As a parliamentary committee looks into the massive losses of Novo Banco – described recently by the former governor of the Bank of Portugal as “a basket of semi-rotten fruit” – the bank’s executive president António Ramalho has admitted that it may be necessary this year to request “another €100 million or so” in capitalisation from the Resolution Fund (which will have to borrow this money from the government, ergo taxpayers). Mr Ramalho stresses the capital “won’t have anything to do with the bank’s results this year (in which it actually hopes to make a profit) but with the IFRS 9 accounting regime”. The Resolution Fund is still considering what money it will plough into Novo Banco this year. The bank has requested €598.3 million (click here)
March 16, 2023 Edition
PORTUGAL RESIDENT
Printed Edition
