The governor of the Bank of Portugal (BoP) wrote on Thursday the president of the CMVM indicating that complaints it has received on customers Espírito Santo Group (GES) injured in the commercial paper must be answered by the party led by Carlos Tavares .
“not with regard to a banking product, but the application of client funds in a certain type of financial instruments (…) we believe should continue to refer to V. exas., As it has been the practice to date, future complaints that may be submitted by holders of commercial paper issued by non-financial entities of the GES, “writes Governor Carlos Costa, in a letter to the agency Lusa had access. The note was sent on Thursday to President CMVM, Carlos Tavares, and it was notified to the parliamentary committee of inquiry into the management of BES and GES.
The governor points out that the measurement resolution, which split the bank into two, that “would only be transferred to the New Bank any non-subordinated claims (…) for which the BES, as a financial intermediary, had taken a capital repayment guarantee or capital and a certain return “. In this sense, continues Carlos Costa, the “evidence collected so far” indicates “that the debt securities issued by non-financial sector entities in the GES” in particular with regard to commercial paper, “receive no guarantee of that kind.”
Meanwhile, in Parliament, one of the representative of the injured customers complained both the bank as supervisor. “I marvel how Dr. Ricardo Salgado and Mr. Governor [Carlos Costa] still can sleep. BES could not pay this debt and passed it on to the customers, “said Ricardo Angelo, president of the Defense Association of Bank Customers harmed, quoted by Lusa.
Heard that inquiry committee, Ricardo Angelo reported to Members be situations of people who lost all the money and they were not warned of the risks associated to the financial applications. “We represent about 500 people. There are people who have difficulty paying a share of 50 euros and can not afford to live. They are people who have lost all fruit of the banking system and there is no proper monitoring,” accused.
Between 60% and 70% of injured clients who joined the association are retired. According to Ricardo Angelo, older people had savings and were BES customers were the main target of an “aggressive campaign” to invest in these applications – commercial role of the Holy Spirit International (ESI), and Rioforte ESPART – without making idea that they were products -threatening. “This is almost criminal. The profile of injured clients is conservative. Never was told that there was a risk. And there are people who put all their money. If they said that there was a risk, no one would by all the money,” Angelo pointed out.
Asked about the role of account managers, the official said that the same were “hamstrung” by BES and the Bank of Portugal. “The product could never have come to us,” he stressed. And stressed: “..? They put us a carrot in front of the eyes, when the Bank of Portugal said there was a provision for paying customers of commercial paper and has now say there is no money to pay us”
Ricardo Angelo also noted that your subscriptions offered a “net rate of two percent and such,” explaining that no one would invest the savings of a lifetime in a product of these, since he was aware that he had risk of capital loss. “We were not greedy,” he said.
Meanwhile, the chairman of the Defense Association of Bank Customers, Luís Vieira, also complained to the Parliament, the recent change of attitude of the President of the New Bank by Eduardo da Cunha Stock. “There was a change in attitude [of the administration led by Stock da Cunha]. By early January, gave us to understand that were available to talk. But since then, things have changed,” he said. “We were told that there would be a solution, not which. Now, believing what was said on Friday 13 [statement of the Bank of Portugal], will not pay anything.”
Luís Vieira complained -If the Members who, in recent weeks, “the information has been practically nil,” pointing the finger at the New Bank, the Bank of Portugal and the CMVM. And stressed: “It is very difficult to explain this to members, which recently continued to see the counters with the BES brand [BES] and had guarantees for employees of BES that would be repaid, and now not even want to talk to them “.
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