Regulatory Alerts2019-09-11
Added
Instruction No. 16/2019
The Bank of Portugal establishes the maximum effective annual percentage rates (APR) and maximum nominal annual rates (ANR) applicable to consumer credit contracts concluded in the fourth quarter of 2019. These limits are derived from the average market rates of the previous quarter plus a statutory margin, as mandated by Decree-Law No. 133/2009. The regulation specifies distinct maximum rates for categories such as personal credit, auto leasing, and credit cards, and explicitly prohibits referring to these ceilings as "legal rates." The instruction enters into force on October 1, 2019.