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The executive president of Novo Banco said, in parliament, that there is an audit of the Resolution Fund for the restructuring of loans pending by Luís Filipe Vieira, the current president of Benfica.
In a hearing at the budget and finance committee, António Ramalho said that the restructuring operations of these credits were “analyzed in detail” and “authorized by the Resolution Fund”.
In addition, he added, “the Resolution Fund has a specific audit to be analyzed in depth. [essa operação] And that’s what’s happening “.
Without referring specifically to the debtor in question, but to the code number of Deloitte’s audit report, Ramalho said that the agreed solution for the restructuring of that debt makes Novo Banco more capable of recovering the debt while at the same time maintaining Garantiza and you have the option to sell the stake.
Luís Filipe Vieira’s debt with Novo Banco was brought to the parliamentary committee by the BE deputy, Mariana Mortágua, who stated that in 2018 the total exposure of Novo Banco to Promovalor (Luís Filipe Vieira’s company) was 760 million euros , having generated losses of 225 million euros.
The blocker also said that in 2014 Novo Banco was a creditor of Luís Filipe Vieira, but that in 2018 it was “already a partner” of Luís Filipe Vieira, because, in the meantime, “gave money to a fund to buy the debts of Luís Filipe Vieira“, this fund managed by a company owned by the son of the president of Benfica.
Still at Benfica, in response to the CDS-PP deputy Cecília Meireles, António Ramalho spoke about the news of a 28 million euro loan from the bank to Benfica’s SAD.
The technician said that he made an exceptional request to Benfica’s SAD to release him from bank secrecy to show a graph showing that the club has been reducing its debt with the bank. “It is unacceptable to penalize a client for an argument that exists on the other side,” she said.
The weekly “Expresso” reported on Saturday that Prime Minister António Costa is part of Luís Filipe Vieira’s honor committee for the Benfica elections in October.
In reaction, the head of government has argued that his support for the re-election of the Benfica president “has nothing to do strictly” with his political life or his functions.
Costa’s support for Vieira generated criticism from various political sectors, since the president of Benfica was one of the biggest debtors of Novo Banco, which has benefited from the injection of public money.
Novo Banco is one of the ‘hot’ topics in the negotiations of the State Budget 2021 (OE2021). In an interview with Expresso this weekend, the BE coordinator, Catarina Martins, said that the party depends on making the State Budget viable, on the completion of transfers to Novo Banco and on the performance of an audit by the institutions public.
Born by resolution of BES (on August 3, 2014), 75% of Novo Banco was sold on October 18, 2017 to the North American investment fund Lone Star, keeping the Bank Resolution Fund at 25%.
At the time of the sale, a contingent capital mechanism was agreed, which provides that in 2026 the Resolution Fund will compensate Novo Banco for the losses on a set of assets that it ‘inherited’ from BES up to 3,890 million euros.
To date, 2,976 million euros have been injected and it could be another 900 million euros.
However, the income from the Resolution Fund (bank contributions) is insufficient to cover the capital injections, so the fund has used Treasury loans every year (of the 2,976 million euros injected into Novo Banco, 2,130 million euros come from Treasury loans).
Without these public loans or any other solution found (such as a bank loan), the Resolution Fund does not have enough money to help injecting capital into Novo Banco.
However, even if the State does not lend money to the Resolution Fund, the capital injections in Novo Banco will continue to account for the deficit, since this entity is within the perimeter of public administrations.
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