Regulatory Alerts2020-06-18
Added · Updated
Circular Letter No. CC/2020/00000039
Credit institutions supervised by the Bank of Portugal that apply the Internal Ratings-Based (IRB) method must adopt necessary measures to comply with the European Banking Authority's Guidelines on LGD estimates under downturn conditions (EBA/GL/2019/03) starting from January 1, 2022. These guidelines, which apply to all methods based on own estimates of Loss Given Default (LGD) under Part III, Title II, Chapter 3, Section 6 of Regulation (EU) No 575/2013, serve as a complement to the General Regime of Credit Institutions and Financial Companies. The Bank of Portugal emphasizes that these guidelines must be followed and applied within the context of current legislation and regulation.
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