Regulatory Alerts2020-12-15
Circular Letter No. CC/2020/00000068
Banco de Portugal issued Circular Letter No. CC/2020/00000068 to emphasize the mandatory compliance of credit institutions with the EBA Guidelines on credit risk mitigation and own estimates of loss given default (EBA/GL/2020/05). The directive requires institutions applying the Internal Ratings-Based approach to adhere to these guidelines within the context of current legislation and regulation starting from January 1, 2022. This circular serves as a formal reminder to ensure that credit loss risks and internal credit assessment systems are managed in accordance with European Banking Authority standards.
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