Cunha Marques, Joao --- "Banco Espirito Santo" [2019] ELECD 1634; in Haentjens, Matthias; Wessels, Bob (eds), "Research Handbook on Cross-Border Bank Resolution" (Edward Elgar Publishing, 2019) 331

Book Title: Research Handbook on Cross-Border Bank Resolution

Editor(s): Haentjens, Matthias; Wessels, Bob

Publisher: Edward Elgar Publishing

Section: Chapter 12

Section Title: Banco Espírito Santo

Author(s): Cunha Marques, João

Number of pages: 13

Abstract/Description:

On August 3, 2014, the Bank of Portugal applied a resolution measure to Banco Espírito Santo, S.A. The legal framework used had just been adopted two years before and was similar to the one provided by the then recently published (but not yet implemented) Banking Recovery and Resolution Directive (BRRD). The present chapter will give an overview of the run-up to the resolution and explain the main elements of that decision and its most significant developments. Some lessons learned will also be drawn based on the experience the Portuguese authorities had in resolving Banco Espírito Santo, S.A.