‘Saving BES costs 4.9 billion’

Published on 4 August 2014 at 09:47

Cover

Portugal Central Bank announced on 3 August its plan for the rescue of Banco Espirito Santo (BES). BES “Is accused of persuing ‘fraudulent financial transactions’” writes Jornal de Notícias, and has been involved in many recent scandals that led investors do flee. To the point that losses in 2014 first half were €3.58 billion, while shares fell by 73 per cent last week.
BES will be split in two entities, explains the Lisbon daily: Novo Banco, which will get the bank’s “healthy” assets and where the state will inject €4.4 billion of public funds taken from the ECB, EU, IMF Troika, plus €380 million from the Portuguese Banking Resolution Fund and €120 million from other banks; a “bad bank” will contain BES’ toxic assets.

We hope you enjoyed this article.

Would you consider supporting our work? Voxeurop depends entirely on subscriptions and donations from its readers.

Discover our offers from €6/month including subscribers-only benefits.
Subscribe

Or make a donation to bolster our independence.
Donate

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support border-free European journalism

See our subscription offers, or donate to bolster our independence

On the same topic