The banking regulator and supervisor said that the final decision to revoke the authorisation was taken by Frankfurt on Saturday 10 January, and that the law "implies the institution’s dissolution and liquidation.

"The Bank of Portugal will request, under the terms of the law, the commencement of the judicial liquidation of Orey Financial", the statement added.

In August, Banco de Portugal submitted a request to the ECB to revoke Orey Financial's authorisation as a financial credit institution, a request that, it stated, took into account the fact that Orey "does not take deposits from customers and does not have a significant presence in the market".

In November, Sociedade Comercial Orey Antunes (SCOA) requested the opening of a special revitalisation process (PER) in court and pointed out the existence of €63.4 million of claims on the company, proposing a 90% to 95% pardon, depending on negotiation, and 100% interest pardon on the nearly €37.5 million of common claims.