Solution for injured BES may involve losses of 50% – publico

 
         

                 

                         
                     

                 

 
 

The 2000 damaged the commercial paper issued by the Espírito Santo Group, and placed by BES with its customers, may suffer losses of at least 150 million euros. Customers have 500 million invested euros, but the solution is being designed is based on the recovery between 250 and 350 million euros, found the PUBLIC next to knowing the process source.

The group work, part of the Bank of Portugal and the Commission of the Securities Market (CMVM), the Government, represented by Diogo Lacerda Machado, aggrieved customers, represented by the Association of Indignados and Deceived of commercial paper, and BES “bad” , returned to meet this Friday, taking another step in the solution design for lessening customers’ losses.

was treated the second meeting, under the memorandum signed at the end March, with the direct involvement of the Prime Minister, António Costa, and allowed to set one interval value to recover, but the final proposal is still far from being closed. There is indeed an important open question, that is to know how it will be guaranteed funding.

According to the PUBLIC found, it is assumed that the Deposit Guarantee Fund will not be driven, at least directly. Recourse to the Investor Compensation Scheme, which aims to cover investment losses in the capital markets, and works in the orbit of the CMVM, has also been removed in the first meeting.

With the exclusion of those mechanisms and as the PUBLIC had reported on 30 March, the proposal to make customers will be financially supported by BES “bad”.

Note that the New Bank (NB) was out of solution draw between injured, regulators and government. NB, created as bank “good” from the resolution of BES, until you come to participate in the final solution, but through commercial solution that will be drawn, and not in direct compensation of losses, as claimed by the Bank of Portugal .

to the beginning of next week is scheduled new meeting, which could go a little further in the solution. As with the proposal that was accepted by 80% of migrants, may not be guaranteed for the immediate release of the full amount payable to the injured.

The distribution of losses, that percentage may not be identical to all customers, in order to benefit those who applied smaller amounts, is also not yet closed.

the proposal, according to the stipulated in the memorandum, will have to be drawn until May. Then it will be up to the customers, almost two years ago with their applications “frozen”, accept it or not. The insolvency where are the companies of the Holy Spirit universe that issued commercial paper, and failed your payment, and uncertainty about the outcome of court cases with BES “bad” and the Bank of Portugal, certainly weigh the decision of the injured.