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The administration of the Novo Banco and the Fundo de Resolução accumulated divergences as the calls for capital under the contingent capital mechanism approach the maximum limit of 3.89 thousand million euros.
There are two hundred thousand differences that will be discussed in the Arbitral Tribunal, now for the possibility of the Conselho de Administração do Novo Banco ter um bónus no fim do period, or that it obliges or bank to constitute a provision that consumes capital, that opós o Banco ao Fundo de Resolução. An institution led by Luís Máximo dos Santos discounted these 2 milhões de euros na injeção que fez o Contingent Capital Mechanism for every few losses of 2019. A notícia foi Avançada Pelo Expresso do last Saturday.
O Novo Banco propôs em 2019, on a deferred and conditional basis, or payment of a variable remuneration to members of the executive administration not worth 1,997 thousand euros, “em função da avaliação individual e coletiva da sua performance”, second or relatório e contas.
A possibilidade da administração executiva led by António Ramalho ter bónus no fim do period “auouto muito devido à boa performance do banco”, second source next to the process, and by isso criou-se a provisão (previously da crise do Covid) which affected or capital. A decision to pay no future bonds was made by the Comissão de Remunerações do Novo Banco.
Why is that Comissão de Remunerações propôs um bónus? Because or bank conta ja j ter turnaround the bank never ends this year. This is before the Covid-19 pandemic that chegou em março. Remember that in February a prioridade da administração do banco was clean or balance in 2020. Isto é or disappearance do legacy.
“When 11.8% of NPL was feared, [mal parado] Depois do enormous work, which is not parallel in Europe gives a reduction of 36.6% to 11.8%, we are still not. We will only be when this value is less than 5%, because that is the estimated value of the Central Bank of Europe for high quality banks ”, disse em fevereiro or president of Novo Banco (formerly of the Covid-19 crisis).
More with the credit of Covid or the ECB recommending or no payment of bonuses, in line with the recommendation that it be on the distribution of dividends to the shareholders até, less than 1 of 2020. O Central Bank of Europeu (BCE) recommended at the same time. Take the bonuses that the banks pay to the respective administrations, due to the economic impacts of Covid-19, and admit to intervening with the banks not demonstrarem “extreme moderation” not payment of bonuses.
Ora o Fundo de Resolução, led by Luís Máximo dos Santos, and as disclosed or Expresso, achou that to provision was excessive and resolved to pay, assuming also about 2 milhões de euros à capital injection that meanwhile was foi feita ao Novo Banco, transferring no 1,037 milhões de euros, as announced, plus 1,035 milhões de euros.
O dinheiro was transferred this week to o Novo Banco pelo Fundo de Resolução (entity financed by the banks that operate in Portugal, but as a public entity that consolidates public accounts). A transfer is due to the shelter of the agreed mechanism in the sale of the Novo Banco à Lone Star (in 2017), by which Fundo de Resolução compensates or bank for loss of assets such as the resolution of the BES, or to balance the capital ratios do bank.
As the Fund of Resolution in the totality of money to fulfill this agreement, it covered a loan from the State, which is not planned by the State Organization, of 850 milhões de euros.
Segundo o Jornal Economico knows the 2 milhões retired à verba to inject not Novo Banco não abateram ao borrowed from the State, hair that barely poupou as recipes do Fundo.
Upon authorization of a new transfer of 850 milhões para o Novo Banco, it was given last week by the Minister of Finance.
A injeção feita no Novo Banco segue or that there is a predefined contract of sale of the banking institution. The bank was sold in 2017 and there is a contract that establishes that, through a presentation of the Novo Banco accounts and sepois audited by the Novo Banco auditors, verified by the verification agency (Oliver Wyman), validated by the acceptance commission and approved Hair Fundo de Resolução, there is a place for capital injections.
Or access to or called Contingent Capital Mechanism also has a balance of 913 milhões de euros that can be used in 2026, to cover the fairness of the BES season.
Outras divergences between o Novo Banco and o Fundo de Resolução
But this is the only difference between the administration of António Ramalho and the Fundo de Resolução.
In 2019, or Novo Banco asked to deixar or transitory regime of IFRS 9 (international accounting standards) to which it has added in 2018. A change in IFRS 9 standards is related to the constitution of fairness, which will be constituted for Losses expectáveis ao longo gives life two credits and não for effective losses, as it was before. Pray, or isto cliff will cause a sudden increase in the expected loss estimates (Expected Credit Loss – ECL), or that it will cause an abrupt and significant decline in two regulatory capital ratios Common Equity Tier 1 (CET1), leading to the Fundo de Resolução object. In this case there are 200 milhões that will be able to aggravate the so called capitals.
António Ramalho hopes to win the Arbitration Tribunal, which is, or is, de facto of the Central Bank of Europe (ECB), given the green light to this move (leaving the transitory accounting regime, which limited or impacted the capital ratio regime at 2023, to At full implementation, in that phase there is no immediate impact).
Other minor differences refer to the sale of credits. Just as the CEO of the Novo Banco recently revealed more than 20% of the sales in which the Fundo de Resolução had an intervention or a negative or corrective action, some with recommendations.
As he has already done, the credits include Ongoing (by Nuno Vasconcellos), da Prebuild (by João Gama Leão), da Sogema, do Grupo Tiner, do Grupo Tricos e Fundo de Investimento Tavira foram withdrawn from pacote Nata II of NPL credits that or a bank that sells to a North American estate, or Davidson Kempner, by decision of the Fund of Resolution. Because this understood that what was offered was not what offered the best prospects for maximizing value.
O Novo Banco signed off on the loans and will go to court to recover them, but the bank administration considers that it has been a good option. From a liquid point of view it represented about 30 milhões.
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