The European Central Bank will complete its review of Novo Banco in November this year in a far-reaching process which is described as "an analysis of asset quality and a stress test."
The ECB said the European assessments carried out in 2014 examined the financial health of 130 banks but that this was before the ECB took over the EC’s banking supervision functions.
A portfolio of more than 14,000 properties seized from customers who failed to keep up payments will be sold off by Novo Banco as it clears out its non-strategic assets to improve its capital position.
Share in companies also will be sold as the bank strives to increase its capital before the European stress test in November highlights the bank’s capital shortfall.
Following the news item on Portugal’s water quality (September 30, 2015) a reader living between Bordeira and Santa Barbara de Nexe in the Faro council area commented in no uncertain terms on the work of Faro’s in-house company Fagar and its contract to install a mains water supply to the households in the area.
There are two areas of concern within the council’s obligations towards health and safety, and a further concern that corporate fraud may have caused the situation that has been going on for years.
Faro Airport already has catered for a 3% upturn in passengers this year, is set to handle a predicted winter increase of 11% in the last quarter of the year.
French owned airports operator ANA claims "renewed commitment" from airlines to mitigate seasonality in the Algarve.
Justice Minister Paula Teixeira da Cruz said today that provisional figures point to an “across-the-board 6% reduction of backlogs in Portugal’s courts, over 2014."
Teixeira da Cruz, said that Portugal had undergone an exhaustive list of structural reforms initiated by the Government, especially those covering the reorganisation of the courts.
Disgraced TV Top Gear presenter Jeremy Clarkson has published a picture that confirms that the mystery location for the filming of his new venture is the International Autodrome, Portimão.
A picture published social media shows Clarkson posing alongside Richard Hammond and James May with their team, two trucks and three high performance sports cars.
House prices went up by 1.1% in the eurozone and by 2.3% in the EU in the months of April to June this year compared to the same period last year.
Compared to the first quarter of 2015, the eurozone prices increased by 1.2% and the wider EU by 1.3%, according to data provided by Eurostat.
Deutsche Bank’s shock announcement that it forecasts a loss of €6.2 billion has sent shivers in the financial world, no less among shareholders who might not receive a dividend this year.
The bank warned of the net loss, saying it would record a charge of €5.8bn in impairments, "largely driven by the impact of expected highly regulatory capital requirements... as well as current expectations regarding the disposal of Postbank".
