Instruction No. 5/2023

BO No. 2/2023 2nd Supplement • 2023/03/01
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Topics

Markets :: Money Markets

Index

Text of the Instruction
Annex I – Reporting of static information

Text of the Instruction

Subject: Amendment to Instruction No. 10/2015

On March 20, 2023, the consolidation of TARGET services will be implemented through Instruction No. 16/2022, which will impact counterparties' access to permanent facilities: the Standing Facilities Module (in which it is not possible to segregate access to the two types of permanent facilities) will cease to exist, and counterparties will have to request the opening of specific accounts in the CLM (Central Liquidity Management) for the settlement of permanent facilities, one for the deposit facility and another for the liquidity lending facility.

Therefore, in the exercise of the competence attributed to it by Articles 12, 15, 16, and 24 of its Organic Law, approved by Law No. 5/98 of January 31, in its current version, the Bank of Portugal determines:

Instruction No. 10/2015 (BO No. 7, of 15-07-2015) is amended as follows:

1. The expression “TARGET2” is replaced by the expression “TARGET”.
2. The expression “TARGET2-PT” is replaced by the expression “TARGET-PT”.
3. The reference to Instruction “5/2012” is replaced by “16/2022”.
4. The reference to Instruction “5/2016” is replaced by “21/2020”.
5. The designation of the “Department of Markets and Reserve Management” is replaced by “Department of Markets”.
6. In number II, II.9 is amended, taking the following wording:

II.9 Participation in the COLMS may cease upon request addressed to the Bank of Portugal by the participating institution, which implies, among other things, the loss of access to open market operations and the Eurosystem’s liquidity lending permanent facility (due to non-compliance with Article No. 55 of Instruction No. 3/2015), access to intraday credit in TARGET-PT (due to non-compliance with paragraph 1 of Article No. 10 of Instruction No. 16/2022), and the use of the value reserve under the terms of this instruction.

7. Annex I is amended, being replaced by the following:

Annex I – Reporting of static information

New	Amendment	Date
Identification of the Institution
Name
MFI Code	BIC Code	COLMS Acronym
Address
Locality	Postal Code
Phone No.	Fax No.
Contacts of Responsible Persons
Business Area	Name	Email	Phone	Fax
Financial and/or Markets Direction
Operations
Collateral Assets
Intraday Credit
COLMS
Subscription to the "4-eyes Principle"? (Yes/No)*
Has a "Representation Protocol" established with another institution? (Yes/No)
If YES, in which terms? (Representative/Represented)
With which institution/institutions? (indicate MFI codes)

*If the field is filled with "No", the draft letter for deactivation of the 4-eyes principle for COLMS must be filled out. If the field is filled with "Yes", the representation protocol sent as an attachment signed by both institutions must be filled out.

TARGET-PT
BIC Code of the institution's account in TARGET2-PT
Has a Liquidity Lending Facility account? (Yes/No)
Has an Intraday Credit line? (Yes/No)
Has a Deposit Facility account? (Yes/No)

Interbolsa
Intermediary Financial Code with Interbolsa	BIC Code with Interbolsa
If the institution does not have an account with Interbolsa, but has a Custodian institution:
Custodian Code with Interbolsa	BIC Code of the Custodian with Interbolsa

(Signatures of those with authority to represent the institution)

This form and its respective annexes, if justified, should be sent to the email address: monetary.policy.operations@bportugal.pt and the originals duly signed to: Banco de Portugal, Department of Markets, Rua Francisco Ribeiro, No. 2, 1150-165 Lisbon.

Mod. 99999911/T – 01/14

8. Annex IV is amended, being replaced by the following:

Annex IV – Request for Amendment of Intraday Credit in TARGET-PT and SICOI Value Reserve (in contingency)

FORM 1

INSTITUTION (name and MFI code):
Contact at the Institution:
Phone:
Fax:
e-mail:
User:
Representation Code:
Value Date:

Contacts at the Bank of Portugal:
Department of Payment Systems
Payment Infrastructure Area
Processing Unit
Phone: 21 31 30 600
FAX: 21 35 57 417 e-mail: gestao.operacoes@bportugal.pt

The direct participant in TARGET2-PT identified by BIC: __________, requests the Bank of Portugal for the following amendment:

Intraday Credit Line	SICOI Value Reserve
Increase, from € ______ to € ______
Reduction, from € ______ to € ______

Signatures:
(Signatures of those with authority to represent the institution.)

Mod. 99999911/T – 01/14

FORM 2

INSTITUTION (name and MFI code):
Contact at the Institution: Phone:
Fax:
e-mail:
Value Date:

Contacts at the Bank of Portugal:
Department of Payment Systems
Payment Infrastructure Area
Processing Unit
Phone: 21 31 30 600
FAX: 21 35 57 417 e-mail: gestao.operacoes@bportugal.pt

The direct participant in TARGET2-PT identified by BIC: __________, requests the Bank of Portugal for the following amendment:

Intraday Credit Line	SICOI Value Reserve
Increase, from € ______ to € ______
Reduction, from € ______ to € ______

Signatures:
(Signatures of those with authority to represent the institution)

Mod. 99999911/T – 01/14

Mod. 99999940/T – 01/14

9. This Instruction enters into force on March 20, 2023.
10. Instruction No. 10/2015 is republished in its entirety, being available at www.bportugal.pt/instrucao/102015.