Directive No. 04/DSP-DRO-2019, dated April 11

THE GOVERNOR
Considering the provisions of Instruction No. 03/2019, dated April 3, regarding Guarantees in the CCAA Subsystems; This Directive serves to establish the following:

1. The minimum guarantee to be considered for participants, in the CCAA clearing subsystems, with the exception of SDD, as defined in Instruction No. 03/2019, is valid for 1 (one) calendar month, with its value communicated to each participant by the CCAA operator by the 10th (tenth) day of the preceding month.
2. The minimum guarantee to be considered for SDD is valid for 1 (one) banking business day, with its value communicated to each participant by the CCAA operator 8 (eight) days in advance of the debit date.
3. The communication process mentioned in the preceding paragraphs shall be defined in a document prepared by the operator in accordance with point 9.1 of Instruction No. 03/2019.
4. The parameters to be considered in the calculation formula for the minimum guarantee, defined in point 2.1 of Instruction No. 03/2019, are as follows:
   4.1. For STC and SCC:
   − k = between 1 and 2
   − Gm = 40 million kwanza
   4.2. For SDD:
   − k = between 1 and 2
   − Gm = 40 million kwanza
   4.3. For MCX:
   − k = 1.5
   − Gm = 40 million kwanza
5. The historical reference data period for calculating the minimum guarantee for CCAA subsystems, with the exception of SDD, is quarterly, corresponding to months m.4 to m.2, where m is the month of guarantee application and m.1 is the month in which its value is determined and communicated to participants.
6. The minimum guarantee for SDD is calculated based on projected clearing values within the reference period from D-8 to D-1, taking into account future debit information provided to participants regarding the clearing date in the subsystem.
7. The securities accepted for establishing the guarantee are public bonds with a remaining maturity of equal to or less than 3 months.
8. The parameters to be considered in the calculation formula for the penalty for non-compliance regarding the establishment and use of the minimum guarantee, defined in paragraph 6 of Instruction No. 03/2019, are as follows:
   − x% = 1%
   Vm = 100 thousand Kwanza
9. The value to be considered for the penalty for each uncleared cheque due to insufficient guarantee, as defined in paragraph 7 of Instruction No. 03/2019, is Kz. 1,000.00 (One Thousand Kwanza) on the first day when clearing is not possible, and Kz. 2,000.00 (Two Thousand Kwanza) for subsequent days.
10. If the situation mentioned in the preceding paragraph persists in the following clearing session, the cheque is rejected by the CCAA operator and returned to the remitting bank.
11. Non-compliance with this Directive is punishable in accordance with Law No. 5/05, dated July 29 – Angola Payment System Law, Law No. 12/15, dated June 17, Basic Law of Financial Institutions, Law No. 16/10, dated July 15 – National Bank of Angola Law, and other complementary legislation.
12. Directive No. 01/DSP/DRO/2019 is hereby revoked, along with all regulations that contradict the provisions of this Directive.
13. This Directive enters into force on the date of its publication.

Luanda, April 11, 2019.
Payments System Department

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Edgar Bruno Gomes da Costa
-Director-
Department of Regulation and Organization of the Financial System ________________________________________ Carla Marisa Rodrigues Madeira Gomes -Director-