In an assessment of banks in Spain, Italy, Greece and Portugal released today, the rating agency said “the worst of the financial crisis is over" in most of these four southern European countries, which show “notable improvement” in the sector.


S&P also said that “the economic conditions in Portugal are more favourable” for the domestic banks.


Novo Banco was trying to be sold until mid-September, when the Bank of Portugal (BdP) decided to cancel the operation after failing to reach a deal with the three candidates that reached the final stage. The bank regulator and supervisor then instructed the CEO of Novo Banco, Stock da Cunha, to restructure the institution so it could be sold off in the future.


On 3 August 2014, the Bank of Portugal took over the reins of BES after it had presented net half-yearly losses of €3.6 billion and split the institution into a bad bank with all the toxic assets and liabilities (a vehicle which is still called BES, and where the shareholders are corralled) and a good bank, called Novo Banco, which the Portuguese government has already tried to sell once.