Circular Letter No. CC/2020/00000021: Flexibilization Measures and Additional Recommendations Related to the COVID-19 Pandemic

The Banco de Portugal grants temporary flexibility to less significant credit institutions regarding capital and liquidity buffers, extending the deadline for submitting capital conservation plans from 5 to 10 business days and allowing liquidity coverage ratio (LCR) reports to be submitted within 5 business days of notification. The regulator recommends that these institutions refrain from distributing dividends for the 2019 fiscal year and interim dividends for 2020 until at least October 1, 2020, while also suspending share buybacks. Additionally, the document extends various administrative deadlines, including those for regulatory reporting, Pillar 3 disclosures, and professional training validity, and suspends specific procedural timeframes related to authorization processes and agency closures.

BDP published 1 document in the last 30 days — get each new one by email the day it lands.

Circular Letter No. CC/2020/00000021
Sent to:
Credit Institutions; Investment Companies; Financial Companies; Electronic Money Institutions and Payment Institutions.
Mod. 40000375/T – 01/14
Subject: Flexibilization measures and additional recommendations related to the COVID-19 pandemic

The Banco de Portugal, taking into account the decisions already communicated by the European Central Bank (ECB) and the European Banking Authority (EBA), the consequences for the financial system of the current context of the COVID-19 pandemic, the declaration of a state of emergency, the exceptional and temporary legislative measures approved in this regard, and the need to gather critical information for the exercise of its functions, hereby transmits a set of recommendations and additional flexibilization measures in areas related to its supervisory and cash-in-circulation competences.

Read the rest free, and get an email when BDP publishes again

Email me when BDP publishes something newOne email per publication, same day. Sign in below to keep reading.

Lineage: In force

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works