Saturday, December 17, 2016

Banking against use of the Resolution Fund in the solution of the injured – the Express

The victims of the commercial paper of Rioforte and Espírito Santo International (ESI) believe that it is even this that will begin to receive the money to which they considered themselves entitled. The announcement of the solution to this problem, whose contours are not yet clear, it is for very soon, and should pass by the creation of a compensation fund/vehicle, in the scope of the Resolution Fund (FR), participated in by the injured parties that prescindam of legal actions filed in the court in favour of the fund and agree to recover 50% to 75% of the amount applied in the two companies of the Espirito Santo group. But the banks are against the invoice, at the end of the day, you may come to regret in the pocket of the t axpayers.

The great novelty is in the fact that the private fund to be be funded by one or more banks, and this operation will have a State guarantee and a guarantee of the FR, the second took the Express along one of the lawyers of the association of harmed, Nuno Vieira. That is, if the banks that finance the fund does not receive the money will be the State and ultimately the Resolution Fund to pay the amount injected in the fund. It is not yet known who will manage the fund, and who is going to fund, because for the solution next you will have to have the approval of 50% of the injured parties.

Read more on the editing this weekend

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