Submitted by: Jon Butler

Espirito Santo bank loans to the controlling shareholder of the dark years, documents show – in banking supervision raised new questions and Portugal continue to suffer from a lender is one of Europe’s largest financial collapse.

BES, then Portugal’s largest listed bank, loan routing undeclared International (ESI) map the state of Espirito Santo – indirectly, 25% of the shareholders – through Panama, documents show. ESI is best not declared the loan in its accounts.

This exposes the Espirito Santo family-owned ESI bad cause BES rescued in August. Participate in Espirito Santo group, however, despite Portugal’s central bank said it had found a “fraudulent fund” non-financial corporations, it did not know until now, through the Panama route Loan Scheme has been in place for several years.

Best fallout from the scandal prompted to change this week officially replaced the prudential supervision of banks in Portugal, responsible for the bank.

“Bank of Portugal has failed to learn the lessons of the previous bank failures,” the banker said in Lisbon on Thursday. “Supervision has been too soft. Rules exist on paper, and not been effectively implemented.”

Earlier this month, KPMG, BES, Portugal, accusing KPMG’s external auditors and bank swap, first alerted the whole situation precipitated the collapse of the Bank of the loss caused by the BES.

Portugal’s central bank declined to comment, and for representatives of ESI, the application filed for bankruptcy protection in July, in order to comment. Best suspect Panama business, is currently under investigation by Price Water House Cooper (PWC) part of the Central Bank commissioned forensic audit, people familiar with the probe said.Portugal’s central bank declined to comment, and for representatives of ESI, the application filed for bankruptcy protection in July, in order to comment. Best suspect Panama business, is currently under investigation by Price Water House Cooper (PWC) part of the Central Bank commissioned forensic audit, people familiar with the probe said.

Despite Portugal’s central bank has said in May that it had found accounting problems at ESI, until BES also assured investment, the lender releases the collapse of insulation from Espirito Santo family holding company. In June this year, the bank sold 10 million shares. Investors who subscribed to be destroyed within two months of sales.

FTSE seen documents showing that from 2012 to 2014 BES extend credit to a small bank in Panama, through its holding company, Espirito Santo Financial Group, and then used the money to buy the debt issued with ESI. And pointed out that it has credit risk BES ES Bank of Panama in its annual report earlier, and it did not detail any of these loans were used to lend to ESI or link to Espiritu Santo family other companies.

This leads to increase its hidden risks troubled businesses will eventually lead to the end of July, the bank reported 36 billions in losses.

In Panama, Espirito Santo Bank of America bought Rioforte exist almost entirely by ESI, its subsidiaries and Espirito Santo Irmos issue bonds, according to a report written ES bank management.

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