Instruction No. 12/2022

Instruction No. 12/2022
BO No. 6/2022 2nd Supplement • 2022/06/29
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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 the Eurosystem monetary policy On 2 May 2022, the Governing Council of the ECB approved European Central Bank Guideline (EU) 2022/987, amending European Central Bank Guideline (EU) 2015/510 (ECB/2014/60) on the framework for the implementation of the Eurosystem monetary policy (ECB/2022/17). Thus, in exercise of the powers conferred upon it by Articles 12, 15, 16 and 24 of its Organic Law, approved by Law No. 5/98 of 31 January, in its current version, the Bank of Portugal determines:
Instruction No. 3/2015 (BO No. 5, of 15-05-2015) is amended as follows:

1. Article 2 is amended as follows:
   a) Paragraph 4) shall read as follows:

4. “Bilateral procedure”, a procedure through which the Bank of Portugal or, as the case may be, the ECB carry out definitive transactions directly with one or more counterparties, or through stock exchanges or market agents, without recourse to auctions;
   b) Paragraph 24-b) is inserted:
   24-b) “ECONS credit”, the credit granted under the contingency processing referred to in Annex II, Appendix IV, point 6, of Guideline ECB/2012/27; c) Paragraph 31) shall read as follows:
5. “Eurosystem credit operations”, a) reversible liquidity-providing operations, i.e. Eurosystem monetary policy operations for the provision of liquidity, with the exception of currency swaps for monetary policy purposes and outright purchases; b) intraday credit; and c) ECONS credit;