Novo Banco damage limitation exercise rakes in €717 million

Novo Banco’s new white knight, Eduardo Stock da Cunha, is in good odour this week as a damage limitation exercise has seen him rake in €717 million from BES loans to Angola. It was money, news sources explain, that everyone else had written off. According to reports, the funds will be ploughed into the ‘good bank’ which Stock da Cunha has been hired to sell, as quickly as possible.