Instruction No. 17/2024

Instruction No. 17/2024
BO No. 12/2024 Supplement • 2024/12/16
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Topics
Deposit Guarantee Fund :: Annual Contribution
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Deposit Guarantee Fund - Determination of the base contribution rate, the minimum contribution and the limit of irrevocable payment commitments to apply in the annual contributions relating to the year 2025

Considering that, in accordance with the provisions of paragraph 4 of Bank of Portugal Notice No. 11/94 of 21 December, the base contribution rate for the Deposit Guarantee Fund is set annually in an Instruction of the Bank of Portugal.

Considering further that paragraph 3-A of the same Bank of Portugal Notice No. 11/94 of 21 December allows the Bank of Portugal to set, through an Instruction, a minimum annual contribution to be made by the institutions participating in the Deposit Guarantee Fund.

Considering, finally, that, in view of the provisions of paragraph 12 of the same Bank of Portugal Notice No. 11/94 of 21 December, the Bank of Portugal sets the limit up to which participating credit institutions may substitute the payment of the annual contribution with an irrevocable commitment to make it at any time when the Fund requests it.

The Bank of Portugal, in exercise of the competence conferred upon it by paragraphs 3-A, 4 and 12 of Bank of Portugal Notice No. 11/94 of 21 December, having heard the Directive Commission of the Deposit Guarantee Fund and the Portuguese Banks Association, as the association representing the vast majority of credit institutions participating in the Fund, determines the following:

Article 1.
Base contribution rate
For the purposes of determining the contribution rate of each participating institution, the base contribution rate to apply in the year 2025 is 0.0009%.

Instruction No. 17/2024 BO No. 12/2024 Supplement • 2024/12/16 Topics Deposit Guarantee Fund :: Annual Contribution
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Mod. 99999940/T – 01/14

Article 2.
Minimum annual contribution

1. The value of the minimum contribution to the Deposit Guarantee Fund, to be made by the institutions participating in the Fund, is 600 euros.
2. The provisions of the preceding paragraph do not apply to Caixa Económica do Porto.

Article 3.
Limit of irrevocable payment commitments
Participating credit institutions may not, in the year 2025, substitute their annual contribution to the Deposit Guarantee Fund with irrevocable payment commitments.

Article 4.
Entry into force
This Instruction enters into force on 1 January 2025.