Portugal

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Portugal’s Bad Loans Declining but Still ‘Very High’

Non-performing loans held by Portuguese banks are declining at a substantial rate as the economy expands but remain “very high” by European standards, Moody’s said on Wednesday. The rating agency said the ratio of NPLs to gross lending fell to 15.2 per c ...

Daily Headline - global.abi.org - 06/20/2018 - 23:25 - 0 comments

Portugal Vulnerable to External Shocks, Says IMF

Weaker growth in the eurozone would “significantly affect Portugal”, the International Monetary Fund warned on Tuesday, saying “lingering domestic vulnerabilities” would amplify any external shock to the former bailout country’s economic recovery, the ...

Daily Headline - global.abi.org - 05/30/2018 - 00:03 - 0 comments

Portuguese Lender Novo Banco Slumps to a €1.4 Billion Loss

Portuguese lender Novo Banco has reported a net loss of €1.4bn, underlining how southern European banks are still struggling to repair their balance sheets after its new US private equity owners booked big provisions on bad loans, the Financial Times ...

Daily Headline - global.abi.org - 03/29/2018 - 00:35 - 0 comments

Portuguese Bank Millennium BCP Completes Bond Sale Despite Boycott

Millennium BCP, Portugal’s largest listed bank, has successfully completed the first issue of subordinated Tier 2 notes by a Portuguese lender since the eurozone sovereign debt crisis, despite a boycott of the offer by some of the world’s leading fixed-i ...

Daily Headline - global.abi.org - 12/01/2017 - 01:18 - 0 comments

The impact of the Directive on shareholders, companies’ directors and workers

As widely announced, the so-called “Proposal for a Directive on pre-insolvency proceedings” was made public before 2016 ended (on 22 november). With a view to a minimum harmonisation of substantive insolvency law, the future Directive aims to put in ...

Resource Article - twallace@abiwor... - 10/26/2017 - 13:05 - 0 comments - 1 attachment

Portuguese Biggest Banks Try New Approach to Tackle €25 Billion in Bad Loans

Portugal’s three biggest banks have agreed to create a jointly managed platform to tackle their bad loans, one of Europe’s largest problem debt piles, the Financial Times reported. Millennium BCP, Novo Banco and state-owned Caixa Geral de Depósitos s ...

Daily Headline - global.abi.org - 10/01/2017 - 19:46 - 0 comments

Portugal's Big Banks Team Up to Tackle Bad Loans

Portugal's three biggest banks plan to manage jointly some of their bad loans to avoid more writedowns, effectively taking on the task of trying to tackle one of Europe's biggest bad-debt burdens, the International New York Times reported o ...

Daily Headline - global.abi.org - 09/28/2017 - 15:51 - 0 comments

Pimco to Back Novo Banco Debt Deal at Friday Vote

Major Novo Banco bondholder Pimco plans to support a restructuring deal at the state-rescued Portuguese lender in a vote this Friday, though the bank could still struggle to get the necessary backing, a source familiar with the matter said. The agreed sa ...

Daily Headline - global.abi.org - 09/27/2017 - 23:23 - 0 comments

Portuguese Bonds in Biggest Post-Crisis Rally After S&P Upgrade

Portuguese bonds staged their biggest rally in more than seven years on Monday after the country won back its investment-grade credit rating, marking one of the most significant milestones in the currency union’s return to fiscal health, the Financial ...

Daily Headline - global.abi.org - 09/19/2017 - 00:20 - 0 comments

Portuguese GDP Growth Slows to 0.2% In Second Quarter

domestic product expanded 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a forecast of 0.6 per cent. It means year on year growth held steady at 2.8 per ... 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a ...

Daily Headline - global.abi.org - 08/14/2017 - 20:41 - 0 comments

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