respectively). Altogether, the expense recorded with LBW, nationalized almost six years ago, amounts to EUR 2 543 million, but this amount must be subtracted some receipts as a sale of assets, which came to € 340.4 million ( 199.4 million in 2012 and another 141 million last year).
The analysis of the Court aware of that in terms of public accounting, cost the nationalization of BPN to taxpayers by the end of 2013, but the final number will inevitably be higher. However, there will only be definite values when there is no longer anything to sell or recover, and all losses are assumed, as expressed in the report of the parliamentary committee of 2012, formed to analyze the nationalization of financial institution managed by Oliveira Costa.
In the parliamentary committee, chaired by PSD document, it was estimated that LBW accounted for by the end of 2012 a net charge of 3.4052 billion for the Portuguese taxpayers, a value that includes responsibilities that have not yet been slaughtered in terms of public accounting. The report said, “on the edge”, losses could “reach EUR, plus interest and contingencies 6509 million.” This would, however, if there were any plug revenue, which does not happen, and thus the final calculation prowling the five billion.
For now, the report of the Court recalls that, in 2013, “the Parups and Parvalorem [two societies vehicle owned by the Treasury where assets were" toxic "and other potentially recoverable] had budgeted in financial liabilities for repayment to the CGD, 3.6853 billion, having been the execution of EUR 397.1 million. “” Likewise, “the report adds,” for the two companies was budgeted 3.7398 billion in loans from the State and granted 510 500 000. “
On the other hand, the institution also emphasizes that Parparticipadas, another company vehicle created to deal with the BPN,” presented at the end of 2012 negative equity capital of 203 600 000 and could also be significant for the state “charges. This is because, says the Court, its recapitalization may be needed, or there may be indirect losses if, for example, “the company will not pay the loan contracted with CGD, the amount owed amounted to 90 million euros at the end of 2012 “. Late last year, Parparticipadas had negative equity decreased to 176 million.
The legacy of LBW (bought by BIC) still has several unresolved files, such as credit recovery and other fittings revenue, which includes the controversial sale of paintings by Miró and the sale of shareholdings.
July 4, the Finance announced the sale of BPN Mortgage Firmus Investments for € 36 million. This was active in the sphere of Parparticipadas that the day before, had received an injection of € 37.5 million by the Treasury.
The case of BPN returned to the limelight after the intervention in the BES, with the Government to ensure that, in the current operation, history will not repeat. Soon after the announcement of the strategy for the collapse of the BES, divided into “good bank” (the New Bank) and “bad bank”, in the current context of European banking union, the Finance Ministry sent a communiqué immediately underscored that “the taxpayers will not have to bear the costs related to the decision. ”
In the immediate, to EUR 3,900 million at the Resolution Fund will be borrowed to help capitalize a new institution, leaving the banks another 1000 million. Then the state will receive at the time of sale of the bank. If money does not get to pay the loan amount, the remainder was to be paid in installments.
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