The Mutualista Montepio Geral Association, the entity that holds the Caixa Económica Montepio Geral and Lusitania insurer had losses last year. Much of the loss is justified precisely by the case led by José Félix Morgado.
According to the statement posted on the association’s website, Montepio posted a loss of 393 million euros in 2015, compared with the 41.5 million profit in the previous year.
Much of the losses by Montepio, which has more than 632,000 members, is linked to the participation in the financial institution and insurance. After putting 200 million euros in savings bank last year, the mutual constituted an impairment of 350 million euros for this participation. Nevertheless, in 2016, the association will inject another 300 million euros in savings bank, but it ensures that has net cash to do so.
In addition, the association also placed EUR 63 million next due to holdings in the insurance sector (where the Lusitania). Until last year, the investments in this area were divided between the association and the box. However, the box sold their positions, so the association is that it is fully exposed.
Thus, impairment charges amounted to 410 million euros, which eventually led the association to losses in 2015 ( year in which António Tomás Correia – pictured – was reappointed as president), as totally eclipsed operating results
in operational terms, the association achieved 36 million euro, yet nearly half of 65. million in 2014.
Take note
also economic losses box with in addition to the presentation of the 2015 mutual accounts, the economic case presented their individual results on Friday. There were also losses: 243 million euros.
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