two months ago that the New Bank is unable to negotiate the sale of your property portfolio by at BES resolution process, not the legal mechanisms that enable the achievement of transactions have been safeguarded. This situation is generating blocks the activity of the Bank and New problems who is the buyer’s side.
processes open at BES for the acquisition of real estate by 3 August (when it was operated upon and split into two institutions), are paralyzed since then, although they were transferred to the sphere of the New Bank (which received good) assets. Similarly, customers who intend to submit offers are facing the same administrative barriers.
At issue is the lack of registration in the Tax Offices of the transfer of assets to the BES new bank, which now has ahead Eduardo da Cunha Stock. Not only notaries to resist ongoing operations, such as registries hamper the settlement of the IMT.
“The difficulties are total and businesses are paralyzed,” said a source who has been waiting for two months green light to formalize a deal with the New Bank. It noted that “all scripture and contracts are not being made, because the New Bank is unable to sign.” Responsible for another industry, questioned yesterday by the PUBLIC, “What is shocking is that in such a case, where there is concern retrieve a bank, the authorities [Government and Banco de Portugal] have not cautioned for months and the situation is has been waiting for a solution. “
PUBLIC tried to get clarification on the subject with the Bank of Portugal who was not available to respond. Already the New Bank considers the theme “outdated.”
In August, when there was a division of BES in two (bank “toxic” and New Bank), swing over to the New Bank about 15 thousand properties (such as buildings, apartments and land, largely received in payment for subsequent sale) valued at approximately EUR 2 billion. Although recorded in the balance, end up can not be traded, so technically become a dead asset, with negative implications in the accounts.
Meta 500 million
One of the problems in recent years helped to deteriorate the accounts of banks, especially the BES, given the economic framework recessive, was precisely the great exposure of the institution to the property. What led in 2013 the bank still chaired by Ricardo Salgado to make a provision for loan impairment of € 1.4228 billion.
In 2013, BES sold 3462 properties with a cash inflow of EUR 444 million and a gain of 500 000 euros. The target set earlier this year for the current year indicated a value of around 500 million euros. The sale of the assets thus appears as a way to balance the bank accounts through the fitting of funds and especially by removing impairments.
Since August 3 that the New Bank is owned by the bank resolution fund, managed by the Bank of Portugal, but anchored in the remaining banks in the sector who are called indirect and direct way to recapitalize the good part of old BES. The Portuguese Association of Banks (APB) announced that only the CGD (CGD), BCP, BPI and Santander Totta took firm funding of € 635 million. The total amount injected in the New Bank was EUR 4.9 billion (of which the state borrowed 3.9 billion).
A lack of information about the true situation of the institution led by Eduardo Stock da Cunha, who has not released an update of its balance sheet, is also reflected in the rest of the sector, as banks that contribute to the Resolution Fund have been partially or 100% provision that the funds injected.
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