“The sale of the stakes by the Resolution Fund and the State marks the culmination of a very complex, sometimes painful process that tested all those involved in one way or another and will remain in the history of the Portuguese financial system,” reiterated during the signing ceremony of the agreements for the Portuguese State and the Resolution Fund’s adherence to the sale contract of Novo Banco, in Lisbon.
For the official, this sale is “much more than a financial operation,” serving as “the best demonstration of the progress achieved by the Portuguese banking system in recent years.”
Additionally, it demonstrates “that Novo Banco has successfully completed its restructuring process, a result that, it’s worth recalling, many did not believe in a few years ago.”
Máximo dos Santos also highlighted that this sale will allow the Resolution Fund “to recover a margin of the amounts applied in the financing of Banco Espírito Santo’s resolution, thus enhancing the fund’s capacity to repay debt.”
“This is a step ensuring that the resolution of BES will, in the long term and securely, have a neutral impact on public accounts, although it is necessary to acknowledge the opportunity cost borne by the State, the proceeds from this sale bring the objective of financial balance closer,” he concluded.
