Former BES clients: Portuguese government postpones the announcement of their decision
The solution would be announced this Friday but the Government should have postponed it to the upcoming week.
The solution the Portuguese government promised to the former clients of Banco Espírito Santo (BES) – which should be announced this Friday – it was postponed, “most likely”, to the upcoming week, ECO knows. The Portuguese online newspaper Observador and the newspaper Público disclose that the former clients of BES could recover between 50 and 75% of the amount they invested in the bank.
Those amounts, financed by a fund specially created to solve the issue, will be paid in different tranches between 2017 and 2019. This special fund will be a bank loan that should have the State’s guarantee and a counter guarantee from BES’ resolution fund. This assures the solution will not have consequences on the fiscal deficit.
Over the last few months, António Costa, the Portuguese prime minister, attempted to reach a solution for the former clients of BES, who suffered many losses from having purchased commercial paper as a financial product from a bank that eventually went bankrupt in the summer of 2014.
