Therefore, Banco Espírito Santo, S.A. is no longer carrying out any activity, and Banco de Portugal will eventually withdraw its authorisation for exercising activity. This decision will result in an insolvency declaration that will in turn initiate Banco Espírito Santo, S.A.’s judicial liquidation proceedings. These liquidation proceedings will only focus on those liabilities and assets that have not been transferred to Novo Banco, S.A. The costs associated with these proceeding are those resulting from an insolvency proceeding and will be borne by the insolvent estate.
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