Credits and deposits Miami, Libya go to the New Bank, but … – Business Journal – Portugal

Credits and deposits Miami, Libya go to the New Bank, but … – Business Journal – Portugal

Credits and deposits Miami, Libya go to the New Bank, but without legal responsibility

Like Angola, entities Espírito Santo Bank Aman Bank and have the credits and deposits transferred to the New Bank. But action not. Not all problems arising from fraud committed there eventually.
 

The New Bank, which inherited much of the assets of Banco Espírito Santo, will also stay with credits and deposits of units of Miami and Libya. But is not responsible for any liability arising from fraud.

In a statement sent to the end of the night Monday, August 11th, the Bank of Portugal issued a resolution passed this day by its board of directors which realizes a clarification and adjustment of the perimeter of the assets that were in the BES and which were transferred to the New Bank. A wider than initially advanced to August 3, when the regulator has decided to split the BES in a financial institution with assets considered good (New Bank) and other entity classified as problematic (BES) perimeter.

August 3, led by Governor Carlos Costa told that the shares representing the capital of Espírito Santo Bank in Miami, Aman Bank, Libya, and BESA, in Angola, would not be transferred to the New bank, ie, would the BES SA, which became the body with toxic assets. Until then, everything remains: the shareholdings in the capital of these banks are in bad bank.

However, according to the decisions taken on Monday, claims on banks in Miami and Libya, “as well as the related deposits”, are transferred to the new bank. This was the decision reached on the BESA, which now reflects in Miami and Libya – the shares were not transferred, but rather credits. Anyway, in relation to Luanda, still hangs doubt about the impact that the loan of € 3.3 billion will be in the institution led by Vítor Bento.

With this transfer of credits and deposits the two units, the Bank of Portugal intends “not harming commercial and banking operations between New Bank and the entities concerned”

However, there is a warning:. “[not given] the transfer any liabilities or contingencies to the New Bank, which have had origin in those institutions, notably those resulting from fraud or violation of rules or regulatory, criminal or contraordenacionais determinations, “says the statement.