Nearly half of Novo Banco’s overseas account holders have accepted the weak solution offered by the bank’s management.
Of the approximately 8,000 customers owed €700 million and registered as living outside of Portugal, 3,500 with deposits in the Poupança Plus and Top Renda offerings have gone for the offer proposed by Novo Banco boss Sock da Cunha.
Of the approximately 8,000 customers owed €700 million and registered as living outside of Portugal, 3,500 with deposits in the Poupança Plus, EuroAforro8 and Top Renda offerings have gone for the offer, according to the bank's management.
However the movement representing those customers affected say the bank's statement today is lie and deliberate misinformation.
In addition to the criticism of Novo Banco, the depositors criticised the media, which "apparently prefers to print press releases sent by Novo Banco and the Bank of Portugal rather than doing any a real research work."
The movement stressed that it’s interesting that the misinformation went public on the eve of a demonstration aimed at the Ministry of Finance.
The difference of opinion starts in the 50% claim by the bank.
Novo Banco may well have signed up over 50% of the people affected but for the extended repayment scheme to go ahead the bank needs to sign up depositors representing over 50% of the money involved, not just 50% of the victims.
“This goes for each of the investment vehicles, not the whole of €720 million,” according to the movement’s Facebook page.
The complicated reimbursement scheme proposed 90% of their money back spread over six years by buying bonds in Novo Banco which mature in 2049.
Luís Marquês, of the Novo Banco emigrants action group said the proposal "is extremely complex" and that for customers over 60-years-old, the proposal does not makes sense.
”Emigrants are being turned over for the second time," said Marquês.
According to the migrants’ movement the pressure they have been put under to sign the necessary paperwork has been great, although they have until August 31 to do so.
