The injured BES know until early May, a solution that should ease the losses suffered on investments in commercial paper of the Holy Spirit Group. The proposal will be supported financially by BES “bad” and there is no guarantee of recovering all of the EUR 500 million invested.
“voluntary” membership, the memorandum signed on Wednesday afternoon, under which the solution will be outlined, not binding on the New Bank (NB), which resulted from the BES intervention which is in the sales process. The non-inclusion of NB – required by the Bank of Portugal over the past few months – let BES “bad” the responsibility to financially support the solution, whose contours will now begin to take shape
“The procedure. dialogue and possible solutions that it may be found will respect the process of resolution of BES and the terms and limits of the same resolution, as expressed and defined in the decisions taken by the Bank of Portugal as resolution authority, “says one of the points of memo.
the memorandum of understanding was signed by the Prime Minister, António Costa, Carlos Tavares, chairman of the Securities Market Commission (CMVM), Carlos Costa, governor of the Bank of Portugal, Luís Maximum of Santos, representative of BES and representatives of the Association of Indignados and Deceived of commercial paper.
for now, we know that means can not be provided by the institution, but the rush to find a solution by may be related to the repeal of the BES authorization as a financial institution.
the document states that the Bank of Portugal said it “should send the short term the ECB [a requirement that] the file for revocation effects of BES authorization as a credit institution with a view to its subsequent liquidation. “
at stake are more than two thousand customers BES, claiming about 500 million euros. These investors bought in commercial paper bank branches River Fort and the Holy Spirit International, companies Espírito Santo Group that went into insolvency leaving customers BES without the money invested.
Covered by the solution will only be “investors do not qualify” criteria to which account the investor’s profile (if you have knowledge that can allow assessment of the risk of the product) and the amount applied. Possibly for this reason, the memorandum provides for the adoption of any procedures of conciliation and / or arbitration.
The solution should allow recovery of only part of the savings, as the memo itself speaks “on possible solutions which can reduce the losses of investors, “the absence of any reference to the full reimbursement of the money invested. it has been admitted, but without official confirmation that investors with less capital invested may be offset in percentage higher than those who invested more.
“the Government supports the joint efforts to find solutions to reduce the losses of investors, and monitor, as a promoter, observer and facilitator of dialogue, this, promoting the common effort to the search for consensual solutions to the beginning of next May, “said a press release made available to reporters a few minutes before signing the memorandum, which took place at the official residence of the Prime Minister in Lisbon.
After the ceremony, only spoke the first -minister and the president of the association representing the injured, Ricardo Ângelo. António Costa, who had a key role in the dialogue that led to the signing of the memorandum, highlighted its importance to confidence in the financial system.
“The Government does not propose to resolve disputes, or say who is right if any right or if someone has to take responsibility. The government competed solely what fits you, do not close your eyes to a conflict and offer as an observer and facilitator for the parties, through an active dialogue, can find a way and a solution to minimize the losses that the injured unskilled BES commercial paper suffered “added the Prime Minister.
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