Edition 1437
19 August 2017
Edition: 1437

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Cost of failed BPN bank climbs to €3.66 billion

by TPN/ Lusa, in Business · 15-06-2017 12:57:00 · 0 Comments

The cost of nationalising the failed Banco Português de Negócios (BPN) has kept on rising and at the end of 2016 it was already more than €3.66 billion, the Portuguese Accounting Court said on Monday.

In a report accompanying the central government spending last year, the Audit Court said the failed bank cost the Portuguese coffers €420 million, but the figures are still not final.
The figures from the end of last year included the nationalisation of the BPN and the running costs of the three vehicles Parvalorem, Parups and Parparticipadas, that were set up to oversee the sale of assets.
The nationalisation was the first in Portugal since the revolution (when they were for political ideals) and has led to a series of court cases.

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Edition 1437
19 August 2017
Edition: 1437

Read this week's issue online exactly as it appears in print.

Twitter