Instruction No. 24/2003: Securitisation Operations – Own Funds Requirements

Instructions of Banco de Portugal

Instruction No. 24/2003

SUBJECT: Securitisation operations – Own funds requirements

Considering that the termination of the transitional regime established in number 9 of Notice No. 10/2001, published in Diário da República, 1 S-B, No. 269, of 20-11-2001, may be determined by Instruction of Banco de Portugal;

Considering that the reasons underlying the imposition of that transitional regime were, to a certain extent, of a conjunctural nature;

Bearing in mind that the General Regime of Credit Institutions and Financial Companies, namely in its articles 94 and 120, grants Banco de Portugal competence in the scope of the control and supervision of liquidity risk;

Banco de Portugal determines the following:

1. The transitional regime established in number 9 of Notice No. 10/2001 shall cease to apply to securitisation operations carried out after 30 September 2003.

2. This Instruction enters into force on 29 September 2003.