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This Tuesday, Banco Novo reacted to Deloitte’s audit report on the management acts of BES / Novo Banco, which was delivered this morning, after midnight, to the Ministry of Finance.
The financial institution led by António Ramalho says that it has already “taken note of the report” and highlights that “the final document transmits the clarity and collaboration in which the analysis process was developed and confirms the transparent and competitive way in which Novo Banco It has been recover your balance ”.
Novo Banco also cited the statement issued by Finance, around 1 am, in which they announced that they had already received the audit, and stressed that the report “shows that the losses incurred by Novo Banco were mainly due to exposures to assets that originated during the period of activity of Banco Espírito Santo and that were transferred to Novo Banco within the scope of the resolution ”.
In another quote from the guardianship declaration, Novo Banco points out that Deloitte concluded that there were “serious weaknesses and deficiencies in internal control in the period of activity of Banco Espírito Santo until 2014”.
Regarding the internal control of Novo Banco, the financial institution highlighted that the audit confirmed “the progress” of the bank that was born after the BES resolution.
The bank also added that it is “fully committed to continuing the path that will allow it to fully comply with the indications mentioned in the audit report.”
“The analysis shows the importance of asset disposal processes for the recovery of Novo Banco’s balance sheet. The operational improvements achieved place Novo Banco in a solid position that allows it to support its clients and the Portuguese economy at this critical moment in our collective life, ”said the financial entity led by António Ramalho.
The Deloitte report covers a period of 18 years, from January 1, 2000 to December 31, 2018, for which the management acts of BES and Novo Banco were audited.
Regarding the analysis period of Novo Banco, between August 4, 2014 (one day after the resolution of BES) and December 31, 2018, Deloitte concluded that this credit institution incurred net losses of 4,042 million euros in 283 operations.
Three blocks of management acts of Novo Banco practiced in that period were analyzed. 201 credit operations were audited that generated losses of 2,320 million euros, 26 operations with subsidiaries and associates that caused losses of 488 million euros and 56 operations with other assets that generated losses of 1,234 million euros.
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