Connect with us

Economy

Octante returns the entire loan guaranteed by the state – Banking and Finance

Published

on

Octante returns the entire loan guaranteed by the state - Banking and Finance

Oitante, set up to manage assets at the time of the Banif ruling, has already repaid the entire €746m bond loan provided by Santander. And it was done more than three years ahead of schedule, according to a statement released by the institution.

Oitante, SA (“Oitante”) announces that it has successfully completed the full repayment of its €746 million bond issue entered into at the time of its incorporation on 20 December 2015 in accordance with the decision of Banif. completes the full repayment of its balance. debt list,” writes the organization, chaired by Miguel Barbosa.

The last tranche of Santander’s loan financing was repaid “on 30 June in the amount of 18 million euros”. With this transaction, Octant postponed “by 3 and a half years the maturity of the bond issue, originally scheduled for December 2025.” “The interest savings resulting from the early repayment of the bonded loan amounted to more than 110 million euros between 2016 and 2022,” says the organization, chaired by Miguel Barbosa, highlighting that over the life of the loan, the car “paid a total of more than 62 million euros in interest “.

“It is with great pride and a sense of accomplishment that Oitante is fulfilling one of its main tasks, the full payment of its debt,” he emphasizes in the same statement. He adds that “it is especially important for the Oitante team that they were able to develop and implement an ambitious strategic plan that allowed both the Resolution Fund and the Portuguese state (taxpayer) to be released from the guarantees and counter-guarantees originally granted.” .

See also  Evergrande misses payments again | China

Oitante was created in December 2015 by Banif to manage the toxic assets of the bank founded by Horacio Roque. Santander loan was guaranteed by the Permission Fund, Oitante’s sole shareholder, and counter-guaranteed by the state.

Satisfied Bank of Portugal expects Resolution Fund to return $489 million

Banco de Portugal was satisfied with the payment of the entire loan to Santander Oitante. “In its capacity as the national dispute resolution body [o regulador] welcomes the completion of the Oitante debt repayment process, which is taking place more than three years before the due date, as a moment of paramount importance in the banif settlement process,” the supervisory authority said in a statement.

“The Oitante bond issue made it possible to finance the transfer of Banif’s assets to this company and was therefore necessary to implement the resolution and thus prevent the disorderly liquidation of this bank,” emphasizes the organization, headed by Mario Centeno.

Banco de Portugal also explains that “early repayment of Oitante’s debt terminates the liability of the Settlement Fund and the Portuguese State in respect of this debt”, in addition to “allowing significant financial savings and expecting to recover a significant portion of the debt”. €489 million allocated by the Resolution Fund in 2015 to fund the Banif Resolution.”

(News updated at 11:44 AM by Banco de Portugal)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

In Russia began to dismantle aircraft for spare parts – Aviation

Published

on

In Russia began to dismantle aircraft for spare parts - Aviation

Russian airlines, including state-owned Aeroflot, are stripping planes to secure spare parts they can’t buy abroad due to Western sanctions, Reuters reported, citing four industry sources.

The companies are following Moscow’s guidance in June and are reaching out to some aircraft to get the parts they need to keep the rest of the fleet operational until at least 2025.

A source told Reuters that at least one Sukhoi Superjet 100 and one Aeroflot Airbus A350 are being dismantled, with the Airbus jet being “almost new”.

But the state-owned company has also stripped parts from some Boeing 737s and Airbus A320s to keep other planes of the same model flying.

Almost 80% of Aeroflot’s fleet is owned by the two largest aircraft manufacturers – 134 Boeing and 146 Airbus aircraft, and about 80 aircraft – Russian-made Sukhoi Superjet-100, which, according to the latest data, use many foreign-made parts, Reuters notes.

It will also be difficult for Moscow to buy parts from countries that have not imposed sanctions against Russia after the invasion of Ukraine. Asian and Middle Eastern airlines fear “secondary sanctions” from the West if they supply equipment, a source told the agency.

See also  UN responds to Elon Musk: plan to save 42 million people from hunger
Continue Reading

Economy

After all, how much lower fuel prices? See accounts here

Published

on

After all, how much lower fuel prices?  See accounts here

Ethis week started with lower fuel prices, which was found for both diesel and gasoline. The fall averaged seven cents, slightly below forecast.

Average price for simple diesel fuel fell in price to 1746 euros per liter (€/litre) on Monday, August 8, compared to 1816 euro/litre on Sunday. it discount seven cents.

Me and simple gasoline 95 cost, on average, €1805/liter on Monday, minus 7.3 cents than the 1,878 euros per liter registered the day before, according to data released by the Directorate General for Energy and Geology (DGEG).

With proven descent on plain petrol 95the price of this component returns to pre-war levels in Ukraine. Let me remind you that on February 23, the average price of regular gasoline 95 was 1816 euros / liter. On the same day of the invasion, plain gasoline 95 also cost €1,816 per litre, compared to the current €1,805 per litre..

Dynamics of fuel prices since the beginning of the war© DGEG website reproduction

The average price at gas stations for the week from 1 to 7 August in the case of gasoline was 0.9 cents higher than the ERSE weekly average price and 0.1 cents lower for diesel.. The information is contained in the Weekly Report on Supervision of Sales Prices to the Public, posted on Monday Energy Services Regulatory Authority (ERSE).

“Regarding the previous week, it was found that the average selling price for the public, announced on the porticos and published in the Balcão Único da Energia, was 0.9 cents per litre. [cêntimos/litro] higher than this week’s effective price for plain gasoline 95 and 0.1 cents/liter lower for plain diesel.”

See also  China is waiting for the "storm"

Thus, according to ERSE, “in percentage terms, plain 95 gasoline was declared on taps 0.5% above the effective price, and ordinary diesel fuel was declared 0.1% below the effective price.”

Read also: Fuel is cheaper today (and could return to pre-war prices)

Always be the first to know.
6th year in a row Consumers Choice and Five Star Award for Online Press.
Download our free app.

Apple Store Download

Continue Reading

Economy

Europe ends the session in green. Oil is on the rise. Interest Weakens – Minute Markets

Published

on

Europe ends the session in green.  Oil is on the rise.  Interest Weakens - Minute Markets

Europe recovers from worst day in three weeks and accelerates growth

The main markets of Western Europe opened weekly trading in positive territory, investors are closely watching the companies’ quarterly earnings and losses. It comes after the underlying Stoxx 600 recorded its worst day in three weeks on Friday under pressure from the tech sector, which fell more than 2%.

The core index of the Old Continent added 0.76% to 439.04 points, with all sectors trading in positive territory. The oil and gas sector recorded the largest growth, followed by the mining sector and utilities (water, electricity, gas). On the other hand, food, media and telecommunications traded with gains below 0.5%.

“Markets have proven resilient in recent weeks,” Esty Dweck, an analyst with Flowbank, explains to Bloomberg. “Europe continues to surprise with growth, but growth prospects remain negative, suggesting that recent good performance is unlikely to last until the end of the year.”

Among the main indexes in Western Europe, the German Dax rose 0.98%, the Spanish IBEX 35 added 0.91%, the French CAC-40 and the Dutch AEX added 0.71%. Britain’s FTSE 100 added 0.61%, while the Portuguese PSI jumped 0.74%.

Italy’s FTSEMIB added 0.81% even after rating agency Moody’s downgraded the “forecast” of the country’s economic growth.

See also  PSI-20 renews 3-year highs with 3% gains for EDP and BCP - Stock Exchange
Continue Reading

Trending