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Alburquerque Unable to Assist Those Caught in BANIF Trap

Responding to the request by those affected by the BANIF crash for help, the President of Madeira, Miguel Albuquerque, said this afternoon that the Regional Government cannot speed up the process and reiterated the need for a compensation fund.

“I’ve already spoken to the Prime Minister about it. We’ve done all the due diligence, and there have been meetings. Now, we need to find a practical and quick solution,” he explained. “Unfortunately, I do not have the competence to do more. I just suggested creating a compensation fund so that those affected, especially those suffering financially, can survive and receive compensation.”

At the end of 2022, a working group set up several meetings with the Ministry of Finance to find a solution to compensate those who had been wiped out by the bank’s crash. A subject that has been under discussion since 2015 by the mainland government and Banco de Portugal.

A source from BANIF’s Liquidating Commission told media agency, Lusa, that of the 6,109 claims received, 3,510 are from recognised creditors (persons and institutions) amounting to 951 million euros (no interest included).

Of this amount, EUR 489.9 million are privileged credits (credits that are entitled to be reimbursed in the first place): EUR 489 million from a bank resolution fund credit (loan from the Resolution Fund at the time of the Banif resolution), and almost one million euros from the Tax Authority.

Furthermore, there is another 70.18 million euros in standard loans, EUR 391.7 million in subordinated claims (mainly for customers who bought subordinated debt), and EUR 7.6 million in suspensive claims. There is also €75 million due in late payment interest.

However, Banif will have only €53.6 million to pay creditors (relating to a tax credit), so basically it can only pay the tax authority and part of the Resolution Fund.

Samantha Gannon

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