Instruction No. 11/2019

BO No. 6/2019 Supplement • 2019/06/26 ..................................................................................................................................................................................................

Topics Payment Systems :: Deposit Accounts at the Bank of Portugal Mod. 99999940/T – 01/14

Index Text of the Instruction Text of the Instruction

Subject: Amendment of Instruction No. 2/2009, of February 16, which regulates the opening and movement of deposit accounts at the Bank of Portugal and creates the Integrated Settlement Management Application – AGIL

This Instruction aims to revise Instruction No. 2/2009, of February 16, which regulates the opening and movement of deposit accounts at the Bank of Portugal and creates the Integrated Settlement Management Application – AGIL, in order to establish the RIPA – Payment Instructions Register as a mode of transmission of payment instructions by holders of deposit accounts with the Bank of Portugal.

Complementarily, the text of the Instruction was updated with the aim of: i) Adapting the list of eligible entities for account opening to the permitted purposes for deposit accounts, allowing account opening for entities specially authorized to maintain deposit accounts at the Bank; ii) Updating the Bank of Portugal's contact details; and iii) Making other formal changes.

Thus, under the competence attributed to it by Article 14 of its Organic Law, the Bank of Portugal amends the articles of Instruction No. 2/2009, of February 16, determining the following:

1. Paragraph 1.2 of Instruction No. 2/2009, of February 16, shall have the following wording:

«1.2. Credit institutions and branches subject to compliance with the ECB Regulation on the application of the minimum reserve regime, Central Bank clients, notably correspondent banks and other entities not authorized to participate in TARGET2, and, furthermore, entities specially authorized to maintain deposit accounts at the Bank, may be holders of deposit accounts at the Bank.»

2. A new paragraph 2.4 is added to Instruction No. 2/2009, of February 16, with the following wording, with subsequent paragraphs being renumbered:

«2.4. The holder shall expressly indicate to the Bank the purpose or purposes for which the deposit account is intended.»

3. Paragraph 2.5 of Instruction No. 2/2009, of February 16 (current paragraph 2.4), shall have the following wording:

«2.5. The opening of the account implies the signing of the deposit account opening contract and its service conditions, as well as the completion of the signature specimen and the submission of the documentation requested by the Bank, notably the documents identifying the entities with powers to move the account, under the terms provided for in paragraph 3 of this Instruction.»

4. Paragraph 3.1 of Instruction 2/2009, of February 16, shall have the following wording:

«3.1. The holder indicates to the Bank which persons are authorized to move the deposit account and which are the terms and conditions of their respective authorization, and must communicate to the Bank any changes to the persons authorized to move the deposit account or to the terms and conditions of their respective authorization.»

5. Paragraph 4.2 of Instruction 2/2009, of February 16, shall have the following wording:

«4.2. For the movement of deposit accounts opened for the purposes stated in letters a), b) and d) of paragraph 2.1 of this Instruction, only liquidity transfers between accounts of the same holder or specific operations with the Bank are admitted.»

6. Paragraph 4.5 of Instruction 2/2009, of February 16, is eliminated, with subsequent paragraphs being renumbered.

7. The current paragraph 4.6 of Instruction 2/2009, of February 16 (future paragraph 4.5), shall have the following wording:

«4.5. Credit operations must be transmitted to the Bank via the SWIFT network and debit operations also via the SWIFT network or the RIPA – Payment Instructions Register application, accessible in the "Payment Systems" thematic area of the BPnet portal, regulated by Instruction No. 5/2016, of April 15, and shall be carried out in accordance with the defined service conditions.»

8. Letters c) and e) of paragraph 7.1 of Instruction No. 2/2009, of February 16, shall have the following wording:

«c) The transmission means used by the holders, notably, mail, fax, electronic data transmission (in particular, via SWIFT or, via the BPnet portal, through the RIPA – Payment Instructions Register application) or other means permitted by the Bank, are used improperly or fraudulently;

e) Malfunctions or disruptions occur in the functioning of the BPnet portal, notably in the RIPA application, under the provisions of Instruction No. 5/2016, of April 15.»

9. Paragraph 14 of Instruction 2/2009, of February 16, shall have the following wording:

«14. Correspondence

Correspondence that, within the scope of the application of this Instruction, is addressed to the Bank of Portugal must be sent to:

BANCO DE PORTUGAL Payment Systems Department Processing Unit Avenida Almirante Reis, 71 1150 - 012 LISBOA.»

10. This amendment to Instruction No. 2/2009, of February 16, which regulates the opening and movement of deposit accounts at the Bank of Portugal and creates the Integrated Settlement Management Application – AGIL, enters into force on July 1, 2019.

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Instruction No. 11/2019 BO No. 6/2019 Supplement • 2019/06/26 Topics Payment Systems :: Deposit Accounts at the Bank of Portugal .................................................................................................................................................................................................. Mod. 99999940/T – 01/14