Banco Comercial Português, S.A. informs that it has not continued the legal proceeding with the
Banco Comercial Português, S.A. (“BCP”) informs that it has decided not to continue the legal proceeding before the
Two factors were particularly important in this decision:
- Firstly, the recognition that the goal of preserving the stability of the national financial system, especially relevant in the current pandemic, is of crucial importance, with the risk that such stability may be affected by a decision by European bodies that indirectly could challenge the sale process of
Novo Banco , unlike the position held by BCP, which has always only challenged the MCC; - Secondly, as there is now greater evidence and public awareness that the current model for compensating losses of
Novo Banco , through the MCC supported by theNational Resolution Fund , places Portuguese banks - those that support most the recovery of Portugal’s economy - in a disadvantage and in an unsustainable position vis-à-vis financial institutions not based but operating inPortugal , BCP maintains the legitimate expectation that a funding model for theNational Resolution Fund will be found which, without penalising Portuguese taxpayers, ensures a fair competition and safeguards the competitiveness of the financial institutions operating in the Portuguese market.
End of announcement
Banco Comercial Português, S.A.
Attachment
- 2020 09
09 Fim processo MCC TGUE EN
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