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Portugal banks to work for swiftest sale of new BES -association
August 6, 2014 / 6:00 PM / 3 years ago

Portugal banks to work for swiftest sale of new BES -association

LISBON, Aug 6 (Reuters) - Portuguese banks will work jointly with the authorities for the swiftest sale of the new, healthy bank carved out of the troubled Banco Espirito Santo, the head of the Portuguese Banking Association (APB) said on Wednesday.

Fernando Faria de Oliveira told Reuters in an email the intervention to rescue one of the country’s largest lenders that involved an injection of 4.9 billion euros ($6.56 billion) mostly in state loans, was positive considering BES’s systemic importance.

He also said that banks, who finance the bank resolution fund that received the state loan and is the formal owner of Novo Banco, have proposed to make an additional contribution to reduce the amount of state aid to 3.9 billion euros from 4.4 billion. (1 US dollar = 0.7472 euro) (Reporting By Sergio Goncalves, writing by Andrei Khalip, Editing by Louise Heavens)

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