Prime minister presents Monday solution for the victims of the BES – Diário de Notícias – Lisbon

Coast will make the official presentation on Monday at 15:00 in St. Benedict’s

The prime minister has officially next Monday, the 19th, the solution for the trader of the BES. The news is advanced by the SIC News, which adds that António Costa will make the presentation at 15:00 in São Bento, the official residence of the PM.

The presentation was scheduled for today but was postponed, has advanced to the beginning of the morning, the online journal Echo. According to the same source, the presentation of the agreement reached should happen at the beginning of next week.

“I Can say that the solution involves the creation of a fund, a vehicle that will aggregate all of the legal rights of the people, and that will in the next few years will try to recover all the money of the victims in the courts. This fund will advance from already a part of the value to all groups of investors are not qualified commercial paper”, said to Lusa Nuno Vieira, which represents the largest part of the victims of the commercial paper of the BES, the number of which in total exceed two thousand investors. “A person who has 100 thousand euros lost will recover 75 per cent in the short term, with the remaining 25 percent the responsibility of the fund for the judicial recovery,” said the lawyer.

At the beginning of 2014, when it began to realize the dimension of the falsification of accounts in BES/GES, the Bank of Portugal was forced to the constitution of a provision of 600 million euros to reimburse clients of the commercial paper.

however, this provision has never arrived to fulfil its function. With the resolution of the bank, in August 2014, and the subsequent bankruptcy of the group, there was a discussion between the Banco de Portugal and the CMVM about whether the New Bank should, and should not repay the holders of these debt securities.

The meeting of the working party included representatives from the CMVM (comissão do mercado de Valores Mobiliários), Banco de Portugal, BES, the Government, the Association of Victims and lawyers.