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.
If you already live in Portugal, then the banking system and its peculiarities may have surprised you. Having to wait for a long time for the distributor to pay his bills or hurry up before 3 pm to hope that his transfer starts on time, is a common thing in Portugal. But things will change. Indeed, it is now possible to make immediate bank transfers, that is to say in a few seconds. The Bank of Portugal announced on Wednesday 19 September that its payment system already allows immediate transfers, even between different banks. Immediate shipments can be made 24 hours a day, 7 days a week, 365 days a year. Funds are available in ten seconds. The bank supervisor pointed out that adherence to this system is optional on the part of financial institutions. How does this immediate transfer system work? What are the conditions? Bob, the expatriate's assistant in Portugal, tells you everything about immediate transfers.