Regulatory Alerts2022-04-20
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Instruction (Historical) No. 8/2022
Bank of Portugal amends Instruction No. 54/2012 to specify remuneration limitations for public administration deposits held by national central banks as fiscal agents under Article 21-2 of the ESCB/ECB Statutes. The amendment aligns Portuguese TARGET2 rules with ECB Guideline (EU) 2019/671, setting remuneration for MP accounts and CND TIPS at zero percent or the deposit facility rate, whichever is lower, with exceptions for minimum reserves, excess reserves, and public administration deposits. These provisions apply from May 2, 2022.
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