Espirito Santo Fin ON-SITE INSPECTIONS PROGRAMME ON EXPOSURE TO THE CONSTRUCTION AND REAL ESTATE SECTORS
04 Dezembro 2012 - 5:00AM
UK Regulatory
TIDMEOS
Société AnonymeRegistered Office: 21/25 Allée Scheffer, L- 2520
LuxembourgR.C.S. Luxembourg B 22.232
ESPÍRITO SANTO FINANCIAL GROUP ANNOUNCES RESULTS OF THE ON-SITE
INSPECTIONS PROGRAMME ON EXPOSURE TO THE CONSTRUCTION AND REAL
ESTATE SECTORS.
Luxembourg/Portugal - 4 December 2012 - Espírito Santo Financial
Group S.A. ('ESFG' or 'Group ESFG') (NYSE Euronext Lisbon: ESF;
Bloomberg: ESF PL; Reuters: ESF LS) today announces the results of
the inspections on exposure to the Construction and Real Estate
sectors.
GROUP ESFG
The On-Site Inspections Programme ('OIP'), which was concluded
on 29 November 2012, involved the evaluation of exposure to the
Portuguese and Spanish construction and real estate sectors as of
30 June 2012.
The OIP involved the 8 largest banking groups in Portugal,
including Espírito Santo Financial Group S.A. ('Group ESFG'), and
had the objective of evaluating the adequacy for impairments on
exposure to the aforementioned sectors, as of 30 June 2012 (the
reference date), based on conservative evaluation criteria.
At Group ESFG it was concluded that there was a need to further
strengthen provisions for impairments by EUR 205.0 million, which
represents approximately 1.9% of evaluated exposure.
Of the EUR 205.0 million, EUR 127 million relate to information
and events that were subsequent to the reference date, including
more recent insolvencies and bankruptcies and the revaluation of
collateral. This has been illustrated on the left hand side of the
chart (Fig I.)
Fig I.
[OBJECT OMITTED]
As of 30 September 2012 Group ESFG had succeeded in
strengthening its provisions for impairments and thus reduced its
need for further provisioning from EUR 205.0 million to EUR 98.0
million. The remaining requirement will be concluded by 31 December
2012, as illustrated on the right hand side of the chart (Fig
I.).
Taking into account the expected impairment charges planned by
Group ESFG for the 4th quarter 2012, the impact of the results from
the OIP on the Group's Core Tier 1, as of 31 December 2012, will be
negligible. The reinforcement of provisions will not affect Group
ESFG's ability to meet the minimum regulatory requirement of 10.0%
by year end.
Additionally, the OIP requirement for additional provisioning
does not materially alter the burden of provisioning for
impairments on credit planned by Group ESFG for the financial year
ending 31 December 2012.
Contacts:Espírito Santo Financial Group S.A.Filipe Worsdell,+44
203 429 2100fworsdell@esfg.comorTaylor RaffertyFaisal Kanth, +44
207 614 2900faisal.kanth@taylor-rafferty.com
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The Espírito Santo Financial Group provides, through its
subsidiaries, a global and diversified range of financial services
to its clients including Commercial banking, Insurance, Investment
banking, Stockbrokerage and Asset management in Portugal and
internationally. For additional information on Espírito Santo
Financial Group, its subsidiaries, operations and results, please
visit the Company's website on www.esfg.com
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