Members hear President background that inherits New Bank – Economic

Members hear President background that inherits New Bank – Economic

Maria Ana Barroso

maria.barroso@economico.pt

Yesterday 00:05

The more or less success in the sale of the bridge bank will dictate higher or lower invoice for banks contributing to the Fund led by José Ramalho with the resolution of the BES.

Members of the parliamentary committee investigation to the case BES / GES will today hear José Ramalho, the chairman of the management committee of the Resolution Fund, current holder of the New Bank. This hearing, originally scheduled for the 17th, comes at a time when there are many doubts as to the actual invoice that this bridge bank may leave behind.

The resolution fund, which is the result of contributions banks, injected EUR 4900 million in the New Bank, the ‘good bank’, which resulted from the old BES , purged of bad assets. OBES is now an institution that, in time, will be settled and where they were a group of assets and liabilities, a heritage that was for shareholders and bondholders subordinates.

From 4900 million which constitute the initial capital of the New Bank, 3.9 billion is money borrowed by the Treasury that banks will have to return within two years. If the institution is sold before – expectedly during 2015 -. The balance of the accounts was done at that time

Last week, the option taken by the Bank of Portugal to advance the resolution of the BES was highly questioned in Parliament, especially by contrast with the option to directly recapitalize the bank using public money. One of the issues raised by Members was to assess the effect this may have on the banking sector as a whole, if necessary account for a very large loss on sale of the New Bank. This is because, if the sale value not allow reset the 4.9 billion euros, it is for the sector institutions, in proportion to their weight in the market, replace that money. Now, there are many voices that are specifically questioned the possibilities of a New Bank alienation generate the necessary amount.

The theme promises to mark the hearing Ramalho, which is now heard for 15.30. On the other hand, the very embodiment of the resolution is a path that is only beginning to be explored and therefore raises doubts as the BES was the institution where this format is, first tested in Europe.

The hearing today happens in a week when strongly slowed down the pace of the hearings, after last week, have been the three financial supervisors ears, as well as the current Finance Minister Maria Luís Albuquerque, and the former Minister Teixeira dos Santos. After these first hearings have served to try to understand the responsibilities of supervisors and leaders in the dossier, next week will be the time to listen to some of the main faces of management, case Ricardo Salgado.

Hearings next week

Vítor Bento
Took the lead BES after the end of the reign of Salgado. Expected to manage an institution not expire but just to preside over a bridge bank, leaving shortly after in disagreement with the course followed. Must be heard in the 2nd.

Ricardo Salgado
is the man everyone wants to hear and not appeared in public this that broke one of the biggest financial scandals ever in Portugal. Should be heard on December 3.

José Maria Ricciardi
I wanted to replace Salgado ahead of BES and is still ahead of BES I bank that advised operations of BES as the controversial last capital increase of the bank.
You should speak on 4.

Pedro Queiroz Pereira
The president of Semapa and former former shareholder of ES Control will have made several complaints about what GES was going on. Must be heard in the 9th.