The financial vehicle Oitante, which retained part of the bankrupt BANIF, paid another 13.1 million euros of aid granted by the Resolution Fund (FR), leaving almost 313 million euros unpaid, that is, 64% of the total support granted.
According to a statement from the FR, sent this Friday, “a new distribution of reserves was carried out [ao FR] by Oitante, in the amount of 13.1 million euros”, money coming from the “payment of a dividend of 13.1 million euros during the year”. Previously, it had already delivered another 13.1 million euros during this year.
The Resolution Fund is a public entity whose accounts have an impact on the budget balance and public debt. It is constituted and supported by commercial banks operating in Portugal, including the largest, the public bank CGD.
The State also has a lot of money to spare as it founded and lent millions to set up the FR (which did not exist until the collapse of BES and had no funds), participating in the support granted right at the beginning of its activity, when BES went bankrupt in 2014 and BANIF fell in 2015.
Currently, the FR is financed by banks and financial market agents stationed in Portugal through regular contributions.
Oitante is one of several financial vehicles created to accommodate the toxic and problematic assets of the extinct Banif, in this case, properties and non-performing loans. Its mission is to sell assets in order to recover funds, which it must then hand over to the FR and the State.
“With this new distribution, the amount delivered by Oitante to the Resolution Fund totals 176.2 million euros since the company’s incorporation”, that is, 36% of the total aid granted by the FR has been reimbursed so far, says this entity, which works under the umbrella of the Bank of Portugal.
In 2020, it paid the first tranche of debt worth 15 million euros. In 2023, it delivered another 63.8 million euros. In 2024, it returned 71.2 million euros and now (2025), 26.2 million euros.
“The amounts obtained and to be obtained by the Resolution Fund as a result of its 100% participation in the capital of Oitante contribute to the reduction of the losses of 489 million euros that this Fund suffered in the resolution of BANIF and will be used to reimburse the Resolution Fund’s debt, particularly towards the State”, explains the FR.
“The amount distributed by Oitante until the end of 2025 already corresponds to around 36% of the amount paid by the Resolution Fund within the scope of the resolution of that bank”. The rest is missing: 64%.
“The Resolution Fund once again congratulates Oitante’s management and other corporate bodies, as well as its workers, for the work carried out and the consistent results achieved over the years”, says the statement.
Global support for the debacle of the former BANIF is, however, much greater.
According to the Court of Auditors (opinion on the General State Account), by 2024, the former bank based in Madeira had cost taxpayers (loss, net support, after deducting loan repayments and interest payments) 2.9 billion euros.
In total, taxpayers have so far borne a shortfall of 21.3 billion euros due to aid to banks. The worst case was BES/Novo Banco (loss of 8.4 billion euros) and BPN (loss of 5.9 billion euros), according to the Court of Auditors.