LISBON—Banco Espí rito Santo SA creditors whose credit were neither subordinated nor transferred to the "good bank" created from the collapsed lender should have the right to recover 31.7% of their money, a report ordered by the central bank has found.

Professional services firm Deloitte was asked by the Bank of Portugal to perform an independent valuation and determine how much money creditors would have recouped had Banco Espí rito Santo been liquidated in 2014. The lender was instead broken up between a "good bank" called Novo Banco SA and a "bad bank." Novo Banco received a capital injection through a Portuguese national resolution fund.

Under the rules of the resolution, if creditors lost more money under the resolution of Banco Espí rito Santo than they would have lost under a liquidation, the resolution fund would have to cover the difference.

The creditors in question are owned €25.1 billion ($27.9 billion). Under a liquidation, they would have received 31.7% of that, or €8 billion, according to Deloitte. Bank of Portugal, however, said in a statement that it is still not possible to estimate the compensation to be paid given "there are a group of complex legal and operational questions" pending.

According to Deloitte, Novo Banco received €30.5 billion owed to guaranteed and privileged creditors. Subordinated creditors, who are owed a total of €4.4 billion, lost all their money.

Separately, Novo Banco said Wednesday that its chief executive, Eduardo Stock da Cunha, will cease to be chairman by the end of the month. Mr. da Cunha will also leave his CEO position in the summer, as planned, to return to Lloyds Banking Group, where he was granted a leave of absence in 2014.

Novo Banco is currently under sale. The Bank of Portugal said late last month that four parties have made bids. It will now decide whether to sell the bank to one of the bidders.

Write to Patricia Kowsmann at patricia.kowsmann@wsj.com

(END) Dow Jones Newswires

July 06, 2016 17:15 ET (21:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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