The president of the New Bank clarified on Tuesday which obligations the financial institution, which was born of the resolution that BES was targeted to customers who lost money. And the ‘legal obligation’ to compensate those who invested in commercial paper of the Holy Spirit Group does not exist, said Eduardo da Cunha Stock in the BES commission of inquiry.
“Let it be clear, the bank has no legal obligation ‘. Is “subject to a number of very difficult conditions to meet. We may, for reasons strictly commercial, compensate customers if it brings in a cost-benefit analysis, advantages for the bank ‘
The resolution of the Banco de Portugal’ made clear ‘that’ neutral position “that must comply in time to make accounts. Stock da Cunha ensures that the provisions for that purpose were BES and not passed to the New Bank, contrary to what had said the supervisor. However, he admits that it is possible to compensate customers, to achieve “some time” to design a solution that will bring benefits to the bank. Stock da Cunha gives an example:
“For the sake of strictly commercial, we can compensate customers if it brings benefits to the bank. A customer who had a commercial paper 100 000 euros, for example, and we wanted to make in 50000, there must be a justification of how the client will generate income to the bank 50 thousand euros in the future ‘
Only in this way can repay customers. There are approximately EUR 527 million invested in this product. “It is what we estimate that may exist in ESI commercial paper, Rio Forte ‘. By the way, four members of the Association The Indignados and Deceived the commercial paper wanted to attend the hearing Stock da Cunha, but were not allowed to enter . They had, however, a meeting with the president of the New Bank, in the next room.
“If we are engaged? We Are. If we have any solution? No. If we have ideas? Yup. “We need some time. This was not only the commercial paper, but other products such as own obligations. ” The latter case went better:
“I am pleased to say that this situation has been resolved. We are talking about 8 or 9 thousand, 90% of cases have been resolved “
The President of the New Bank acknowledged that” we have to look at people’s drama “but wanted stressed that it was also necessary to look at ‘systemic risk’. That was the biggest problem, a bank with 2.3 million customers. Stock da Cunha welcomed the work that your team is doing in the financial institution: “I still think we’re the best in the country” . Used an image to describe the current situation, saying that New Bank started the ‘intensive care’ for the ‘examining room ».
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