Pensions for Salgado management create 13.5 million hole in BES – Jornal de Negócios – Portugal

The BES “bad” has no money to ensure the pension costs of former managers. This is one of the points that weighs on other liabilities, jeopardizing the financial position.

The former managers of Banco Espirito Santo are at present a burden to the heritage of the designated bank “bad”. In particular, their pensions.

According to its initial balance, the Bank Holy Spirit (the entity who inherited liabilities and assets considered troubled bank with the same name), has 13.5 million euros to pay administrators. Money that does not have.

In the resolution of the BES, August 3, 2014, the Bank of Portugal decided that the responsibilities related to former directors who could have been the source of problems in the bank would be transferred to the bank “bad” . But only in February last year there was a clarification: these responsibilities included the “burdens of the duty to [the bank] make contributions to pension funds for the benefit of the persons concerned and include the responsibilities for pensions or pension supplements Reform of BES administrators concerned “, beyond what was already established in the employment agreement.

In March, the Morning Post reported that the New Bank, the bank” good “, had discounted 13 million, in five months, to fulfill its commitments to reform. But the governor wanted to transfer to the bank “bad”

Two months later, in May, there was an assessment that determined what it would cost to BES its participation in pension payment plan administrators:. Was ” given a funding gap of the Plan Administrators responsibilities in the share of BES 13,511 thousand euros. ”

This value is entered in the liabilities section (the part of the BES responsibilities), reaching 2.6 billion euros, according to the balance sheet, whose reference date August 4. In contrast, BES has assets of 193 million euros, which opens a hole in the creation of 2.4 billion euros. Ie hardly one payment will be assured.

In liabilities, and therefore undermine the institution’s own capital, there is also another indicator that may be being affected by elements linked to the administration of Ricardo Salgado. There are 7.3 billion euros in deposits, both the order and the time, which are members of management or supervisory bodies of the old BES or shareholders who had more than 2% of the bank.