Circular Letter No. 1/2011/DMR: SITEME Price List

Banco de Portugal
Circular Letter No. 1/2011/DMR, of 21-06-2011
SUBJECT: SITEME Price List

In accordance with the provisions of point III.7 of Banco de Portugal Instruction No. 47/98, published in the Banco de Portugal Bulletin of Norms and Information No. 1, of 15.01.1999, we communicate that, with effects from July 4, 2011, the price list for services provided by SITEME will be as set out in the annex to this Circular Letter, thus replacing, from that date, the price list distributed in the annex to Circular Letter No. 2/DMR, of 17.02.2009.

The changes to the SITEME price list result from changes to Banco de Portugal Instruction No. 1/99 (BNBP No. 1 of 15.1.1999), relating to the Intervention Operations Market (MOI), in particular the change in the form of constitution of financial pledge. According to this change, securities deposited at Interbolsa that are mobilized by participating institutions as collateral for Eurosystem credit operations will no longer be blocked in favor of Banco de Portugal in the participating institution's account with Interbolsa, but will, by exercising the right of disposal provided for in Article 9 of Decree-Law No. 105/2004, of May 8, be transferred to a specific account of Banco de Portugal with that central securities depository. The commissions charged by Interbolsa to Banco de Portugal for holding these securities in its account with the central securities depository will be charged to the participating institution that has mobilized these securities as collateral in Eurosystem credit operations, in accordance with the new SITEME price list. __________________________________________________________________________________ Sent to:
Banks, Caixa Central de Crédito Agrícola Mútuo, Caixa Económica Montepio Geral and Caixa Geral de Depósitos.

SITEME
MARKET ELECTRONIC TRANSFER SYSTEM
– Services Price List –

1. Bank Loan Handling Fees

1.1. Initial registration fee: 50 euros
The initial registration fee is due for each bank loan registered in SITEME, by the participating institution that proposes it.

1.2. Account maintenance fee: 0.0038% per year
The account maintenance fee is due monthly and is levied on the monthly average value of bank loans registered in SITEME. The monthly average value is calculated based on the daily value of bank loans at the end of each day.

2. Correspondent Central Bank Model (CCBM) Usage Fees
   In its capacity as Originating Central Bank and acting as agent for the Correspondent Central Bank, Banco de Portugal will charge – aiming to cover the costs incurred by the Correspondent Central Bank as a result of the transfer, management, and administration of securities mobilized through the Correspondent Central Bank Model – the following fees to its counterparties, whenever they use securities deposited in Central Securities Depositories located outside the country in Eurosystem credit operations. These fees also apply to the mobilization of credit rights in the form of bank loans through the CCBM.

2.1. Transaction fee 30 euros per asset transferred

2.2. Asset custody and administration fee: 0.0069% per year, calculated monthly based on the nominal value of assets held daily in custody.

3. Registration of monetary securities

3.1. The registration of monetary securities is subject to the payment of a fee calculated according to the following algebraic expression:
TR = VN / 1000000 * 5 where:
TR – registration fee in euros
VN – global nominal value of registered securities, in euros

3.2. The value of this registration fee is included in the invoice of the financial intermediary participating in SITEME that is sent to it in the month following the registration of the securities.

4. Use of collateral deposited at Interbolsa

4.1. The commissions charged to Banco de Portugal by Interbolsa for the mobilization, as collateral in Eurosystem credit operations, of securities deposited in that central securities depository will be borne by the respective participating institution.

5. VAT Incidence

5.1. The fees applied by Banco de Portugal, referred to in number 1 above, are not subject to VAT, in accordance with number 27 of article 9 of the C.I.V.A.

5.2. The fee applied by Banco de Portugal, referred to in number 3 above, is subject to VAT, at a rate of 23%.

6. Invoicing
   Debits to participating institutions are made on a monthly basis, with an itemized invoice issued by type of transactions carried out.