The Bank of Portugal (Banco de Portugal or BdP) has launched a public consultation on compensation rules for creditors harmed by the 2014 collapse of Banco Espírito Santo (BES). With 630 million euros allocated from the Resolution Fund (Fundo de Resolução), common creditors are expected to begin receiving reimbursements on December 1st.
BES creditors to receive compensation starting in December
Wednesday, 15 July 2026AI summary
Context & Explainers
- Governor of Banco de Portugal (2020–present)
- Former: Minister of Finance (2015–2020), President of the Eurogroup (2018–2020)
- Party: Independent (PS-affiliated)
- Background: Economist (PhD, Harvard)
Mário José Gomes de Freitas Centeno (born 1966) is Portugal's central bank governor and one of the country's most internationally recognized economic figures. As Finance Minister under António Costa's first PS government, he became known as "Cristiano Ronaldo of European finance" for turning Portugal's deficit into a surplus while reversing austerity.
He was elected president of the Eurogroup (the informal body of euro area finance ministers) in 2018 — the first Portuguese to hold the role. Since becoming Governor of Banco de Portugal in 2020, he sits on the ECB's Governing Council and oversees Portuguese banking supervision and financial stability.
The Resolution Fund (Fundo de Resolução) is a public entity created in 2012 to manage the resolution of failing banks in Portugal, funded by contributions from the banking sector. It is currently processing compensation for creditors affected by the 2014 collapse of Banco Espírito Santo (BES), following legal mandates to address losses incurred during the bank's restructuring.
5 sources
- Creditors of the 'bad' BES can request compensation starting December 1steco.sapo.pt ·
- Common BES creditors may request compensation from the Resolution Fund in Decemberpublico.pt ·
- BdP to have 630 million to reimburse BES creditorsobservador.pt ·
- BES creditors can request reimbursement starting in December: 10 questions and answers to understand howexpresso.pt ·
- Banco de Portugal has 630 million euros available to reimburse creditors starting in Decemberrtp.pt ·
