BANIF resolution

Overview:

• The Bank of Portugal has completed the resolution procedure of Madeira based Portuguese bank BANIF (Banco Internacional do Funchal) under the Bank Recovery and Resolution Directive. 
• As part of the procedure the bank transferred its retail business and debt to Banco Santander Totta, and its asset management business to Oitante, an SPV. 
• Banco Santander Totta acquired the assets, liabilities and off balance sheet items of BANIF for €150 million, making it the second largest in Portugal. 
• Oitante was incorporated by the Bank of Portugal to manage and sell the bank's credits assets and services.
• This was the first time that the resolution directive had been applied. 

John Crabb - Journalist