Regulatory Alerts2022-09-01
Added · Updated
Instruction No. 14/2022
The Bank of Portugal establishes the maximum annual effective global rates (TAEG) and maximum nominal annual rates (TAN) applicable to consumer credit contracts concluded in the fourth quarter of 2022. These limits apply to specific credit categories including personal credit, education and health financing, vehicle leasing, and credit cards, with TAEG caps ranging from 3.3% to 16.0% and a TAN cap of 16.0% for credit overdrafts. The instruction enters into force on October 1, 2022, and prohibits referring to these maximums as legal rates while preserving contractual freedom within these bounds.
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