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Press release on the financial position of Banco Espírito Santo, S.A.

Considering the adverse  capital market developments related to the uncertainty over the financial position of Banco Espírito Santo, S.A. (BES), Banco de Portugal clarifies, based on the information reported by BES and its external auditor (KPMG), that BES holds a sufficient capital buffer to accommodate possible negative impacts arising from its exposure to the non-financial arm of Espírito Santo Group (GES), without jeopardising its compliance with the required minimum capital ratios.

In this regard, it is important to recall that the financial situation of GES's non-financial arm was detected in a horizontal audit carried out at the end of 2013 on the eight largest Portuguese banking groups by an independent entity commissioned by Banco de Portugal. Following the conclusions of that audit, several measures were determined by Banco de Portugal to  ringfence BES Group’s financial position against the risks arising from GES's non-financial arm. This audit was the last of a cycle of four horizontal inspections launched by Banco de Portugal since 2011, which allowed the main Portuguese banks' credit portfolios to be reviewed in detail.

The safety of the funds entrusted to BES is not undermined and BES depositors may rest assured.

Lisbon, 11 July 2014

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