Bank of Portugal Notice No. 9/2008

Notices from the Bank of Portugal Bank of Portugal Notice No. 9/2008

Considering the need for greater convergence in the application of "prudential filters" at the European Union level, where most countries currently allow the full inclusion of deferred tax assets in the calculation of own funds;

Considering that a sufficient period of time has elapsed since the implementation of International Accounting Standards, during which institutions have been able to test and refine the method of calculation and accounting recognition of deferred taxes;

The Bank of Portugal, using the competence conferred upon it by Article 96(1) of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of 31 December, determines the following:

Notice No. 12/92, published in the Diário da República, 2nd series, No. 299, 2nd supplement, of 29 December 1992, is subject to the following modifications:

1. Item 7-B) of item 1 of Article 3 shall have the following wording: "7-B) Portion of reserves and results corresponding to deferred tax assets;"

2. Item 7-A is eliminated.

3. This notice enters into force the day following the date of its publication.

28 October 2008. - The Governor, Vítor Constâncio.