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Compensation scheme for investors of collapsed Portuguese bank to be unveiled

Xinhua, December 17, 2016 Adjust font size:

The Portuguese government will announce a solution on Monday to compensate commercial paper investors who were affected by the collapse of bank Banco Espirito Santo(BES), local media reported on Friday.

The bank had to be split into a "good bank" and "bad bank" after undergoing losses of 3.6 billion euros(3.76 billion U.S. dollars) in August 2014. However, those who had bought commercial papers lost significant sums of money.

The government recently approved that BES clients will recover between 50 percent and 75 percent of the money they had invested.

An announcement had been scheduled for Friday but was delayed until next week, and will come after months of campaigning by investors.

At least 2,000 customers, who had invested around 432 million euros, were affected by the bank's bankruptcy.

Portuguese Prime Minister Antonio Costa will make the announcement on Monday in Sao Bento, his official residence in Lisbon. Costa has pointed out that a solution is vital to ensure the country's economic stability. Enditem