Banco Espírito Santo went bust in August 2014, some 1,172 days ago, but instead of letting the business collapse, the Bank of Portugal’s answer was to create a ‘bridge bank’ which it called Novo Banco, loading it with the ‘good’ assets of BES and issuing a mandate that the squeaky clean new business must be sold within three years
"The sale of the New Bank to Lone Star with a capital injection of €750 million is completed and, by the end of this year, a new entry of €250 million, which means the entry of €1 billion," announced the governor of the Bank of Portugal, Carlos Costa.