Instruction No. 2/2005: Deposits and Withdrawals of Euro Coins at Banco de Portugal

Instructions of Banco de Portugal
Instruction No. 2/2005
SUBJECT: DEPOSITS AND WITHDRAWALS OF EURO COINS AT BANCO DE PORTUGAL This Instruction defines the locations and conditions under which deposits and withdrawals of current euro coins can be made at Banco de Portugal.

1. SCOPE OF APPLICATION
   The recipients of this Instruction are Credit Institutions (IC's) holding a single settlement account (demand deposit account) at Banco de Portugal.

2. ISSUANCE, PRODUCTION AND DISTRIBUTION OF EURO COINS
   Euro coins are issued by the Portuguese State, with the amount to be issued annually approved by the European Central Bank, upon proposal from Banco de Portugal. The coins are produced by Imprensa Nacional-Casa da Moeda S.A. (INCM) which, regularly and upon request, makes deliveries to Banco de Portugal. The distribution of coins is the responsibility of Banco de Portugal, carried out through its Treasuries, located in the Carregado Complex, in Porto (Branch), in Lisbon (Head Office), in the Regional Delegations of Funchal and Ponta Delgada, and in the Mainland Agencies (Braga, Coimbra, Castelo Branco, Viseu, Vila Real, Évora and Faro).

3. PACKAGING SYSTEM FOR EURO COINS (NON-CIRCULATED) ADOPTED BY INCM
   Euro coins are packaged in sachets, with identification of the respective coin denomination.
   Standard sets of sachets are packaged in plastic sleeves, and standard quantities of sleeves are further grouped into boxes.
   Table 1 indicates the quantities of coins, sachets, and sleeves that constitute each of the different packages.

Table 1

Coin	Qty coins p/ sachet	Qty sachets p/ sleeve	Qty coins p/ sleeve	Weight p/ sleeve (Kg)	Qty sleeves p/ box	Qty coins p/ box	Weight p/ box (Kg)
0.01	50	30	1,500	3.540	190	285,000	698
0.02	50	30	1,500	4.650	145	217,500	710
0.05	50	20	1,000	4.005	170	170,000	710
0.10	40	20	800	3.320	190	152,000	665
0.20	40	20	800	4.660	145	116,000	705
0.50	40	15	600	4.700	145	87,000	717
1.00	25	15	375	2.850	220	82,500	655
2.00	25	15	375	3.210	220	82,500	740

Table 2 indicates the printing color of sachets and sleeves by denomination.

Table 2

Denomination	Printing Color
1 Cent	Black
2 Cent	Grey
5 Cent	Red
10 Cent	Blue
20 Cent	Orange
50 Cent	Green
1 Euro	Yellow
2 Euro	Purple

1. WITHDRAWAL OF CURRENT EURO COINS
a) Banco de Portugal makes available, upon presentation of Cash Withdrawal Orders (OLN), the volumes of euro coins requested by IC's, in accordance with the packaging system adopted by INCM (described in tables 1 and 2, contained in the previous point). b) The minimum withdrawal unit is the box, and, exceptionally, withdrawal requests considering the sleeve as the minimum unit may be fulfilled, provided this is previously arranged with the Central Treasury Service (Carregado Complex). c) Withdrawals of euro coins may be made at any of Banco de Portugal's Treasuries; however, OLNs destined for the Mainland Agencies must be sent to the Central Treasury Service (Carregado Complex).

5. DEPOSIT OF CURRENT EURO COINS
Banco de Portugal, depending on the deposit reception location, establishes two forms of packaging for cash to be deposited by IC's:

a) Deposits at the Treasuries of the Carregado Complex, Porto (Branch), and the Regional Delegations of Funchal and Ponta Delgada:
i. The volumes to be deposited must be packaged in accordance with the euro coin packaging system adopted by INCM (see point 3), with the box as the minimum deposit unit.
ii. Euro coins must be placed in crystal-clear plastic sachets (polyethylene), with identification of the specific numeric code assigned to each IC by Banco de Portugal, preceded by the letters PT, also indicating the denomination and quantity of the coin, printed on the sachet's plastic itself or on a label of approximate size (4cm x 4cm).
Ex: PT###, where ### corresponds to the specific numeric code assigned to each IC by Banco de Portugal EUR 0.02, where 0.02 corresponds to the 2 cent coin 50 MD, which corresponds to 50 coins per sachet
iii. Standard sets of sachets are packaged in crystal-clear plastic sleeves (polyethylene).
iv. Standard quantities of sleeves are grouped into boxes.
v. Table 1 (see point 3) indicates the quantities of coins, sachets, and sleeves that constitute each of the different packages.
vi. Table 2 (see point 3) indicates the printing color of sachets and sleeves by denomination.
vii. The labels affixed to the sleeves (of approximate size 9 cm x 9 cm), in addition to complying with the colors expressed in table 2, must contain the following data:

• The acronym PT followed by the specific numeric code assigned to each IC by Banco de Portugal.
• The coin denomination.
• The quantity of sachets each sleeve contains.
• The quantity of coins bagged in the sleeve.
• The total value of the coin packaged in the sleeve.
• The packaging date.
• The weight of the sleeve.
• The identification of the person responsible for forming the sleeve.

b) Deposits at the Treasuries of the Agencies of Castelo Branco, Faro, and the Regional Delegation of Funchal ¹:
i. The volumes to be deposited may be packaged under different packaging conditions than those defined for the Treasuries indicated in subparagraph a) of this point, and the procedures and conditions for their operationalization must be previously arranged with the Central Treasury Service (in the Carregado Complex), without prejudice to the provisions of the following subparagraphs.
ii. Euro coins must be separated by denomination and packaged in specific quantities to be agreed upon in advance.
iii. The packages must be properly identified, with the coin denomination, the indication of the quantity of coins and the value it comprises, also containing the acronym of the depositing Credit Institution.

6. CREDIT AND REGULARIZATION OF DEPOSIT ORDERS
   The values delivered by the IC's are credited to the single settlement account (demand deposit account) of the respective IC, with a value date of the day of deposit, remaining, however, subject to the following conditions:
   a) The reconciliation of deposits must be carried out within 90 days following the date of their receipt, this period being only indicative. b) Any discrepancies in the quantity and value of deposits that Banco de Portugal may detect during the reconciliation operations of the euro coins they comprise will be regularized through the single settlement account of the depositing IC and will be subject to timely communication.

7. GENERAL PROVISIONS
   The Central Treasury Service (Carregado Complex) will provide any clarifications that become necessary for the operationalization of the rules and procedures contained in this Instruction.

8. FINAL PROVISIONS
   a) This Instruction comes into force on the date of its publication. b) Instruction No. 3/2003 of Banco de Portugal is revoked.

Footnotes

1. At the Regional Delegation of Funchal, deposits can also be made using the packaging rules expressed in subparagraph a) of this point. ↩