Banif collapse victims seek urgent meeting with bank regulator

Hope at last for the ‘association of the damaged’ taking bank regulators to court over the chaotic collapse of Banif bank in December 2015

ALBOA (the association’s acronym) has been buoyed by the recent declaration that there is the political will to find a solution for its members.

The assurance came from prime minister António Costa when he visited Madeira (Banif’s former HQ) last week.

Thus now the pressure for an urgent meeting with bank regulator CMVM (Portugal’s securities and exchange commission) to find out more.

Costa’s actual words were heartening. He recognised Banif clients’ as being “a group of honest people who put their trust in a system that cheated them”.

This is exactly ALBOA’s case (click here). The group maintains the bank’s aggressive sales tactics at a time when it knew perfectly well its bonds were worthless was a “true scandal”.

Madeiran website dnoticias describes situations where country people were persuaded to part with life-savings by bank employees who approached them while they were out in the fields tending cattle.

Dnoticias adds that for ALBOA’s members, recognition by the CMVM that “misselling” (the negligent sale of bank products) took place is crucial for their cause, as it will “help them eventually be reimbursed” – though from which source remains a mystery.

Banif’s ‘good bank’ was taken over by Santander Totta in what was described as a “disastrous sale” that “hides €79 million in court actions” (click here).

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