Described as a solution for “85% of the 2,100 private investors” who lost combined fortunes in the BES banking collapse, a mechanism is now in place to action reimbursements. The ‘deal’ agreed by bank regulators, the government and those affected by the scandal hinges on people who want their money back lodging legal claims through the courts. If not in place already, the claims must be actioned by August 1.
According to press reports, the deal involves the setting up of a fund from which damaged investors who purchased commercial paper in BES and other Espírito Santo Group companies will be compensated by up to 75% of their original investments.
For further details, former BES clients should consult: http://lesadosnovobanco.com/
As the group’s indefatigable leader dentist Ricardo Ângelo told financial website Económico: “Finally, after 11 meetings, we can see that dialogue in this country has started to create consensus.
“With good will anything can be achieved and in a positive environment we have come up with a final document to minimise the losses of investors in BES commercial paper.”
According to Económico, the fund – created with money from the Resolution Fund (backed by Portuguese banks) and the FGD (Fundo de Garantia de Depósitos) – will have to run to at least €250 million and payback will take years.
“For now and in the immediate short term, the objective is an initial (cash) advance to cover the needs of commercial paper holders in greatest difficulties,” writes Económico.
“The rest will be paid over a period of between five and 10 years.”
