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Dear Sir,
In regard to your complaint submitted to CMVM (Comissão do Mercado de Valores Mobiliários), on 17 April 2015, about Novo Banco, SA, as well as expressing regret at what has happened, we inform you that taking into account what was decided by the Portuguese Central Bank (Banco de Portugal) on 3 August 2014, your position as a shareholder stays with the Banco Espírito Santo, not being transferred to Novo Banco, SA.
Let us stress that the resolution measure applied to BES was decided by Banco de Portugal, and it consists in transferring of most of its business to a bridge bank, the so-called Novo Banco, SA, specifically set up for this purpose, where the shareholders of Banco Espírito Santo primarily bear the burden of losses arising from the financial imbalance of Banco Espírito Santo, SA.
As a shareholder you will have the rights granted by the Directive 2014/59/EU. This Directive provides that the EU Member States shall ensure that, if the resolution authorities transfer only part of the rights , assets and liabilities of the institution , shareholders and creditors whose claims have not been transferred may not be worse off than they would have if the institution had been liquidated under normal insolvency proceedings . What is the case of BES .
EU Member States must ensure that an assessment is carried out by an independent person as soon as possible after the resolution measure take effect (this evaluation is done in a settlement view and therefore distinct from made for the purpose of resolution).
The Directive also establishes that the possible positive result of the sale of the transition bank (in this case the Novo Banco, SA) accrues to the shareholders and creditors of BES.
From the application of this framework will result the amount of compensation which may be due to BES shareholders
This Commission will, within its legal powers, strive for defending the interests and rights of investors, to ascertain any violations that have been committed and strive for their sanctioning.
We hope this information suffices. If you have any further queries, please feel free to contact us.
Yours faithfully,
12/04/2016
Luís Guilherme Catarino – Diretor-Adjunto Eduardo Fonseca – Jurista
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