The General Montepio being subjected to a forensic audit at the request of the Bank of Portugal, said that this case has nothing to do with investments in the Espírito Santo Group (GES), explains Daily News, because the exposure database will have safeguarded their exposure to financial group.
The institution has ensured that its exposure to the Spirit Group Santos (GES), of up to EUR 150 million was safeguarded. Which means that any losses you may have for nonpayment of companies which invested GES are provisioned in its accounts. Even if the provisions are higher than the 50% that the Bank of Portugal has required all banking institutions following the request for protection from creditors three companies of GES.
“The provisions Montepio is above the minimum required by the Bank of Portugal. In some cases constitute about 85% of the exposure value, “said an official source from bank to Mad Money.
However, when the presentation of the results of the first half of this year was made in early August Montepio said to have made “a very conservative judgment of their exposure to the companies of the GES, to accommodate, since the half-yearly accounts, the resulting effects of losses from those loans”, for 150 million euros.
Provisions and impairment of the bank increased to Euro 292.9 million in the first half of this year, more than 165 500 000 2013 A sum of the losses from exposure to GES and include other companies.
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