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2022-11-23

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Circular Letter No. CC/2022/00000031

The document establishes the notification deadlines and maintenance period calendars for minimum reserves for credit institutions in Portugal for the year 2023, in accordance with ECB Regulation 2021/1. It specifies the dates for submitting monthly and quarterly reserve base reports, including notification and acceptance deadlines, and outlines the start and end dates for each maintenance period. The schedules apply to institutions submitting declarations monthly or quarterly, with specific incidence bases and durations defined for each period.

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Circular Letter No. CC/2022/00000031 Sent to: Credit Institutions. Mod. 40000375/T – 01/14 Subject: Notification dates and calendars for minimum reserve maintenance periods for the year 2023

This Circular Letter serves to inform institutions subject to minimum reserves in Portugal about the deadline dates for notifying the amount of minimum reserves to be complied with by each institution during the minimum reserve maintenance periods for the year 2023 (Table 1 for monthly reporting and Table 2 for quarterly reporting), as established by Article 7(6) of the Regulation of 22 January 2021 on the application of the European Central Bank (ECB/2021/1) minimum reserve regime.

Institutions are additionally informed of the calendar dates for the minimum reserve maintenance periods for the year 2023 (Table 3), in accordance with Article 8(2) of the aforementioned Regulation, and of the end date of the maintenance period starting on 21 December 2022 (Table 4). These calendars were published by the European Central Bank in its communications of 18 July 2022.

Bank of Portugal publishes the notification dates and the calendars of the minimum reserve maintenance periods on its institutional website (https://www.bportugal.pt/page/instrumentos-pol-mon).

The Markets Department is available to provide any additional clarifications.

Table 1 – Minimum reserve notification dates for 2023 (monthly reporting)

Incidence Base (monthly reporting)Start of Maintenance PeriodNotification Date 1Acceptance Date of Notification 2
December 20228 February 20233 February 20237 February 2023
January 202322 March 202317 March 202321 March 2023
March 202310 May 20235 May 20239 May 2023
April 202321 June 202316 June 202320 June 2023
June 20232 August 202328 July 20231 August 2023
July 202320 September 202315 September 202319 September 2023
September 20231 November 202327 October 202331 October 2023
October 202320 December 202315 December 202319 December 2023

Mod. 40000375/T – 01/14

Table 2 – Minimum reserve notification dates for 2023 (quarterly reporting)

Incidence Base (quarterly reporting)Start of Maintenance PeriodNotification DateAcceptance Date of Notification
September 20228 February 202316 December 202220 December 2022
December 202222 March 202317 March 202321 March 2023
December 202210 May 202317 March 202321 March 2023
March 202321 June 202316 June 202320 June 2023
March 20232 August 202316 June 202320 June 2023
June 202320 September 202315 September 202319 September 2023
June 20231 November 202315 September 202319 September 2023
September 202320 December 202315 December 202319 December 2023

Table 3 – Calendar of minimum reserve maintenance periods for 2023

ECB Council MeetingStart of Maintenance PeriodEnd of Maintenance PeriodIncidence Base for Credit Institutions Submitting Monthly DeclarationsIncidence Base for Credit Institutions Submitting Quarterly DeclarationsDuration of Maintenance Period (days)
2 February 20238 February 202321 March 2023December 2022September 202242
16 March 202322 March 20239 May 2023January 2023December 202249
4 May 202310 May 202320 June 2023March 2023December 202242
15 June 202321 June 20231 August 2023April 2023March 202342
27 July 20232 August 202319 September 2023June 2023March 202349
14 September 202320 September 202331 October 2023July 2023June 202342
26 October 20231 November 202319 December 2023September 2023June 202349
14 December 202320 December 20236 February 2024October 2023September 202349

Table 4 – Calendar of minimum reserve maintenance periods for 2022

ECB Council MeetingStart of Maintenance PeriodEnd of Maintenance PeriodIncidence Base for Credit Institutions Submitting Monthly DeclarationsIncidence Base for Credit Institutions Submitting Quarterly DeclarationsDuration of Maintenance Period (days)
3 February 20229 February 202215 March 2022December 2021September 202135
10 March 202216 March 202219 April 2022January 2022December 202135
14 April 202220 April 202214 June 2022February 2022December 202156
9 June 202215 June 202226 July 2022April 2022March 202242
21 July 202227 July 202213 September 2022May 2022March 202249
8 September 202214 September 20221 November 2022July 2022June 202249
27 October 20222 November 202220 December 2022September 2022June 202249
15 December 202221 December 20227 February 2023October 2022September 202249

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