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Portugal rescues BES with €4.9bn coming from Troika’s bail-out

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20140804 CARLOSCOSTA

Posted By: The Corner 4th August 2014

The Bank of Portugal’s Resolution Fund will get the money from a loan with money coming from the remaining € 6.2 billion from the Troika’s bail-out. Therefore, BES shares would be delisted and as the Bank of Portugal’s governor Carlos Costa insisted, this plan will not cause any harm to the taxpayers of the country. As a result, the full contribution of shareholders and of subordinated debt holders to the losses of BES will be ensured in accordance with the burden sharing rules set out in the Commission’s 2013 Banking Communication,” says the European Commission in a press release.

 

Check out EC’s press release for further information.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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