Cost of BPN nationalisation tops €366 per citizen, and continues to rise

Most people have forgotten what the BPN banking scandal was all about, but seven years on the costs of bailing out the bank run by convicted fraudsters is still weighing on everyday citizens.

According to Expresso, as of last year, the bank’s nationalisation had cost the country 3.66 billion – that’s €366 for every Portuguese inhabitant.

The paper adds that this is by no means the end, either.

“The bill could continue to rise because the Accounts court has still not received data from Parvalorem, Parups and Participadas – the vehicle-societies created to run the assets of the bank considered toxic”, says the paper.

In 2015, these three societies pegged over €2.2 billion in negative capital – “charges that could end up being supported by the State in future”, it adds.

BPN was nationalised in 2008 – leading to a number of high profile court cases, the latest of which saw former president Oliveira da Costa sentenced to 14 years behind bars, although he and all his other fellow defendants remain scott-free (click here).

[email protected]ão da Caixa Geral de Depósitos (CGD), o BPN foi vendido ao Banco BIC Português, entidade de capitais luso-angolanos.