The ultimate Banif canceled € 595 million of bonds with government guarantee, the bank said in a statement on Market Commission and Securities.
BCP cancels last 2.25 billion of secured debt
After the outbreak of the financial crisis, which has deepened in 2011, like other banks, Banif issued bonds guaranteed by the State since the Portuguese banks lost access to financing in international markets due to the financial crisis.
«Banif today canceled the remaining amount guaranteed by the Portuguese Republic, in the amount of EUR 595 million with a maturity date of December 2014 bonds,” he said in a statement .
The institution said that 500 million relating to Banif and Banif 95-million Investment Bank.
“With this anticipated reduction, Banif extinguishes all of the 1,175 million Government guaranteed loans, freeing the Portuguese State of this responsibility, “said Banif.
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