Hope for BES investors

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banco santo

According to the proposal for a reimbursement plan of former Banco Espirito Santo clients, recently presented to the Portuguese Parliament by the Prime Minister and the legal team representing the investors, more than half of the losses can be recovered.

It was not the answer that everyone wanted, but it will be the possible solution accepted by all parties involved in the negotiation.

The document, which is the result of many months of negotiations between the Association of Victims of BES and the Portuguese Government , opens the possibility of finding  an agreement  to repay a significant portion of the losses to the  former clients.

The reason is that more than half of the losses would be recoverable.

The team of lawyers involved in the mediation process announced that a total of 286 million euros can be retrieved to repay investors.

The recoverable value is well below the expectations of investors who claimed more than 430 million euros lost by the clients the Banco Espirito Santo

Although not yet known all the details, everything indicates that the proposed solution goes through the recovery of 50% to 75% of the amount claimed, depending on the type of each client investment, which will be paid until 2019.

The claimants are however prevented processing the New Bank or the future owner of the New Bank, Banco de Portugal, Portuguese Securities Market Commission, and the Portuguese State Resolution Fund due to losses in the old BES and Espírito Santo group.

‘’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’

Não era a solução que todos queriam, mas será a solução possível e aceite por todas as partes envolvidas na negociação entre os representantes da Associação dos Lesados do BES e o Governo Português  .

Os resultados de longos meses de negociações permitiram encontrar um entendimento para reembolsar uma parte significativa das perdas de antigos clientes do BES .

Embora mais de metade das perdas sejam recuperáveis no valor 286 milhões de euros o montante  fica bastante abaixo das melhores expectativas de um grupo de investidores que reclamava mais de 430 milhões de euros ao grupo companhias do Banco Espírito Santo.

Apesar de não serem ainda conhecidos todos os detalhes, tudo indica que a solução proposta passa pela recuperação de 50% a 75% do valor investido, dependendo do crédito reclamado por cada cliente, valor que será pago até 2019.

Ficam no entanto os lesados impedidos de processar o Novo Banco, o futuro dono do Novo Banco, o Banco de Portugal, o Fundo de Resolução e  o Estado Português devido às perdas no antigo BES e Grupo Espírito Santo.

Jay Fernandes
Master’s Degree G. Ph. from the University of Lisbon. Academic and teacher. Television , radio and press reporter / commentator

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