Ana Maria Barroso
maria.barroso@economico.pt
In clarification to investors today placed on its website, the purpose of the resolution of the BES and creation of the New Bank, the regulator of the capital market re-emphasizes that only the Bank of Portugal could “to decide and act.”
“Could or should the CMVM has banned the last capital increase of BES ?”. This is the question that opens the document of questions and answers about the resolution of the BES that the regulator of the capital market today placed on its website, to answer questions from investors. These explanations happen the way BES resolution and creation of the New Bank.
In answer to this first question, the Committee on Securities Market Commission (CMVM) emphasizes that “the decision to raise capital rests with the governing bodies of the issuer and the CMVM may not influence this decision or prevent their realization.”
And similar to what Carlos Tavares had mentioned at the beginning Parliament in August, the regulator notes that “in the case of a financial institution, it is still up to the Bank of Portugal to decide and act, for this type of operation, taking into account the need determined by the financial situation of the issuer and the impact of capital increase. “
The CMVM assures have demanded clarification” of all material risks that had knowledge of the time, including those related to the situation of controlling shareholders of BES .”
The regulator also makes a point to list of who they are, according to the law, those
The bank put in June a capital increase of € 1,045 million. Days later, Ricardo Salgado would, blow up the controversy around the group and the bank accounts and the first half of 2014 BES , released in July, eventually reveal a different reality for worse, the financial situation of the financial institution. In early August, would give the resolution of the bank, decided by the Bank of Portugal.
The document attempts to clarify what happens to applications made by various types of investors exposed to BES or investment products that have subscribed to the counters of the institution.
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