Instruction No. 13/2023

The Bank of Portugal amends Instruction No. 7/2012 to implement temporary monetary policy measures by updating haircuts for collateral eligibility and credit portfolios. The revision eliminates temporary valuation margin reductions from the COVID-19 response, introduces new residual maturity categories, and replaces the fixed 5% theoretical revaluation reduction for tradable assets with a maturity-based sliding scale. Specific haircuts are defined for Level 3 and Level 4 credit quality portfolios, syndicated loans are excluded from corporate credit portfolios, and a minimum 20% haircut is established for portfolio calculations. These changes enter into force on June 29, 2023.

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Instruction No. 13/2023
BO No. 6/2023 Supplement • 2023/06/21
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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

On December 16, 2022, the Governing Council of the ECB approved ECB Guideline (EU) 2023/833, amending ECB Guideline ECB/2014/31 on additional temporary measures regarding Eurosystem refinancing operations and the eligibility of collateral assets (ECB/2022/50).

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Lineage: In force

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