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2024-11-05

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Circular Letter No. CC/2024/00000044

The document establishes the specific notification deadlines for minimum reserve amounts and the maintenance period calendars for credit institutions in Portugal for the year 2025. It defines the submission and acceptance dates for both monthly and quarterly reporting bases, alongside the start and end dates for each maintenance period. The notice also confirms the adjustment of the maintenance period ending on December 18, 2024, which initiates the subsequent cycle.

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Circular Letter No. CC/2024/00000044

Sent to: Credit Institutions.

Subject: Circular Letter on notification dates and calendars of minimum reserve maintenance periods for the year 2025

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 2025 (Table 1 for monthly reporting and Table 2 for quarterly reporting), in accordance with 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 of the minimum reserve maintenance periods for the year 2025 (Table 3), in accordance with Article 8(2) of the aforementioned Regulation, and of the change in the end date of the maintenance period that will begin on 18 December 2024 (Table 4). These calendars were published by the European Central Bank in its communications of 19 July 2024.

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 2025 (monthly reporting)

Base of Incidence (monthly reporting)Start of Maintenance PeriodNotification DateAcceptance Date of Notification
December 20245 February 202531 January 20254 February 2025
January 202512 March 20257 March 202511 March 2025
February 202523 April 202516 April 202522 April 2025
April 202511 June 20256 June 202510 June 2025
May 202530 July 202525 July 202529 July 2025
July 202517 September 202512 September 202516 September 2025
September 20255 November 202531 October 20254 November 2025
October 202523 December 202518 December 202522 December 2025

Table 2 – Minimum reserve notification dates for 2025 (quarterly reporting)

Base of Incidence (quarterly reporting)Start of Maintenance PeriodNotification DateAcceptance Date of Notification
September 20245 February 202513 December 202417 December 2024
December 202412 March 20257 March 202511 March 2025
December 202423 April 20257 March 202511 March 2025
March 202511 June 20256 June 202510 June 2025
March 202530 July 20256 June 202510 June 2025
June 202517 September 202512 September 202516 September 2025
June 20255 November 202512 September 202516 September 2025
September 202523 December 202518 December 202522 December 2025

Table 3 – Calendar of minimum reserve maintenance periods for 2025

ECB Council MeetingStart of Maintenance PeriodEnd of Maintenance PeriodBase of Incidence for Credit Institutions Submitting Monthly DeclarationsBase of Incidence for Credit Institutions Submitting Quarterly DeclarationsDuration of Maintenance Period (days)
30 January 20255 February 202511 March 2025December 2024September 202435
6 March 202512 March 202522 April 2025January 2025December 202442
17 April 202523 April 202510 June 2025February 2025December 202449
5 June 202511 June 202529 July 2025April 2025March 202549
24 July 202530 July 202516 September 2025May 2025March 202549
11 September 202517 September 20254 November 2025July 2025June 202549
30 October 20255 November 202522 December 2025September 2025June 202548
18 December 202523 December 202510 February 2026October 2025September 202550

Table 4 – Calendar of minimum reserve maintenance periods for 2024

ECB Council MeetingStart of Maintenance PeriodEnd of Maintenance PeriodBase of Incidence for Credit Institutions Submitting Monthly DeclarationsBase of Incidence for Credit Institutions Submitting Quarterly DeclarationsDuration of Maintenance Period (days)
25 January 202431 January 202412 March 2024November 2023September 202342
7 March 202413 March 202416 April 2024January 2024December 202335
11 April 202417 April 202411 June 2024February 2024December 202356
6 June 202412 June 202423 July 2024April 2024March 202442
18 July 202424 July 202417 September 2024May 2024March 202456
12 September 202418 September 202422 October 2024July 2024June 202435
17 October 202423 October 202417 December 2024August 2024June 202456
12 December 202418 December 20244 February 2025October 2024September 202449

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