Stock da Cunha: “We did not find a solution” to customers … – publico

Stock da Cunha: "We did not find a solution" to customers … – publico

about 2500 customers BES who invested their savings in commercial paper of the Holy Spirit Group undertakings which have failed (ESI, Rioforte, ES Properties) have no guarantee that your problem will be solved. That is, that may be reimbursed.

                         Stock da Cunha, the man who replaced Victor Bento ahead of “bridge bank”, the New Bank last September, it was clear, in response to Mr Duarte Marques, PSD: “The New Bank does not have any legal responsibility for the commercial paper of GES. “The charge is being heard in the inquiry committee to BES in Parliament in Lisbon on the morning of Tuesday.

However, the manager assured that the” good bank “created after the resolution, and that is held by public capital (the resolution fund, run by the Bank of Portugal),” is committed “to finding a solution to the problem. Stock da Cunha said that the priority of his team was dedicated to solving a similar problem, but involving customers who have purchased debt BES, not the companies of the Group. This problem, in the amount of 1,300 million euros, is already guaranteed the manager, “90%” resolved.

The next priority in this regard, will be to find an answer for about seven thousand customers holding “senior debt”, amounting to 800 million. And only then seek a solution to the commercial paper holders of GES (which was sold to BES counters), which Stock da Cunha estimates involve an amount of 527 million euros.

However, he stressed Stock da Cunha, the solution will not be “simple”. Is to “compensate customers if this brings advantages to the New Bank”. And exemplified with the case of someone who has invested 100,000 euros in commercial paper of GES. In this case, he explained, to receive a portion of that value, hypothetically 50,000 euros, you must find a way to “generate the client to the bank income of 50,000 euros.” That is, the offset must be a zero-sum game. “We have to look at the human drama but we must also be aware that the situation was serious,” he said.

So far, Stock da Cunha praised the restoration work of his team that led the bank to a “reasonable condition and no liquidity problems”. There are guarantees, “more deposits” of what was the date of entry, having been recovered ‘four billion “.

Also the risk management level were introduced some changes, he stressed, pointing to the creation of a credit bureau among the most important. “We have changed the lending method,” he said, because “a bank with overdue loans level as was the New Bank deserved best practices”. There was in this field, “some informality,” accused, giving as an example the “transformation ratio”, ie the relationship between the amount of credit granted and deposits conquered. The credit “came to be 160%” of the value of deposits, when the Bank of Portugal requires that does not exceed 120% – value close to what exists at present in the New Bank, concluded Stock da Cunha

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