Dozens of people affected by the commercial paper of broken Banco Espírito Santo (BES) became manifest in Lisbon to demand the return of money invested in a product that was sold to them as low risk. Where was the sixth protest in less than two months, protesters gathered outside the Congress Centre of the Portuguese capital with posters that could be read messages like “Now how do I explain to my child to save? ” and other slogans blaming the Bank of Portugal of what happened.
A strong police took the car park opposite the Convention Centre, where metal barriers were placed for participants in the protest could not approach the building . The protesters ended up knocking one of these metal fences, forcing the police to form a cordon around them and strengthen security measures.
Those affected by commercial paper, or short-term debt are 2,500 customers and its total investment in the group of BES, even without return, is 550 million euros. They claim to have been misled by the bank, which allegedly sold them these applications without informing them of the risks, and are considered prejudiced by the decision to split the BES.
The Bank of Portugal (BoP) spun off in August 2014 the bank in a healthy part with public credit -reflotada 3,900 million and dubbed Novo Bank- and other toxic, which keeps the name of the BES and where it ended up commercial paper. The current president of Novo Bank Stock Eduardo da Cunha said two weeks ago that the debt is not the responsibility of the institution he leads, as it was written prior to its creation ago but said that “it is possible to reach a solution.” So, he revealed that the Bank of Portugal has not prohibited Novo Banco find a solution for these customers, despite having no legal obligation to do so, but acknowledged that it is a “difficult” case which concerns “third party debt” (efe).
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