The deadline to join the solution or to revoke it ended on 18 September, according to the terms published by the CMVM on 3 September this year.
Novo Banco’s solution foresaw the customers signing a document so the bank and Credit Suisse could annul the financial vehicles. Only after that was it possible to guarantee at least 60 percent of the capital invested and liquidate it or an annual deposit over six years that expects to recover at least 90 percent of the money invested.
O Novo Banco has been resolving situations left over with customers’ investments that were ‘frozen’ by the Bank of Portugal resolution for BES that had BES senior debt underlying assets, which were transferred to Novo Banco.
On 3 August 2014, the Bank of Portugal took over the reins of BES after it had presented net half-yearly losses of €3.6 billion and split the institution into a bad bank with all the toxic assets and liabilities (a vehicle which is still called BES, and where the shareholders are corralled) and a good bank, although it is only transitory, called Novo Banco.