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Portugal rescues bank

Portugal's central bank will rescue troubled lender Banco Espirito Santo by pumping €4.9bn into the healthy part of the country's biggest bank. The bad part will be separated from assets in a move that resembles what happened here with Irish banks and NAMA. "Bank of Portugal has decided to apply resolution measure to BES. Most of the activity and assets of BES will be transferred to a new bank, called 'Novo Banco', properly capitalised, and purged of problematic assets," Bank of Portugal boss Carlos Costa said.