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Portugal's Novo Banco leaves 4.4 bln euros behind in BES "bad bank"
August 5, 2014 / 4:37 PM / 3 years ago

Portugal's Novo Banco leaves 4.4 bln euros behind in BES "bad bank"

LISBON, Aug 5 (Reuters) - Novo Banco, the ”good bank“ carved out of Portugal’s troubled lender Banco Espirito Santo on Sunday, has started with assets worth 59.6 billion euros ($79.6 billion),” Novo Banco said on Tuesday, implying 4.4 billion euros have been left behind in the “bad bank.”

The finances of the bad bank are of crucial importance to BES’s shareholders and subordinated bondholders whose faint chances of recovering any cash hinge on whether the bad bank can recover any money from its exposure to the crumbling financial empire of the banks’ founding Espirito Santo family.

Total liabilities stood at 58.2 billion euros, including almost 32 billion in clients’ funds, mainly deposits. Senior debt liabilities stood at 8.06 billion euros, the same as in the old BES. (1 US dollar = 0.7483 euro) (Reporting By Andrei Khalip; Editing by Erica Billingham)

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