The bank sent an analysis report to the parliament to “end doubts about the sales conditions of the projects in the institution’s investment portfolio.”
The comments of “representatives and large debtors” to the Novo Banco Commission of Inquiry prompted Novo Banco to feel the need to put the main points in ii, and, as explained in the instructions sent to Dinheiro Vivo, “to reduce Comment on some transactions”.
The agency led by António Ramalho explained the relevance of “allowing for comparison of value” to clarify the terms of sale of certain projects nominated by the council. This led Novo Banco to send to the Commission of Inquiry last week a brief comparative analysis of the sales and valuation of large projects recently verified in the market and the value registered in the bank account.
According to the sent list, the financial institution confirmed the conditions and prices related to the Matinha project, “The sale value of the property that has not yet been licensed is 140 million euros, which is slightly higher than its assessed value, and its value per square meter of 545 euros seems to be higher 21%. The value of comparable transactions”. It also stated that the Pinheirinho estate on the Alentejo coast was “sold for 60 million euros, which is lower than the assessed value, but its sales value is 16% higher than the average value verified by comparable companies”. He added that the assessment conducted to assess Amoreiras’ property “still owns most of the investment funds owned by Novo Banco, which is approximately 12% higher than the value of comparable properties”.
A bank led by António Ramalho This week received another 317 million euros from the Resolution Fund, Therefore intends to refute the allegations that he has been the target of the investigation committee for mismanagement and leading a “disruptive enterprise.” In the instructions sent, it even clarified that “this work is based on public resources and general access rights, and aims to eliminate any doubts about the professionalism and ability of Novo Banco’s real estate sales strategy”.
The bank was established in 2014 after the BES resolution, and has been carrying out a feasibility process ever since, using the resolution fund to make up for the loss of toxic assets, with a maximum value of nearly 4 billion euros-87.5% of which has been consumed. Everything shows that Novo Banco has finally reversed the cycle of losses and achieved a profit of 70.7 million euros for the first time in the first quarter of this year..
This means that it can start paying dividends to shareholders, including the state (about 13%) and resolution funds (12%)-as well as the Lone Star holding the largest share (about 75%).