State support to financial system between 2008-2018 - €18.3B

By TPN/Lusa, in News · 23-12-2019 16:01:00 · 0 Comments

The Court of Auditors estimates that the burden on the State of supporting the financial system between 2008 and 2018 amounted to 18.292 billion euros, according to the 2018 General State Account.

The expenses, between 2008 and 2018, were 25.485 billion euros with revenue of 7.193 billion euros (the main revenue arising from the interest that banks paid to the State for contingent capital obligations), resulting in a net value of 18.292 billion euros.

This figure, which corresponds to an average of 1.663 billion euros per annum, relates to the acquisition by the state of holdings in banks, the granting of loans, the provision of guarantees, among other forms of support, and relates to public intervention in cases such as BPN, BES/Novo Banco (including support for BES injured parties) and Banif.

In 2018 alone, the state's financial effort was 1.538 billion euros, in net terms, which includes the injection of capital into the Novo Banco by the Resolution Fund (an entity in the state sphere) and the process of nationalisation and reprivatisation of the BPN, offset by repayments of 174 million euros.


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