Swaps would have cost had it 500ME ended in June 2011 – TVI24

The parliamentary group of the Socialist Party believes that the losses of the nine contracts ‘swaps’ concluded between public companies and Santander could be of EUR 500 million if they had been completed in June 2011.

London court gave reason to Santander Totta in the case involving nine ‘swap’ procedures with public transport companies Metropolitan Lisbon, Carris, Metro do Porto and STCP, today announced the bank.

according to the accounts made by the parliamentary group of the Socialist Party in June 2011 “the ‘swaps’ Santander had potential losses of around 500 million euros”, just for this, that the previous government led by Pedro Passos Coelho had taken the decision to terminate these contracts after taking office.

according to the PS, “companies were entitled to terminate them unilaterally.”

If the contracts were terminated in January 2013, the losses would be EUR 1,000 million and in January this year amounted to 1,400 million euros, it said.

According to the accounts of the parliamentary group of the Socialist Party, currently losses for these ‘swaps’ are of 1,500 million euros, which added about 300 million installments (quarterly flows), whose payments were suspended, totaling 1,800 million euros.

“added interest for late payment of benefits and costs of a few tens of million with expenses of the bank with lawyers and process,” amount that has not yet been determined, also states . the parliamentary group

in a statement released today, Banco Santander Totta (BST) states that the Commercial Court in London – whose sentence was now known – “beyond [her] recognize overall ratio also stressed that it was clear throughout the negotiating process that BST properly advised public companies at the time of conclusion of ‘swap’ contracts. “

” it is stated also in the judgment that the position BST in the negotiation and execution of the nine contracts under consideration was always full correction and loyalty to public companies “and that” at the time of hiring all parties had good reason to believe that the contracts would serve the best interests of public enterprises and it was in this context that were formalized between 2005 and 2007, “said the financial institution.

As recalled Santander Totta, the case dates back to early 2013, when those public passenger transport companies considered, “unilaterally” invalid the ‘swap’ contracts with the bank, “suspending the contractually due payments.”

“the Banco Santander Totta has sought to reach a negotiated solution, within reason , minorasse losses to the Portuguese State arising from contracts, “said the bank, adding however that” before the failure of the negotiations, “found himself” forced to resort to the contractually stipulated dispute resolution mechanism “and require” the intervention of the Commercial Court in London “to this” rule on the validity of the nine contracts. “

According to the Spanish bank,” the process began in May 2013 and the Court of London had access to vast documentary, testimonial and expert evidence “that included the testimony of witnesses and various” legal experts of Portuguese law “, including university professors and macroeconomic and financial experts.

After about three months from the close of trial in the Commercial Court in London issued now a sentence giving “full gain because the BST.”