Banco Português de Investimento (BPI) today paid off its debt to the Portuguese treasury with a €420 million transfer.
The bank accessed an emergency loan of €1.2 billion at the start of the economic crisis in 2012.
In the UK, speculation is growing about when interest rates will finally rise. Here in Europe, the European Central Bank (ECB) has made a historic move in the opposite direction and introduced negative interest rates.
At its meeting on 5th June, the ECB unanimously voted to cut its deposit interest rate from 0% to -0.1% — the first time a main central bank moved interest rates into negative territory.
João Rendeiro, the disgraced founder of Banco Privado Português (BPP) and two other managers are accused of aggravated fraud and the Public Prosecutor is looking for at least five years in jail for each of the men.
BPP started to unravel back in 2009 when a Bank of Portugal enquiry started to look into Rendeiro’s role in the bank’s liquidity crisis and uncovered a matrix of offshore companies used to support the share price of the bank.
An accountant within the BES Group claimed today that the company's accounts have been dodgy since 2008.
Francisco Machado da Cruz intimated that the former top man at BES, Ricardo Salgado, was responsible for la grande fudge regarding the €1.3 billion in liabilities recently unearthed at Espirito Santo International.
Switzerland’s centuries’ old tradition of banking secrecy is coming to an end. It has pledged to collect tax related information from its financial institutions and automatically share the data with other governments each year.
Switzerland is the world’s biggest offshore centre, with $2 trillion in assets. Its prized banking secrecy has been slowly eroded under international pressure to increase tax transparency, particularly since the global financial crisis had governments looking for ways to increase tax revenue.
Many savers are burying their heads in the sand as they are confused by what’s happening within the financial market and global economy. Inflation rates are high, bank interest rates are low, government bonds no longer seem safe and the stock market is too volatile, so what should you do with your money?
The Portuguese Non Habitual Resident regime (NHR) has been attracting both pensioners and high level professionals who are benefiting from reduced taxes.
Under this scheme professionals are paying a flat rate of 20% on their salary or self-employed income received in Portugal whilst pensioners are enjoying their tax exemptions!
One asset class has demonstrated its resilience during this recent economic turbulence. Student accommodation stands alone as an asset against equity markets. It has remained a robust investment and emerged as sector of the property market in its own right. A growing number of investors are attracted to the strong fundamentals which provide a secure income stream.
