Official Residence: Bank and Euros

official residence: The bank had to be split into a good bank and bad bank after undergoing losses of 3.6 billion euros 3.74 billion US dollars in August 2014, according to Global Times China. The government had to inject around 4.9 billion euros into the bank, which was followed by protests and legal action by retail customers. It is a solution which does not totally eliminate losses, but minimizes them, Costa told BES clients in an official speech at his official residence in Sao Bento, Lisbon. At least 4,000 customers, who had invested around 485 million euros, were affected by the bankruptcy. The president of the association representing commercial paper investors affected by the bank's collapse, Lacerda de Machado, said he was happy with the government's solution and said there was a genuine spirit of collaboration . (news.financializer.com). As reported in the news.