“Attentive” to the crisis. What are the companies that make millions with bank “defaults”? – Observer

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“One man’s trash can be another man’s treasure” and, as A few days ago revealed the Court of Auditors, investors bought properties that Novo Banco wanted to sell and, at least in some cases, these same assets were sold again soon after – with average capital gains of 60%. Those who pocket these profits are usually large private funds from London or New York which, in recent years, have purchased (at deep discounts) the vast billions euros in “defaults” not only of Novo Banco but of the entire banking sector. And now they say they’re “attentive” to the “new productwhich may arise due to the impact of inflation and rising credit maturities.

Former Banco de Portugal governor Carlos Costa called them the “backpack” that banks carried on their backs, “problematic assets” that prevented them from being profitable and put them in the crosshairs of regulators and markets. financial. You overdue loans (whose businesses and families stopped paying installments), added to the assets that the banks received as collateral, reached more than 50 billion euros. Today these non-performing loans (or NPL) will be just over 7 billion.

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