Regulatory Alerts2026-03-26
Added · Updated
Instruction No. 3/2026
The Bank of Portugal amends Instruction No. 7/2012 to implement ECB Guideline (EU) 2026/691, integrating specific temporary collateral assets into the general framework. The revision updates credit quality assessment methods by incorporating the Bank's Internal Credit Assessment System (SIAC) and defines strict eligibility criteria for additional credit rights, including a maximum 1-year probability of default of 0.4% and specific coverage requirements for COVID-19 support loans. It establishes detailed reporting obligations, audit procedures, and data repository requirements for credit portfolios, while revoking provisions related to foreign currency tradable assets and older assessment tables. These changes apply to credit institutions and counterparties participating in Eurosystem refinancing operations.