Regulatory Alerts2021-06-02
Added · Updated
Instruction (Archive) No. 8/2021
The Bank of Portugal establishes the maximum annual effective global rates (TAEG) and maximum nominal annual rates (TAN) applicable to consumer credit contracts concluded in the third quarter of 2021. These limits are derived from the average market rates of the previous quarter plus statutory margins and apply to specific credit categories including personal credit, auto leasing, and credit cards. The regulation enters into force on July 1, 2021, and explicitly prohibits referring these maximum rates as "legal rates."