The BCP board of directors took a decision we believe is most balanced. With the information we have about the operation, which is not complete, we consider it is very important to clarify a legal question, but they have not asked to suspend the operation, the BCP boss said.

What is in question is the fact that in the agreement to sell 75% of Novo Banco to Lone Star, the bank resolution fund may be called to inject up to €3.89 billion into Novo Banco for losses that are recognised with the so-called toxic assets (non-performing loans and real-estate) and the sale of non-core operations that alter the bank’s capital ratios.