Caixa Geral de Depósitos (CGD), BCP and Novo Banco, the three Portuguese banks that signed the memorandum to access the non-performing loans (NPLs) management platform, have already finished the list of processes to be transferred into this vehicle. The total of bad credit which will be jointly managed amounts to €1 billion.

The original story was released by economic newspaper “Jornal Económico”, wich quotes a source close to the process. According to the newspaper, the €1 bn are distributed almost «equally» between the three adherent banks.

This list comes a month after the banks had begun contacting their clients so that their non-performing loans can be jointly managed by the NPL management platform.

The memorandum to access the non-performing loans platform (“Plataforma de Gestão de Créditos Bancários”) was signed last September by CGD, BCP and Novo Banco. It aims to solve non-performing loans from these banks portfolio and shrink to a third the average period of recovery of these credits( to six months). But the platform works are, however, delayed. In September there was the expectation that by the end of the 1st quarter of 2018 the first results should be starting to be seen, but only now, after the conclusion of the credit lists to be manged by the platform, is that the work will start.

Original Story: Eco
Photograph: Depositphotos
Translation and Edition: Prime Yield