The recapitalisation process of Portuguese banks started in 2009 with the approval of the recapitalisation scheme by the Commission1 and its renewal until 30 June 2013.2 The stated aims of the recapitalisation of banks were to increase their creditworthiness, allow them access to market funding, ensure their compliance with solvency requirements and strengthen financial stability at large.

The recapitalisation exercise was awarded a €12 billion bank support facility financed by the IMF and the EU in the framework of the Economic Adjustment Programmme.