Instruction No. 1/2021

Instruction No. 1/2021
BO No. 1/2021 • 2021/01/15
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Topics
Supervision :: Information Elements
Mod. 99999940/T – 01/14
Index
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Subject: Revocation of Bank of Portugal Instruction No. 2/2007, of February 15

Considering that the credit portfolio represents a significant portion of the assets of credit institutions and that the evolution of the credit portfolio is a relevant element for monitoring credit quality indicators, the Bank of Portugal published Instruction No. 2/2007, which establishes a quarterly reporting obligation for credit institutions, financial companies, and branches in Portugal of credit institutions and financial companies headquartered in countries not belonging to the European Union, requesting informational elements regarding the evolution of the credit portfolio of these entities, as well as information regarding credit acquisitions and disposals carried out during the relevant quarter.

With the evolution observed in recent years in prudential and accounting regulations, some of the concepts and regulatory references provided for in the Instruction are currently outdated.

Additionally, taking into account the evolution observed in the set of information collected by the Bank of Portugal through other prudential and statistical reports, such as COREP/FINREP reports and information reported to the Credit Liability Central, the information reported under Instruction No. 2/2007 has consequently become a redundant source of information in relation to those, making it possible to obtain the same information under various reporting frameworks.

In this way, the Bank of Portugal considers it pertinent to simplify and reduce the reporting burdens of the entities covered, through the revocation of Bank of Portugal Instruction No. 2/2007.

It is emphasized the importance of ensuring, simultaneously, the quality of the information reported under COREP/FINREP and the Credit Liability Central and which will be used to replace the information that will cease to be reported under the aforementioned Instruction.

Thus, the Bank of Portugal, in the exercise of the powers conferred upon it by Article 17 of its Organic Law, approved by Law No. 5/98, of January 31, and by Article 120 of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92, of December 31, in its current wording, approves the following Instruction:

Article 1.
Revocatory Norm

Instruction No. 1/2021 BO No. 1/2021 • 2021/01/15 Topics Supervision :: Information Elements
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Mod. 99999940/T – 01/14

This Instruction has as its object to revoke Bank of Portugal Instruction No. 2/2007, published in the Bank of Portugal Bulletin of February 15, 2007, which requests the sending of informational elements regarding the evolution of the credit portfolio.

Article 2.
Entry into force

1 - This Instruction enters into force on the day following its publication.

2 - Without prejudice to the provisions of the previous paragraph, the report due under the terms of paragraph 5 of Bank of Portugal Instruction No. 2/2007, with a reference date of December 31, 2020, must be submitted by January 31, 2021.