Instruction No. 1/2022

Instruction No. 1/2022
BO No. 12/2021 3rd Supplement • 2022/01/10
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Topics
Markets :: Money Markets
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Implementation of monetary policy – Additional temporary measures Taking into account the teleworking situation due to COVID-19, the Board of Directors decided on April 7, 2020, to suspend the submission by Bank of Portugal counterparties of authenticated lists within the framework of mobilizing portfolios of credit rights secured by mortgages. Taking into account the low level of variation in the mobilized credit rights monthly and the ongoing alteration to the Bank Loans Processing System (TEB) which will allow changing the assessment and control of credit rights currently performed monthly to daily, the obligation to submit the list was changed from monthly to semi-annual. It was also deemed necessary to introduce some clarifications regarding the rules applicable to the reporting of credit rights portfolios to the data repository designated by the Eurosystem. Thus, 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 the following:
Instruction No. 7/2012 (BO No. 3, of 15-03-2012) is amended as follows:

1. Annex I is amended as follows:
   1.1. Clause 3 is renumbered as Clause 5, and the current Clauses 4 and 5 are renumbered respectively as Clauses 3 and 4.
   1.2. New Clause 3, number 3, is amended, taking the following wording:
2. The opening of credit will only take place after validation by the Bank of the Authentication Term and its respective documentation, as established in number 1 of Clause 5.
   1.3. New Clause 5 takes the following wording: