there is this Friday, December 16, that investors in commercial paper to the BES you can get to know, with detail, the proposed solution of the work group that involved the Government and regulators.
The information, disclosed by the newspaper Echo, and confirmed by the Business with the office of the António Costa, comes to end with the expectation of investors, given that on Monday, the newspaper público reported that it would be this Friday the presentation of the solution. Moreover, the agenda of the agency Lusa reached the point in the presentation to the 18:30 16th of December, that will not happen.
The proposal, which is part of the group that worked on the origin of the memorandum of understanding signed by the Bank of Portugal, the Commission for the Securities Market, the Government (Diogo Lacerda Machado), the BES and the association of victims, provides for the recovery of between 50% and 75% of the value of the investment made by customers of the BES in these debt securities, issued by companies of the Espírito Santo Group as Espírito Santo International and Rioforte.
The difference of the percentage of recovery is related to the size of the investments: who invested 500 thousand euros will receive 75% of the capital invested, up to a maximum value of 250 thousand euros. Those who have applied more than 500 thousand euros will receive half of the capita. A distinction that is not pleasing to investors who invested in amounts greater dimension, as the Business realized.
The recovery will be made over three years, through a vehicle to be established and financed mainly by the Resolution Fund, and passes by the waiver of any legal actions.
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