Novo Banco

Novo Banco will ask 541 million euros more to Portuguese taxpayers

Novo Banco will ask 541 million euros more to Portuguese taxpayers

Novo Banco, born on the smoking ashes of the BES in 2014, estimates that it has to ask for at least 541 million euros more to the resolution fund in order to be saved. The Portuguese bank announced this need in its report on the results of the first half of this year. On their side, Portuguese MPs approved a draft resolution recommending to the government an independent audit of Novo Banco to know when this bottomless pit will stop. In addition, Novo Banco recorded a loss of 400.1 million euros in the first half of this year, compared with 212.2 million euros for the same period in 2018, which means that the situation is not improving. What is the statement of Novo Banco in the middle of the holidays? Who will pay the bill? Lisbob, the assistant of the expats in Portugal, tells you all about this new loss of Novo Banco.

Novo Banco loses 1.4 billion euros again and all taxpayers in Portugal will have to pay : 140 € per person

Novo Banco loses 1.4 billion euros again and all taxpayers in Portugal will have to pay : 140 € per person

Novo Banco is the "new bank", named after the bankruptcy of the BES, Banco Espirito Santo a few years ago and continues to plague the accounts of Portugal and Portuguese. Indeed BES no longer exists since 2014 but its "new bank" comes losses of 1.4 billion euros and calls for resolution fund under the equity mechanism. More than half of this amount results from losses recorded in problematic assets inherited from the BES, and more than 350 million euros are due to regulatory requirements. But when Novo Banco loses money, all Portuguese taxpayers have to pay. Indeed the Resolution Fund is a fund powered by public money. In total, each Portuguese taxpayer will contribute € 140 to save the Novo Banco again. How will Portugal's finances be impacted? Lisbob, the expatriate assistant in Portugal, tells you all about this new loss of Novo Banco.