Montepio: Two billion in unsecured loans – Observer

Montepio: Two billion in unsecured loans – Observer

In 2013 Montepio had almost two billion euros in loans without collateral, revealed on Saturday the SIC. This is one of the situations being analyzed in audits requested by the Bank of Portugal (BoP). The SIC found the value of unsecured loans in the last report of the bank and also says that this has risen, having been recorded in the space of a year, an increase of more than EUR 500 million.

The Bank of Portugal is considering bills Montepio to discover loans that may result in losses, says SIC. On Friday it was reported that the investigation of the BOP is going “combed” the bank’s exposure to GES “in the order of € 150 million”, corresponding to investments Montepio “in the hospitality brand with the Holy Spirit” (120 million) and Rio Forte (30 million). On July 19, the public had advanced that the direct and indirect exposure of Montepio General / Caixa Económica the GES could exceed € 200 million.

On Friday, the State reported that the audit

Forensics bop is also examining the relationships Montepio with Ongoing and construction of medium and small sized companies. In 2009, the same newspaper had revealed an application Montepio of over € 40 million in vehicles Ongoing. The public now ensure that the exposure of the group Montepio Nuno Vasconcellos and Rafael Mora increased to approximately EUR 60 million.

The number of SIC also says that at the end of the first half had to Montepio take more impairments, who came close to € 300 million and may have to increase provisions, depending on the results of the investigation of bop.