Instruction No. 23/99: Money Markets

Instructions of Banco de Portugal

Instruction No. 23/99

SUBJECT: MARKETS
MONEY MARKETS

In the exercise of the powers conferred on it by Articles 14, 15, 16 and 24 of its Organic Law, Banco de Portugal determines:

1. Items II.2., III.1., III.6. and III.6.3. of Instruction No. 47/98 (BNBP No. 1, 15-01-99) shall have the following wording:

II.2. Authorization to participate in SITEME and to operate in the various markets conducted through it must be requested from the Department of Markets and Reserve Management, at Rua Francisco Ribeiro, No. 2, in Lisbon.

III.1. SITEME operates at Banco de Portugal, in its building at Rua Francisco Ribeiro, No. 2 in Lisbon.

III.6. SITEME operates on all business days from 6:00 a.m. and, as a rule, closes at the closing time of the use of the standing facilities referred to in item V.3 of Instruction No. 1/99.

III.6.3. Transactions carried out within the scope of the Interbank Money Market may be transmitted during SITEME's operating period, from its opening until the close of the interbank sub-session established in the SPGT Procedures Manual. Securities registration transactions that do not involve their financial settlement may be transmitted throughout SITEME's entire operating period. The other transactions provided for in the instructions governing the interbank markets shall be transmitted during the periods announced for that purpose through SITEME.

1.1. The last paragraph of Instruction No. 47/98 is replaced by item III.11. with the following wording:

III.11. Banco de Portugal - Department of Markets and Reserve Management - shall provide any clarifications requested of it regarding this Instruction.

1.2. The expression “Department of Credit and Markets Operations”, appearing on sheets I1, II1 and III1 of the Annex to Instruction No. 47/98 is replaced by “Department of Markets and Reserve Management”.

2. The provisions of this Instruction enter into force immediately.

3. The addressees of this Instruction are credit institutions and financial companies.