Steps also assumes that taxpayers are likely to have “some … – Expresso

Steps also assumes that taxpayers are likely to have "some … – Expresso

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The Prime Minister admitted today that may arise burden on taxpayers of the solution found for BES, CGD due to participation in the resolution fund, but returned to consider that the option taken was the best

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“To the extent that there is a public bank participates in this fund [resolution] and this responsibility clear that bank [CGD], like other private, bear any losses. Accordingly, indirectly there may be some loss, “Passos Coelho said today to reporters at the end of the Employment Summit in Milan, Italy

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Also today the Minister of Finance , Maria Luís Albuquerque, admitted in Parliament that banks participating in the Resolution Fund that owns the New Bank (which holds the assets not considered problematic BES) can be asked to take losses if the CGD, so the limit taxpayers may be asked to pay part of the intervention in BES.

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issue at stake is € 4.9 billion (of which 3.9 billion euros of state loan) Bank Resolution Fund that were used in the capitalization of the New Bank. If the New Bank will be sold for an amount of EUR 4.9 billion below these, according to the model found for BES will have to be banks participating in the fund to bear the losses, and one of these banks is the public Caixa Geral . Deposit

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“If there is any prejudice resulting from the operation of the sale, that loss will be borne by financial system that is who contributes to the Resolution Fund, “Passos Coelho said in Milan, said that however, as Finance Minister, if would not pronounce on the future operation of sale of New Bank and the value that can be achieved

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The Prime Minister also made a point to stress that the solution to the BES, the early August, “is the one that best protects the interest of taxpayers and avoid any more negative consequences to taxpayers in a more difficult financial situation around the issue of Banco Espírito Santo”, considering that it is not bought with past interventions in banks , referring to the nationalization of BPN.

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In early August, the BoP took control of Banco Espírito Santo (BES), after the bank has submitted semiannual losses of € 3.6 billion, and announced the separation of the institution into two distinct entities

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In the called bad bank (‘bad bank’), a vehicle that keeps the name BES, were concentrated the ‘toxic’ assets and liabilities of the BES. In the ‘good bank’, the bridge bank which was called the New Bank’s assets and liabilities were not considered problematic

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The New Bank was capitalized with € 4,900 million through the bank resolution fund, managed by the Bank of Portugal and participating credit institutions operating in Portugal. Of this amount, 3,900 came from a loan of public money and the remainder of a loan also in the syndicate

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After the resignation of Vítor Bento Novo Banco is now led by Eduardo Stock da Cunha, one of whose missions is to prepare the bank for the transfer.
Finance Minister said today that there are several interested in buying New Bank, considering it is likely that the operation is done before the maximum period of two years

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After this statement, the president of BPI, Fernando Ulrich said that the institution he leads is studying a possible entry process for the purchase of the New Bank. The president of Santander Totta said, even today, is that “with attention to business” despite António Vieira Monteir have except it’s too early to decide on a possible interest

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