Regulatory Alerts2025-06-03
Added · Updated
Instruction No. 5/2025
The Bank of Portugal amends Instruction No. 3/2015 to implement ECB Guidelines (EU) 2024/3129, 2024/3131, and 2024/3132 regarding the management of collateral in Eurosystem credit operations. The amendments discontinue national global and individual collateral systems, requiring the use of the Eurosystem Collateral Management System (ECMS) for domestic and cross-border collateral mobilization. Eligibility criteria are updated to mandate that debt instruments be denominated in nominal amounts, require credit ratings from External Credit Assessment Institutions (ECAIs) or prioritize Internal Credit Assessment Systems (ICAS), and restrict eligibility for non-financial corporate debt without external ratings. Additionally, the instruction aligns settlement procedures, defines eligible settlement systems and links, and updates rules for permanent lending and deposit facilities.