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Empresas y finanzas

Portugal to rescue BES with 4.9 billion euros using bailout funds


    LISBON (Reuters) - Portugal's central bank said on Sunday it decided to rescue troubled lender Banco Espirito Santo in a 4.9 billion euro recapitalization to be pumped into the healthy part of the bank that will be separated from its compromised assets.

    The money comes mostly from the country's international bailout, which had a 6.4 billion euro line available for bank recapitalization, via a bank resolution fund set up by Portugal in 2012, Bank of Portugal Governor Carlos Costa said.

    Current shareholders in BES (BES.LI)and holders of subordinated debt will be responsible for the risks in the "bad bank" mainly associated the crumbling business empire of the bank's founding Espirito Santo family.

    (Reporting By Andrei Khalip; Editing by Sandra Maler)