Circular Letter No. 3/2014/DMR: SITEME Fee Schedule

Circular Letter No. 3/2014/DMR
2014/08/21
Mod. 99999924/T 01/14
Subject: SITEME Fee Schedule

In accordance with the provisions of point III.9 of Instruction No. 47/98 of the Banco de Portugal (BO No. 1/99), as amended by Instruction No. 9/2013 of the Banco de Portugal (BO No. 4/2013), we communicate that the fee schedule for services provided by SITEME is now as set out in the annex to this Circular Letter, thereby replacing the fee schedule distributed in the annex to Circular Letter No. 5/2013/DMR of December 17, 2013.

The changes to the SITEME fee schedule result from the decommissioning by the Banco de Portugal of the Collateralized Interbank Money Market (MMI/CG) and enter into force on September 1, 2014. __________________________________________________________________________________ Sent to:
Banks, Central Credit Agricultural Mutual Fund, Montepio Geral Economic Savings Bank, and General Deposits Bank.

Mod. 99999924/T 01/14
SITEME
ELECTRONIC MARKET TRANSFER SYSTEM
Service Fee Schedule

1. Bank Loan Handling Fees
   1.1. Registration Fee
   1.1.1. Individual bank loans: 50 euros
   The registration fee is due for each individual bank loan registered in SITEME, by the participating institution that proposes it.
   1.1.2. Bank loan portfolios: 1,000 euros
   The registration fee is due for each bank loan portfolio 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 applies to the monthly average value of bank loans (individual or in portfolio form) registered in SITEME. The monthly average value is calculated based on the value of bank loans at the end of each day.

2. Fees for Use of the Correspondent Central Banking Model (CCBM)
   In its capacity as the Home Central Bank and acting as the agent for the Correspondent Central Bank, the Banco de Portugal will charge its counterparties the following fees, 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 Banking Model, whenever these counterparties 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
   in custody daily.

3. Use of Guarantee Assets Deposited at Interbolsa
   The commissions charged to the Banco de Portugal by Interbolsa for the mobilization, as guarantee assets in Eurosystem credit operations, of securities deposited in this Central Securities Depository will be borne by the respective participating institution.

4. Fees of the Unsecured Interbank Money Market (MMI/SG)
   These fees applied by the Banco de Portugal will be reassessed at the beginning of each year.

4.1. Access Fee: 60 euros.
This fee is due monthly by each participating institution from the moment it is authorized to carry out operations.
4.2. Transaction Fee: 0.80 euros for each settlement (debit or credit) in TARGET2-PT.

5. VAT Incidence
   5.1. The fees applied by the Banco de Portugal, referred to in numbers 1 and 4 above, are not subject to VAT, in accordance with number 27 of Article 9 of the VAT Code.
   5.2. The commissions charged by the Banco de Portugal to participating institutions, referred to in number 3, are subject to VAT at the standard rate, with the respective settlement applying to the commissions charged by Interbolsa net of VAT.

6. Invoicing
   Debits to participating institutions are processed on a monthly basis, with an itemized invoice issued for each type of transaction carried out.