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On 17 February , the Bank of Portugal therefore informed the remaining investors about its preliminary decision of not selecting them, offering them to provide comments within 3 days. On 20 February , the Bank of Portugal selected41 Lone Star for a concluding round of exclusive negotiations. Since the non-selected investors did not submit any response within the 3 day hearing period, on 3 March , the Bank of Portugal converted its preliminary decision into a final non-selection decision.

However […] later informed the Bank of Portugal that the contacts with […] did not lead to a partnership. On the same day, the Portuguese Authorities informed the Commission that — while the result of the LME fell short of the objective to generate capital in the form of a direct increase in capital and interest savings of at least EUR 0. Correspondingly, they were deemed to be an existing aid measure, and not subject to approval in the Decision. The measures 62 In its Decision, the Commission approved the extension of the deadline to sell Novo Banco, or to wind it down otherwise, by one further year, based on a revised set of commitments that replaced the commitments submitted in The extension could not be done under the Portuguese Guarantee Scheme, as the conditions of the scheme made it accessible only to credit institutions without capital shortfall.

However, as announced on 14 November Novo Banco had a capital shortfall under the adverse scenario of the comprehensive assessment. The measures 3. Measure 1: the Contingent Capital Agreement 65 Due diligence by Lone Star of the top 44 assets and a number of granular core and non-core loans, for a total gross book value of around EUR [] billion has […] revealed significant uncertainties as regards adequacy in provisioning. Shareholders Agreement45, Portugal set up a Contingent Capital Agreement CCA 46, which allows Lone Star as buyer to reclaim funding costs, realised losses and provisions related to an ex-ante agreed portfolio of existing loan stock, subject to a capital ratio trigger and some additional conditions.

This is to take into account that Lone Star performed its due diligence on data from the first half year results of They will attend the Board Meetings of Novo Banco without voting rights. See also recital 57 As long as this additional capital increase has not been made, the CET1 level that triggers a contribution by the Resolution Fund under the CCA will be lower. The higher the remaining ratio, the earlier the date. In addition, if CCA losses have exceeded EUR […]and an independent valuer assesses that the loss amounts will exceed the CCA cap by more than EUR […], the Governance Exchange Date becomes the date after receiving this assessment by written confirmation which could thus be before […].

Measure 2: the Tier 2 underwriting 79 Novo Banco will issue, to the extent that additional capital is required, up to EUR million of Tier 2 instruments to third party investors. If AT1 capital instruments will be used, they will be either issued to the market and carry a coupon that may be fully paid by Portugal or underwritten by Portugal directly.

It will communicate timely to its clients and fine-tune its strategy for FTE redundancies or transfers to core units. Where needed, it will make a market value assessment to gauge the best options for disposal in negotiation with potential buyers. It will define and prioritize cross-selling initiatives with a focus on […] clients.

It will reduce large exposures as part of its overall strategy In order to achieve this, a commercial strategy […]. The bank will also implement a longer term strategy to obtain the right mix of liabilities. The total FTE number will be reduced drastically through both natural attrition and redundancies. This will include a revision of the organizational model for central services. The branch network will also be reduced. The bank intends to exploit additional cost cutting opportunities in the IT structure and in procurement processes while supporting the necessary digitalization upgrades.

The bank will also revise its governance model and its Risk Assessment Framework. In addition, since , it has actively tried to reduce credit exposure to large tickets and distressed sectors with implementation of limits to credit underwriting, as part of a wider effort of asset portfolio deleveraging. Any new large loan exposure bigger than EUR […] million will require extensive review and Risk Committee board approval.

This assumption is underpinned in the plan by the description of the methodologies applied by Lone Star to i assess the risk profile of the nonCCA assets of the bank, which are assessed in the plan as being of significantly better quality than the CCA assets, and ii estimate the risk profile of the new loan production, deemed to be of even better quality.

EUR [] billion in the Worst Case, vs approx. Table 1 — Restructuring plan baseline scenario, main financial projections. Existence of aid, its necessity and compatibility 98 According to the Portuguese authorities, the notified measures are necessary to ensure the successful sale of Novo Banco to Lone Star. The Portuguese authorities state that until the conclusion of the sale, Novo Banco remains a transitional institution, constituted under Article P, so that the respective legal framework remains fully applicable.

Therefore, the additional aid measures notified by Portugal in the context of the sale are to be considered in the framework of the ongoing resolution process. If Measure 2 leads to a cash outflow from the Resolution Fund, the cash available under Measure 1 is reduced to ensure that the combined cash payment can at no point in time exceed the maximally committed EUR 3. Commitments by the Portuguese authorities The Portuguese authorities submitted the following commitments, as detailed in Annex I to the present Decision.

Those commitments supersede those attached to the Decision and the Decision as of the date of the present Decision. The restructuring period extends to the end of but can be prolonged if certain measures are not implemented in time as specified in the relevant Commitments. Structural commitments Novo Banco segregated its existing activities into two parts, the so-called Core Unit and the Non-Core Unit.

Those units are not separate legal entities, the funding, liquidity and solvency will be shared across both units. In addition to those entities, Table 2 below describes the activities of the subsidiaries that were determined as part of the Core Unit of Novo Banco. All fully consolidated subsidiaries of those entities remain part of the core unit as well. Table 2 — Additional business units of the core bank […]. A list of business lines and geographies in the Core and Non-Core Units is provided in Annex 1 to the present Decision containing the full list of commitments by the Portuguese authorities.

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All other new business shall cease as of […] from the date of the present Decision. Behavioural commitments Novo Banco will apply strict executive remuneration policies and will not pay to any employee, director or manager a total annual remuneration wage, pension contribution, bonus higher than 10 times the average salary of employees in the bank until 30 June The voting rights of those shares will be subject to the same restrictions as in a ; d A CCA Monitoring Trustee will report on the management of the guaranteed assets only for informational purposes. Viability commitments To ensure that risks are appropriately managed: a Novo Banco will rotate its auditor for the financial year […] and will exercise prudence in its cumulative loan loss provisions and ensure that losses are taken; to that effect, a minimum cumulative amount of EUR [05] billion will be taken; b Novo Banco will comply with best lending practices, in particular avoid preferential treatment of a wide definition of connected borrowers, ensure that all exposures exceeding EUR […] million will undergo a regular credit re- rating process and set up risk management systems allowing proper management reporting and risk management overview; c Novo Banco will refrain from proprietary trading beyond activities necessary for the normal operations of a commercial bank.

It will set up specific Value-at-Risk limits for both treasury and market making activities and will distribute those conservatively among its activities so as to avoid any breaches. Some of the FTE reductions will follow natural attrition, for some, additional redundancies are needed with associated restructuring costs. If it does not comply with those targets and measures to cure prove insufficient, Novo Banco will implement additional FTE reductions and branch closures and the restructuring period with all its commitments will prolong until the targets are reached or reductions are implemented.

If it were to fail those targets by [] percentage points or more, additional FTE reductions and branch closures will be implemented. If normal recapitalization attempts either through the market or by contributions of Lone Star potentially matched pro rata by the Resolution Fund fail, Portugal commits to supply the capital gap through the SREP total capital requirement for the given year through an ultimate back stop by means of the issuance of Alternative Tier 1 capital instruments or a capital injection. If recourse is taken to this back stop, Novo Banco will implement additional FTE reductions up to [] FTE and branch closures up to [] branches Thus, in order for a measure to fall within the scope of Article 1 TFEU, four cumulative criteria must be met: first, the measure must involve the use of State resources and be imputable to the State; second, the measure must distort or threaten to distort competition by conferring an advantage on undertakings; third, the measure must provide a selective advantage to certain undertakings; and fourth, the measure must be likely to affect trade between Member States and distort competition.

The measures The measures were decided by the Resolution Fund and the decision is therefore imputable to the Portuguese authorities. Measure 2 is an underwriting of a capital instrument which puts at risk the resources of the Resolution Fund which would be used to buy those capital instruments. Measure 3 contains a potentially significant capital commitment by the Republic of Portugal. All three measures are therefore putting at risk State resources.

That fact is acknowledged also by Portugal. As 54 The additional FTE reduction and branch closure requirement with regards to the issuance of the Alternative Tier 1 instrument is incorporating the FTE reductions and branch closures already performed with regards to the commitments described in recitals Error! Reference source not found. Reference source not found.. Novo Banco is active in the financial markets both in Portugal as well as in Spain, those measures are liable to have an effect on trade and distort competition in the internal market.

The aid amount The aid contained in the measures was a recapitalization of the newly established bridge bank Novo Banco. The amount of capital aid was established in the Decision to be EUR 4.

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That expectation is based on the price of the recent AT1 capital instrument issuance by Portuguese bank CGD and the market spread between AT1 and Tier 2 capital instruments on the basis of the current market situation in Portugal and the wider EU. The Commission therefore considers the aid is a further capital guarantee worth up to the full amount of EUR 0. However, the Measures are structured in such a way that any money reclaimed, i. If a use of the EUR 0. However, a re-increase of the guarantee frame under Measure 2 following a successful exit from Measure 1 would have to be considered a distinct measure which under the current notification would also need to be approved at this stage.

On that basis, the sum of aid provided under Measures 1 and 2 is up to EUR 4. This allows the Commission to assess the limits of the measure. Taking into account the losses in all portfolios of Novo Banco in such a scenario and the initial capital situation and offsetting the current provisioning, the capital contribution by Lone Star, the pre-provision profits in such a scenario as well as the full EUR 3. Therefore, in an adverse scenario where the additional capital required was greater than what Lone Star would be willing to provide, Measure 3 would work successfully as a backstop mechanism.

The beneficiary of the measures As already concluded in section 6. Without the support by Portugal, those activities would not find a buyer, would be left in the legal entities in insolvency, and would therefore cease to exist. The sales procedure is described in section 2. The Commission observes that the Bank of Portugal contacted 40 potential investors to maximize the number of potential investors.

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The deadline was subsequently extended by the Bank of Portugal until 4 November in order to maximize the number of applications resulting in one additional application. Also, the extension of the deadline allowed ample time for the investors to conduct in-depth due diligence and adjust their offers accordingly. Portugal submits that the possibility to carry out confirmatory due diligence was open until it had given exclusivity to Lone Star in February However, Portugal submitted that […] had not been able to show the required funds as described in recital 52 Therefore, the Commission concludes that the finally accepted offer was the most commercially advantageous of the available final offers from market participants.

On that basis, the Commission considers that the bid chosen was the best available and concludes that the buyer is not a beneficiary of aid. Legality of the aid The Portuguese authorities have sought the approval of the Commission before closing the transaction of the sale of Novo Banco to the acquirer, thereby complying with its notification obligation as set out in Article 3 TFEU and required under the and Decisions. This has been successively detailed and developed in the six Crisis Communications60, as well as in the Banking Communication.

Liquidation aid When notifying the aid measures in the resolution of BES in August , Portugal did not present a restructuring plan for Novo Banco to the Commission. Because no demonstration of the return to viability of Novo Banco had been provided at that time, the Commission assessed the compatibility of the aid measures under section 6 of the Banking Communication on liquidation aid.

In , the Commission took a compatible aid decision on the basis of BES being liquidated with Novo Banco being sold or wound down. Point 70 states that the Commission will assess the compatibility of measures aimed at resolving credit institutions on the same lines mutatis mutandis as set out in sections 2, 3 and 4 of the Restructuring Communication.

Point 78 of the Banking Communication states that sections 3. In this case, the compatibility of liquidation aid will require an assessment of the restoration of viability through that market participant as well as an assessment of the need for measures to limit distortions of competition.

In its viability assessment, the Commission will take into due consideration the size and strength of the buyer relative to the size and strength of the business acquired. In this respect, the banking license of the liquidation entity BES has been withdrawn and the insolvency process been opened. The […] business of BES which was incorporated in […] has been either sold already […] or has to be sold under the present Commitments by […]. Compared to the BES group at the. Therefore, the Commission has performed a deep assessment of the restructuring plan, complemented by an analysis of loan tapes and selected loan files, in order to assess whether the sold activity can be restored to viability.

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This is further detailed in sections 7. The Commission has assessed the measures taken in and in section 7. Impaired Asset Communication Regarding the compatibility of Measure 1 of the measures, the Commission observes that losses that could lead to a claim under the CCA are limited to a pool of assets which is defined at the time of the signing of the SPA. Therefore, the measure appears to have characteristics of an impaired asset measure. As such, the measure is more akin to an unfunded Contingent Convertible or Enhanced Capital Note, where any payout depends on breaching a capital trigger.

The main difference appears to be that the capital trigger level is higher than on comparable market instruments, and that no remuneration is being paid in the form of a premium or a coupon. Therefore, there is neither any direct temporal nor any direct causal 61 Recital 11 of the Decision 62 Recital 30 of the current decision 63 See Table 1 — Restructuring plan baseline scenario, main financial projections 64 See recital While this appears to be in contradiction with the previous recital, the current CET1 ratio does not take into account the immediate recapitalisation foreseen by Lone Star in the amount of EUR million.

That buffer restores the absence of a direct temporal or causal link between losses on the CCA assets and the breach of the CET1 capital ratio threshold. Compatibility of the and measures 7. Claims by related parties that is to say shareholders and board members of a non-contractual nature also remained in the Bad Bank. The Commission reiterated this assessment in the Decision. The contribution by claims by related parties e. Limitation of costs to the minimum In the Decision, the Commission took note of the information provided by Portugal concerning costs that a counterfactual scenario, namely a disorderly resolution of BES, would have generated, estimated at the time by the Bank of Portugal to range between EUR [] billion and EUR [19—28] billion in losses In addition, the Commission was informed of the minimum regulatory 65 Recital 89 of the Decision.

Note also section 7. On that basis, the Commission assessed resolution aid to be limited to the minimum necessary. Assessment of distortions to competition In the and Decisions, the Commission approved the aid as compatible with the internal market on the basis of section 6 of the Banking Communication.

Under those Decisions, any sale was to be subject to a successful viability assessment of the entity resulting from the sale in a final Commission decision; otherwise, Novo Banco was to be wound down. The viability assessment is the subject of section 7. As described in recital 26 , the commitments put forward by Portugal together with the notifications of and allowed the Commission to conclude that distortions of competition remained limited.

In its Decision, the Commission found that the compatibility assessment laid down in the Decision remained valid and took positive note of the strengthened commitments that Portugal had put forth together with this request, to address the distortions to competition until by the extended deadline Novo Banco would have been sold, requiring a new assessment as mentioned in recital , or wound down. For this extended period, the Commission considered in its Decision that the distortions of competition were limited.

Nevertheless, the Commission was informed by means of the Monitoring Trustee reports the most recent of which dated 11 August and concerning the reporting period up to 30 June that the bank had been pricing deposits above market average. This has undermined the effectiveness of the measures limiting the competition distortions caused by the continued presence of Novo Banco in the market.

Since loan pricing is limited by the offers of competitors, the bank will not be able to apply very generous deposit interest rates, as it would then not be in a position to achieve the relevant RoE target or reduce business volumes and surrender market share.


As of 31 December , Novo Banco had reduced its cost base at group level by EUR million, exceeding the EUR million target set out by the commitment, had reduced the number of FTEs by 1 compared to the 1 target and closed branches, complying with the target of maximum branches. It has reduced its cost base by EUR million, beyond the EUR million target, reduced the number of FTEs by 1 , exceeding the target of 1 , and reduced its number of branches to , as per the commitment.

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  • The Commission was informed, through the monitoring reports it has received, that on 13 July the European Central. Bank decided to withdraw the banking license of BES Accordingly, the Bank of Portugal, in connection with the Portuguese legal framework, requested the beginning of the judicial liquidation proceedings of BES. Therefore, the Commission notes that the relevant commitment has been fulfilled. The committed deadline for the closing of the sale, prolonged under the Decision, had been set at three years after the date of the Decision, i.

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    Considering that the sale process of the bank had been completed and the full legal documentation of the sale transaction had been signed considerably prior to that date, the Commission finds that the Commitment has been met. As further detailed in recital Error! Therefore the respective commitment is complied with. On that basis, it can be concluded that the requirements of the commitment concerning the sale process have been met. In particular, the buyer could have maintained […] the booking centres in […] if a sale had occurred prior to […] 31 October At the same time, the Commission notes that the negotiations regarding the sale were in an advanced state at that date.

    Reflecting the outcome of negotiations and the commercial strategy envisaged by the buyer, the present Commitments submitted by Portugal provide that […] and […] would remain in the Core Unit Moreover, under the present Commitments, […] has been moved back to the Core Unit albeit subject to restrictions. The Commission considers that those elements adequately replace the constraints created by the commitments of the Decision in respect to the division of different business lines between the Core and Non-Core Units and maintain the effect of limiting distortions of competition.

    Portugal has made the argument that the additional aid has to be considered as necessary to conclude the sale of Novo Banco, which was foreseen in the original resolution strategy for BES. With the notification of the sales agreement, Portugal has also submitted commitments limiting the distortions to competition during the restructuring period following the sale of Novo Banco. It is the right of the Member State to notify aid which the Commission will then assess, taking into account the circumstances of the case at the time of notification.

    Compatibility of the measures As assessed already in section 7. Therefore, the measures do not require further burden sharing under the Banking Communication. Therefore, the Commission has to assess and 73 See recital 74 See section Viability assessment — basis For the purpose of the viability assessment, the Commission recalls that it has to assess two key questions, namely that the bank returns to operational viability at the end of the restructuring period, i. The Commission is considering point a in the following section and point b in section 7.

    CCA1 Viability concerns — legacy issues Novo Banco has a large portfolio of legacy assets, a number of which are of inferior credit quality or could readily deteriorate to inferior credit quality. In order to assess potential problems related to those assets, the Commission requested a complete loan tape of the bank as of 30 June and 31 December In addition, it requested the complete loan documentation of a small sample of 20 of those loans, stratified by client type and performance.

    The bank was not able to produce loan tapes with complete or correct information. However, the numbers seem very much unreliable and cannot be verified because of the absence of collateral information; c There is no information provided about whether or not a given exposure is collateralised or not; moreover, the bank was also unable to provide a collateral tape allowing the matching of collaterals to specific loans, let alone addressing second order questions such as cross collateralization of exposures or prior liens potentially further reducing collateral coverage.

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    This absence of correlation points to serious flaws in the business model or the business management of the bank. Even new lending in after Bank of Portugal had already been in charge for more than one year shows significant deficiencies in all those categories. But it also indicates that even after the establishment of the bridge bank and under direct control of the Bank of Portugal, Novo Banco seems to have done little to remedy previous problematic lending practices or substandard credit risk management.

    Such riskiness should in general terms be reflected in the interest rate to be paid by the customer for the loan. Therefore, the CCA mechanism provides a significant risk shield against potential losses emanating from the legacy assets. If risks were to materialise in those assets, the implied coverage would be lower and roughly in line with the losses that the Commission would expect in an adverse scenario.

    The Commission considers that those additional losses in an adverse scenario are insufficiently reflected in the Lone Star Adverse scenario. Lone Star has made the argument that the RoE value is underestimated, due to the significant. Out of a total of EUR [0.

    Qual é a origem dos rituais de Ano Novo no Brasil? - BBC News Brasil

    The amount of further profits required to use the tax loss carry forward DTA would require another EUR [] billion of profits. Moreover, the period in which those DTA would have to be used is twelve years. Such a strategy is highly desirable but difficult to implement, in particular in a market like the Portuguese where competition is high. Such a corporate culture carries clear risks for a bank and may take considerable effort to change rapidly.

    Such improvements are not obvious when compared to the recent historical performance of the bank. That gives Lone Star all incentives a priori to ensure that the baseline scenario will be implemented as projected. Nonetheless, even small adjustments or underperformances in particular in the combination of volume growth and growth in profitability put forward in the baseline scenario could lead to a lower than projected RoE. Given that the current plan is only just achieving profitability in to the level that the Commission considers necessary to remunerate capital, the Commission considers that some level of uncertainty remains.

    That provides a post-tax RoE buffer of an additional [0. The Commission considers that commitment an effective measure to limit the risk of prioritising volume growth, in particular because it is coupled with effective monitoring by the monitoring trustee. If the implementation of those countermeasures is not successful within […], further staff and branch reductions will become applicable. Under this Commitment, required staff and branch reductions are in such a case limited to up to [] FTE and [] branches.

    Moreover, the Commission takes confidence from the staggering of those measures. That staggering provides full incentives for the bank management to implement countermeasures which address the shortcomings of the performance compared to the plan. If you need to type in many different languages, the Q International Keyboard can help. It enables you to type almost any language that uses the Latin, Cyrillic or Greek alphabets, and is free.

    If you like this site and find it useful, you can support it by making a donation , or by contributing in other ways. Omniglot is how I make my living. Home News Alphabets What is writing? Which language? Jump to phrases Click on any of the non-English phrases that are links blue to hear them spoken. Tudo bem? Tudo certo? How are you? Como vai? Como estamos? Quanto tempo! What's your name? Como se chama? My name is Eu me chamo Where are you from? Venho de Sou de Boa sorte! Good Health! Toasts used when drinking Viva!

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