PS wonder if solution for the New Bank emigrants may fall by the wayside – Jornal de Negócios – Portugal

There, on the table, a solution for migrants who have invested in BES products or its subsidiaries. But the demonstrations continue, since many refuse the proposal. The PS claims to know the details.

“The Bank of Portugal considers whether or not the resolution of this problem is essential to restore the confidence of immigrants in the Portuguese financial system?” This is one of the seven questions that the Socialist Party puts the finance minister, that this head Carlos Costa, Governor of the Bank of Portugal, under the emigrants investors who bought products in Banco Espírito Santo branches and whose solution is currently be proposed.

There is already a solution presented by the New Bank to these investors but not all migrants intend to accede to it, as it does not guarantee a return all the capital invested immediately. Hence migrants investors have been showing in recent weeks. The PS wants to know the details of the offer and wants to know if, being rejected, migrants may be left with nothing.

“The Bank of Portugal admits, in any situation, that the emigrants (…) can not come to receive your proposals? “they ask the Socialist deputies Paulo Pisco and Pedro Nuno Santos, still questioning what is the supply and what degree of acceptance required for it to go.

In July, it was presented to solution for migrants who have 720 million invested in three vehicles: Savings Plus, Top Income and Euro Savings. Your payment was made possible because Credit Suisse, which had built them, took over the mandate necessary to deconstruct and allow calculating the amount to which each investor was entitled. The vehicle EG Premium, on which the Swiss bank assumes no liability, has no proposal for associated solution.

Initially, the idea was that, for the proposal to be attained, would require approval of more than 7,000 customers not resident in Portugal. On August 1, Lusa advanced that a third of customers had given its approval.

As it is defined, the solution is for the full repayment of the investment after six years. In the short term, it will only be available 60% of the capital. So that investors have access to all the money immediately, they have to take losses of up to 40%.

The new step in the return of savings by emigrants occurs after, still in 2014 the New Bank has already created solutions for applications in BES’s debt made through so-called commercial series and discretionary portfolio management. Missing continue investments in commercial paper companies of the Espírito Santo Group made to the BES counters.