Nearly half of Novo Banco’s overseas account holders have accepted the weak solution offered by the bank’s management.
Of the approximately 8,000 customers owed €700 million and registered as living outside of Portugal, 3,500 with deposits in the Poupança Plus and Top Renda offerings have gone for the offer proposed by Novo Banco boss Sock da Cunha.
Of the approximately 8,000 customers owed €700 million and registered as living outside of Portugal, 3,500 with deposits in the Poupança Plus, EuroAforro8 and Top Renda offerings have gone for the offer, according to the bank's management.
However the movement representing those customers affected say the bank's statement today is lie and deliberate misinformation.
In addition to the criticism of Novo Banco, the depositors criticised the media, which "apparently prefers to print press releases sent by Novo Banco and the Bank of Portugal rather than doing any a real research work."
The movement stressed that it’s interesting that the misinformation went public on the eve of a demonstration aimed at the Ministry of Finance.
The difference of opinion starts in the 50% claim by the bank.
Novo Banco may well have signed up over 50% of the people affected but for the extended repayment scheme to go ahead the bank needs to sign up depositors representing over 50% of the money involved, not just 50% of the victims.
“This goes for each of the investment vehicles, not the whole of €720 million,” according to the movement’s Facebook page.
The complicated reimbursement scheme proposed 90% of their money back spread over six years by buying bonds in Novo Banco which mature in 2049.
Luís Marquês, of the Novo Banco emigrants action group said the proposal "is extremely complex" and that for customers over 60-years-old, the proposal does not makes sense.
”Emigrants are being turned over for the second time," said Marquês.
According to the migrants’ movement the pressure they have been put under to sign the necessary paperwork has been great, although they have until August 31 to do so.
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Salazar's equivalent lock down of Portugal for most of the 1900's.
Salazar´s Estado Novo existed from 1932 until 1974, which looks like 42 years. Along time certainly, but not most of the 1900s.
Anyone familiar with today's North Korean 'secrecy' and internal oppression should be aware of Salazar's equivalent lock down of Portugal for most of the 1900's.
Whose activities also included 'Divide and Rule' as we see here. Not just separating the BES / GES lesados but now inventing a figure of half have accepted this 90% payback over 34 years. So the rest, told there is limited money in the pot - now feeling pressured not to fall behind.
There is also the very real likelihood that this 'futures obligation' will be traded on by the new Novo Banco owners. Perhaps several times. Even bundling it in with other 'toxic assets'.
Ending in 2049 with some 3rd World joker announcing he had no idea this obligation to pay back GES / BES lesados was bundled in with his other investments - and, anyway, he is declaring bankruptcy as its none of his business to pay up.
The lesson to lesados here must be - Piggyback on Goldman Sachs claim ... it is in a UK court so totally oblivious to any Portuguese elite interference.