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Why do banks collapse? The cautionary tale of Banco Espírito Santo

2026-05-04Artigo de investigação Acesso aberto
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dc.contributor.authorSantos, Mário Coutinho dos
dc.contributor.authorGaroupa, Nuno
dc.date.accessioned2026-05-12T15:24:56Z
dc.date.available2026-05-12T15:24:56Z
dc.date.issued2026-05-04
dc.description.abstractIn 2014, the Banco Espírito Santo (BES) conglomerate collapsed, marking the first bank resolution inspired by the European Union’s Bank Recovery and Resolution Directive (BRRD). Explanations for these events range from the aftermath of the 2008 financial meltdown to last-minute regulatory failures or capture. In this article, we offer empirical findings supporting a different perspective. The 2014 debacle stemmed from structural issues dating back to the Espírito Santo family’s reacquisition of BES in the early 1990s and the business strategy pursued over the subsequent two decades. While the financial meltdown post-2008 may have accelerated the events of 2014, it was not the root cause but rather an immediate trigger. Regulatory failures were evident but began well before the 2010s. This case carries broader implications for banking regulation in the European Union and beyond.eng
dc.identifier.doi10.1007/s40804-026-00363-2
dc.identifier.eid105037862583
dc.identifier.otherba40fb24-76e3-40cc-b420-cf5c3f88eeb8
dc.identifier.urihttp://hdl.handle.net/10400.14/57704
dc.identifier.wos001755519500001
dc.language.isoeng
dc.peerreviewedyes
dc.publisherSpringer International Publishing AG
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectBanking collapseeng
dc.subjectCapital ratioeng
dc.subjectFinancial conglomerateeng
dc.subjectGrowth strategyeng
dc.subjectHubriseng
dc.subjectSupervisioneng
dc.titleWhy do banks collapse? The cautionary tale of Banco Espírito Santo
dc.typeresearch article
dspace.entity.typePublication
oaire.versionhttp://purl.org/coar/version/c_ab4af688f83e57aa

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