LISBON: The total cost of the nationalisation of failed bank Banco Português de Negócios (BPN) for the state was more than €3.2 billion at the end of 2015, according to a report disclosed on Tuesday by Portugal’s Audit Court. The report said that the costs rose by €590.8 million last year alone. Even so, the Audit Court acknowledges that this is not a final amount and that it may be altered.
The cost of BPN to the state may still go up, because the court does not have the 2015 figures from Parvalorem, Parups and Participadas – the vehicles that were created to manage the bank’s toxic assets, which in 2014 had negative equity of €2.28 billion, “costs to be possible supported by the state in the future”. The nationalisation of Banco Português de Negócios (BPN) in 2008 was the first in Portugal since 1975 and the bank’s collapse led to various court cases.
