The European Commission remains cagey about how much Portugal’s taxpayers might have to inject into Novo Banco after it is transferred to Lone Star’s vehicle, the unamusingly named Nani Holdings, but admits that ‘in adverse circumstances’ this is exactly what will happen.

Far from a clean deal to offload the loss making ‘bridge bank’ to a new owner, Portugal’s hard-pressed taxpayers again will be expected to bolster Novo Banco’s capital to cover losses if an economic downturn affects the bank that was created when BES went under in August 2014.

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