MADEIRA ISLAND – BANKS FINANCE & CURRENCY NEWS
Banking / Financial Institutions in Madeira Island are governed and controlled by the Central Bank of Portugal. Portugal’s Minister of Finance has just announced the nationalisation of B.P.N. bank. The two branches in Madeira are expected to close down soon. The Bank’s poor financial performance has led the Government to take this drastic measure in order to protect and guarantee their client’s funds. A word of caution in today’ economic climate is that buyers must be very careful when investing their hard-earned funds. Prior to departing with any monies when purchasing property in Madeira, Portugal, make certain that the seller is solvent. You may be looking at a property with an outstanding mortgage in excess of it’s present market value.
On a positive note to all buyers, though, now is the ideal time to negotiate terms with solvent sellers. Ask the agent you are working with to do so on your behalf – this is known as the art of creative financing in the real estate industry.
If he / she is unaware of this nor ever heard of same, contact Tony via email or on tel. +351 291 099901.