BES trial: Morais Pires discusses debt structures and ESFG exposure

During the BES case trial, Amílcar Morais Pires addressed questions regarding the bank's efforts to manage exposure to the ESFG group. Prosecutors questioned whether officials were aware of reports from 2012 concerning the direct sale of debt securities to clients, which predated a 2013 meeting in Lake Como.

Morais Pires testified that there was a long-standing commitment to resolve these issues over time. He noted that the Board of Directors was aware of the need to address and amortize certain problems dating back to 2002. He further stated that during the Lake Como meeting, he was acting under orders from Ricardo Salgado to study ways to either reduce ESFG exposure or increase capital.