The Prime Minister admitted today that may arise burden on taxpayers of the solution found for BES, CGD due to participation in the resolution fund, but returned to find that the decision was the best option possible.
“To the extent that there is a public bank that participates in this fund [resolution] and this responsibility clear that bank [CGD], like other private, bear any losses. In this sense, indirectly there may be some loss, “Passos Coelho said today to reporters at the end of the Employment Summit in Milan, Italy.
Also today the Minister of Finance, Maria Luís Albuquerque, admitted in Parliament that banks participating in the Resolution Fund that owns the New Bank (which holds the assets not considered problematic BES) may well have to take losses if the CGD, so the limit taxpayers may be required to pay part of the intervention in BES.
At issue are the € 4.9 billion (of which EUR 3.9 billion state loan) Bank Resolution Fund that were used in the capitalization of the New Bank. If the New Bank will be sold for an amount of EUR 4.9 billion below these, according to the model found for BES will have to be banks participating in the fund to bear the losses, and one of these banks is the public Caixa Geral Deposit.
“If there is any prejudice resulting from the operation of the sale, that loss will be borne by the financial system that is who contributes to the Resolution Fund,” Passos Coelho said in Milan, said that however, as Finance Minister, if would not pronounce on the future operation of sale of New Bank and the value that can be achieved.
The prime minister also made sure to emphasize that the solution to the BES, in early August, “is the one that best protects the interest of taxpayers and avoid any more negative consequences to taxpayers of a more problematic financial situation around the issue of Banco Espírito Santo “, considering that it is not bought with past interventions in banks, referring to the nationalization of BPN.
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