Bank of Portugal sees Angolan uncertainty over soon




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LISBON –  Portugal Carlos Costa said on that a guarantee by Angolan authorities for troubled loan book Portugal’s Banco Espirito Santo (BES) eliminates uncertainty for BES.

National Angola has managed guarantee solvency the institution and protected the interests its creditors.

“ BES is of the creditors and this is favourable eliminating uncertainty, as we expect be confirmed,” Costa told a committee.

Disclosures of financial irregularities at a web of holding companies owned by the ’s founding family have raised questions about potentially destabilising losses at BES.

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Doubts about the Angolan buiness have also unnerved investors after authorities Angola had guarantee 4.2 billion euros or nearly 70 per cent of BES Angola’s loan book.

Meanwhile, Banco Espirito Santo’s Angolan unit BES Angola had a problem the quality of its credit portfolio, including bad loans.

But this did not pose a threat to the overall stability of Angola’s financial system, the central bank said.

a to made available on , Jose de Lima Massano said the situation would require a capital increase for BES Angola. (Reuters/NAN)

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