After months of agony, protests and behind-the-scenes negotiations, the roughly 2000 “damaged investors” who lost life savings in the collapse of BES have reached a deal to recover “more than half their money”.
According to Dinheiro Vivo website, the deal covers 90% of those affected, and will see the first tranche of payments going through in 2017. The rest will take place over a period of three to five years.
Prime minister António Costa is expected to make an announcement about this ‘solution’ on Friday.
DV explains that people originally ‘fleeced’ of investments in Espírito Santo commercial paper will receive percentages of their capital, depending on how much money was involved. Those with up to €500,000 invested will get 75% “up to a value of €250,000”, and those with more than €500,000 invested will get 50%.
There is no ‘limit’ to the 50% deal, says the website. In other words, someone with €800,000 invested stands to receive €400,000. But the solution will see some of the ‘smaller’ investors coming off the worse.
The pay-back will not affect the deficit, however, as the money will come from the (in) famous Resolution Fund “supported by the largest banks” in Portugal – none of which, it has to be said, are in a particularly healthy position.
THIS IS JUST THE BEGINNING, VOW CAMPAIGNERS
But as this story began to gain traction, campaigners have told TSF radio that this is simply the first major victory in a battle designed to recover all the money invested.
Lawyer Nuno Vieira Silva said his clients now have a list of the 87 people they can sue over the loss of their savings, and will be continuing to push in this regard.