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Portugal · Economy & Business · Hard
Portugal's Banco Espírito Santo collapsed in 2014 in one of Europe's largest banking failures. What was the name of the 'good bank' created from its remains?
Answer: Novo Banco — After the collapse of Banco Espírito Santo, a €4.9 billion resolution fund created Novo Banco as the bridge bank taking over BES's healthy assets, while toxic assets remained in a bad bank.
- A Banco Português de Investimento
- B Caixa Económica Montepio Geral
- C Novo Banco ✓
- D Banco BIC Português
After the collapse of Banco Espírito Santo, a €4.9 billion resolution fund created Novo Banco as the bridge bank taking over BES's healthy assets, while toxic assets remained in a bad bank.