On 30 July 2014, Banco Espírito Santo SA (‘BES’), Portugal’s second largest private bank, announced first half losses of over €3.5 billion. On 3 August 2014, Bank of Portugal (‘BdP’), acting in its capacity as a resolution authority under the EBRRD, issued a decision (‘the August 2014 Decision’) that confirmed the formation of Novo Banco (‘NB’).

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