Circular Letter No. CC/2024/00000053

Circular Letter No. CC/2024/00000053
Sent to:
Credit Institutions.
Form. 99999924/T – 01/14
Subject: Management of Collateral Assets – Fees and Commissions

The management of collateral assets mobilized for Eurosystem credit operations, regulated by Bank of Portugal Instructions No. 3/2015 of May 15, No. 7/2012 of March 15, No. 16/2022 of October 17, and No. 8/2018 of March 22, generates costs that are the responsibility of participating institutions.

The Bank of Portugal hereby communicates these costs, embodied in the fees and commissions specified in this Circular Letter (which replaces Circular Letter No. 003/2015/DMR of July 15).

Management of Collateral Assets
– Fees and Commissions –

1. Correspondent Central Bank Model Usage Fees
   In its capacity as Home Central Bank and acting as agent for the Correspondent Central Bank, the Bank of Portugal will charge – aiming to cover the costs incurred by the Correspondent Central Bank resulting from the transfer, management, and administration of securities mobilized through the Correspondent Central Bank Model (CCBM) – the following fees to its counterparties, whenever they use in Eurosystem credit operations securities deposited in Securities Settlement Systems located outside the country. These fees also apply to the mobilization of credit rights in the form of bank loans through the CCBM.

1.1. Transaction fee: 30 euros per asset transferred
1.2. Custody and administration fee: 0.0069% per year, calculated monthly based on the nominal value of assets
held daily in custody.

2. Use of Collateral Assets Deposited at Interbolsa/Euronext Securities Porto
   The commissions charged to the Bank of Portugal by Interbolsa/Euronext Securities Porto for the mobilization of securities deposited at this Securities Settlement System will be borne by the respective participating institution, subject to VAT at the standard rate.

Form. 99999924/T – 01/14

3. Billing
   The accounts of participating institutions with the Bank of Portugal will be debited monthly, and a detailed invoice by type of transactions performed will be issued and sent to participating institutions.