BPN 2203 cost millions to state coffers by the end of 2013 – TVI24

BPN 2203 cost millions to state coffers by the end of 2013 – TVI24

The cost of the nationalization of Banco Portuguese Business (LBW) amounted to EUR 2.2 billion at the end of 2013, according to the report by the Court of Auditors, quoted by Lusa.

BPN can (still) bring more costs for the State

In analyzing the budgetary performance of the central administration in 2013, it is stated that this year the balance of income and expenditure relating to BPN was negative at EUR 472.9 million, with € 141 million of revenues to be insufficient to offset the € 613.9 million of expenses.

The accumulated balance of nationalization and privatization of BPN and the constitution of societies-vehicle stayed with the toxic assets that bank is negative at EUR 2.2025 billion, estimates the team led by Guilherme Martins d¿Oliveira in more than 100 pages document entity.

Also in 2013, referred to the Court of Auditors, the Parups and Parvalorem had budgeted EUR 3.6853 billion to repay the loans CGD, having only been in fact repaid EUR 397.1 million.

Similarly, TB says, “for the two companies was EUR 3.7398 billion budgeted for the State and granted loans of € 510.5 million.”

The accounts of the nationalization of BPN, in November 2008, are still far from being made and there are several numbers that were emerging.

The costs estimated by the Court, known today are of low pointed the second parliamentary inquiry BPN, which ended in late 2012 and recorded costs of EUR 3.405 million million by the end of this year.

The difference in numbers is justified by the fact that the Court of Auditors analyze inputs and outputs only effective money (public accounting) and no impairments of the assets that were LBW in-vehicle corporations created by the State (Parvalorem, Parups and Parparticipadas) as credits that can not recover (recorded in national accounting to account for the deficit determined by Brussels).

The BPN was sold in March 2012 to Banco BIC for € 40 million, and yet the state has been selling assets and other units of the group, whose revenues are subtracted to nationalization costs borne by taxpayers.

The Real Life insurance and LBW Asset Management were sold in 2013 by the company Parparticipadas Patris investments by EUR 27 million and EUR 3.2 million respectively. BIC Angola already got the BPN Ifi (Cape Verde) for € 30 million and the BPN Brazil for € 12.3 million and negotiations are underway with investors for the sale of credit and bank BPN Efisa.

According to the report of the State Budget for 2014, until August, Parvalorem recovered € 298 million in credits that add up to EUR 212 million recovered in 2012 Parups Already the ‘sold 13.9 million euros of real estate and financial ‘assets between January and July 2013.

At the same time it tries to realize some revenue with the assets’ inherited’ the BPN, the state continues to take costs, as is the case of repayments of loans granted by CGD BPN and costs of litigation and commitments by BPN.