Resolution Fund

A legal case brought by Portuguese bank BCP in 2017 against the architects of the model of sale for Novobanco to US equities fund Lone Star will continue in the courts despite the fact that [...]

In an interview with the newspaper Observador, the CEO of bank BCP has claimed that it “wasn’t the Portuguese tax payers” that paid the resolution costs of Novobanco but rather the banks which [...]

The CEO of bank BPI, João Pedro Oliveira e Costa has criticised an increase on the annual contribution – basically a tax on the banks – that the sector has to pay to fund the [...]

The CEO of Novobanco, Mark Bourke, says he is optimistic that the bank will be able to soon reach an agreement with the Resolution Fund on the contingent capital mechanism. The fund has provided [...]

The Resolution Fund and Novobanco have now reached a “principle of understanding” for the early termination of the Contingent Capital Agreement (CCA), paving the way for the bank’s sale or [...]

Negotiations between the Resolution Fund and the US asset management company Lone Star have stalled over the future of Novobanco. The end of September was forecast as the time when negotiations [...]

Portugal’s bank Novobanco has informed that it was decided at its general shareholders meeting on Friday to reorganise the bank’s respective capital. In a communique posted on the securities [...]

Portugal’s Supreme Court of Justice has ruled that the Resolution Fund – set up in 2014 to manage the toxic assets of failed bank Banco Espírito Santo and provide cashflow to the ‘good’ [...]

The Resolution Fund, which was set up in 2014 to ensure several banks, including Novobanco were sufficiently capitalised, has paved the way for the State to increase its capital share in [...]

Banco Espírito Santo and its replacement Novobanco are the financial institutions that have most benefitted from public funds since 2008. Over 14 years they have received around €8.3Bn from the [...]