A british court has returned to give reason to Santander in the case of swaps against the Portuguese State. After the court of first instance have recognised the validity of the nine agreements concluded between several public enterprises and the bank, now was the second instance court to confirm the decision.
"The English court (Court of Appeal) decided in favour of Banco Santander Totta (BST) the appeal filed by the public companies metropolitano de Lisboa, Carris, Metro do Porto and STCP, of the judgment of the court of first instance that had already recognized the validity of the nine swap contracts celebrated between these companies and the Bank," said Santander in a statement.
Since 2013 that these companies public by decision of the ministry of Finance, concluded that the contracts were invalid "by suspending payments contractually due".
Without negotiation, the Santander asked, still in may 2013, the court say about the validity of these contracts. In march 2016, the Commercial Court of London gave reason to the Santander Totta and, after the state-owned enterprises have used about seven of the nine contracts, now issued a new decision against the State.
it is Estimated that the invoice payable to Santander since the suspension of payments in 2013, ronde already € 1.7 billion.
The bank notes that the decision is unequivocal, waiting for now that they are honored the commitments in relation to the swap contracts whose validity has been recognised by the English courts, in respect of international treaties and agreements to which the Portuguese State is obliged, without prejudice to the availability that the Bank has always had and continues to have to find a negotiated solution".
To Cash, the ministry of Finance has already confirmed that the Portuguese State will appeal again in the process of the swaps.
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