Event Publicly Available Information:
On 29 December 2015, the Bank of Portugal approved the transfer from Novo Banco, S.A. to Banco Espírito Santo, S.A. of certain senior bonds in a nominal amount of EUR 1.941m.
Please see below for press releases from the Bank of Portugal and Bloomberg setting out further detail in relation to the transfer and a link to the financial statements of Novo Banco up to 30 June 2015 which state that as at 30 June 2015 Novo Banco’s outstanding debt securities issued are EUR 7,348,833.
Press release
Press release
Fnancial statements
| Date | Description | Document |
|---|---|---|
| Closed | ||
| Closed | 2 March 2016: The EMEA DC met today to discuss the Successor DC Question in respect of Novo Banco, S.A. and agreed on the determination in respect of the Successor DC Question and agreed that a statement would be published as soon as reasonably practicable (publication expected tomorrow, Thursday 3 March 2016). | |
| Ongoing | 29 February 2016: The EMEA DC met today to consider the additional unaudited financial information in respect of the year ending 31 December 2015 published by Novo Banco, S.A. The EMEA DC agreed to reconvene on Wednesday, 2 March 2016 to consider further the new information and the Successor DC Question. | |
| Ongoing | 18 February 2016: The EMEA DC met today and has extended the deadline for holding a binding vote until the end of April 2016 as the EMEA DC has been advised under Portuguese law that the 2015 Annual Accounts of Novo Banco S.A. must be published by the end of April. If the accounts become available earlier, the EMEA DC will reconvene and make a determination as soon as reasonably practicable thereafter. | |
| Ongoing | 11 February 2016: As referred to in the meeting statement published on 21 January 2016, given that the Half-year Financials were prepared as at 30 June 2015, the DC decided that it was prudent to wait and make further attempts in order to establish up-to-date information on the outstanding principal amount of the Relevant Obligations in relation to the Reference Entity, including in particular the central bank funding, before making a determination. To provide additional time to make such further attempts, the EMEA DC resolved to extend the deadline for making a determination to 18 February 2016. | |
| Ongoing | ||
| Ongoing | 20 January 2016: The EMEA DC met today to discuss the Successor DC Question. The EMEA DC will meet again tomorrow (21 January 2016) at 12:00pm London time to further discuss the Successor DC Question. | |
| Ongoing | 19 January 2016: The EMEA DC met today to select the External Review Panel in respect of the Governmental Intervention question. The EMEA DC also discussed the Successor DC Question. The EMEA DC agreed to reconvene at 12pm (London time) on Wednesday, 20 January 2016. | |
| Ongoing | 15 January 2016: The EMEA DC met today to discuss the External Review process and to discuss further the Successor DC Question. The EMEA DC continued to seek to source further details on the Relevant Obligations of Novo Banco S.A. for the purposes of the Successor DC Question. The EMEA DC agreed to reconvene at 12pm (London time) on Tuesday, 19 January 2016. | |
| Ongoing | 14 January 2016: The EMEA DC met today to discuss the selection of Pool Members and the External Review Panel in respect of the Governmental Intervention DC Question. In respect of the Successor DC Question, the EMEA DC extended the deadline for holding a binding vote until 1:00pm (London time) on Friday, 22 January 2016 to allow further time to source further details on the Relevant Obligations of Novo Banco S.A. The EMEA DC agreed to reconvene at 12pm (London time) tomorrow. | |
| Ongoing | 13 January 2016: The EMEA DC met today to discuss the Successor DC Question and the External Review process in respect of the Governmental Intervention DC Question. As no External Review Pool Members have been appointed for the EMEA Region, ISDA members are invited to send nominations for Potential Pool Members under Section 4.2(b) of the DC Rules by email to cdsquestions@isda.org. The EMEA DC agreed to reconvene at 12pm (London time) tomorrow with a view to selecting the External Review Panel. | |
| Ongoing | 12 January 2016: The EMEA DC met today and held a binding vote on the Governmental Intervention DC Question. As there was no Supermajority, the External Review process in Section 4 of the DC Rules is triggered in respect of the Governmental Intervention DC Question. The EMEA DC agreed to meet again tomorrow at noon to discuss the Successor DC Question and next steps on the External Review. | |
| Ongoing | 11 January 2016: The EMEA DC met today to further consider the Successor DC Question and the Governmental Intervention DC Question and agreed to reconvene at 11:30 am (London time) on Tuesday, 12 January 2016 to further consider these DC Questions. The EMEA DC extended the deadline for holding a binding vote on these DC Questions until 1pm (London time) on Friday, 15 January 2016 but noted that the EMEA DC may decide to hold a binding vote in advance of that deadline. | |
| Ongoing | 8 January 2016: The EMEA DC met today to consider these DC Questions, including the Successor DC Question in further detail. The EMEA DC extended the deadline for holding a binding vote on these DC Questions until 5pm (London time) on Monday, 11 January 2016. The EMEA DC agreed to reconvene at 12pm (London time) on Monday, 11 January 2016 to further consider these DC Questions. | |
| Ongoing | This resolution extends the deadline for holding a binding vote on this DC Question until 5pm (London time) on Monday, 11 January 2016. | |
| Ongoing | 7 January 2016: The EMEA DC met today to continue to discuss the Governmental Intervention and Successor DC Questions in respect of Novo Banco S.A. The EMEA DC notes that a further General Interest Question (Issue Number 2016010701) has been submitted today. Such question includes analysis provided by the submitter of the General Interest Question setting out the view of the submitter on the Governmental Intervention DC Question raised in respect of Novo Banco S.A. This General Interest Question has not been accepted by the EMEA DC. The EMEA DC will meet again at 4pm (London time) tomorrow and on Monday at a time to be determined to further consider the Governmental Intervention and Successor DC Questions (Issue Numbers 2016010501 and 2015123002) in respect of Novo Banco S.A. | |
| Ongoing | 6 January 2016: The EMEA DC met today to consider the Governmental Intervention Credit Event and Successor DC Questions in respect of Novo Banco S.A. and agreed to reconvene tomorrow at 4pm (London time) to consider the DC Questions further. | |
| Request Accepted by DC | ||
| Pending DC Consent |