Novo Banco puts 3,830 properties on sale at discount

Novo Banco Portugal has 3,830 properties to sell for less than the gross value of the portfolio. The properties were taken by the bank from customers who were unable to repay their loans. The executive president of Novo Banco, António Ramalho, said that all are of the properties are intended for sale. This registered value of the properties is around one billion euro, but the bank has already been recognizing these losses in advance, through impairments, to just €430 million. The fair value of these assets is around €550 million.