Novo Banco has 3.830 properties to sell for 430 million euros less than its gross value

These are properties that the bank received from customers who were unable to repay their credits. The executive president of Novo Banco, António Ramalho, considers that all are intended for sale.

Novo Banco has 3.830 properties to sell, for 430 million euros less than its gross value, Espresso. “This group of properties is registered for a gross amount of around one billion, but the bank has already been recognizing losses in advance, through impairments, to 430 million. The fair value of these assets is around 550 million ”, says the weekly.

These are properties that the bank received from customers who were unable to repay their credits and all are intended for sale. The Attorney General's Office is evaluating the Prime Minister's request, which intends to prevent the sale of portfolios until the outlines of the sales of real estate packages that have occurred during the last two years have been clarified, and which have caused direct losses of 388 million euros.

The bank had these properties registered as available for sale at the end of the year, the majority of which were built for housing, but there was also a significant portion of land.

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