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Today, Parliament approved the blockade proposal to reform the State Budgets that annuls the transfer of 476 million euros from the Resolution Fund to the New Bank, with favorable votes from PSD, BE, PCP and PAN.
It was already at the twenty-fifth hour that BE’s proposal that annulled the authorization of new transfers was approved.
The text was possible despite the votes against the PS, Chega and the Liberal Initiative.
The Resolution Fund planned to inject, according to the State Budget proposal for 2021, another 476.6 million euros into Novo Banco, an amount that, if it materializes, would have a negative impact on the public deficit of around 0.2 % of GDP.
This measure leaves Novo Banco in a very difficult situation to comply with the commitments that the State assumed with the European Commission.
The bank led by António Ramalho needs 476 million and the bank was going to lend 275 million euros of that amount. With this block measure, the Resolution Fund cannot inject money into Novo Banco in 2021 due to losses in 2020, despite the contingent capitalization mechanism.
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