Regulatory Alerts2021-03-30
Added · Updated
Instruction No. 6/2021
The Bank of Portugal amends Instruction No. 3/2015 to require counterparties to certify the reliability of their information systems and the correct application of reporting rules to the Credit Liability Central (CRC) and the Bank Loan Treatment (TEB) system before mobilizing individual credit rights as collateral for Eurosystem credit operations. This certification, verified by external auditors, must be submitted prior to initial mobilization and repeated at least every five years, with a one-year grace period allowed under specific conditions. The amendment also updates reporting obligations, eligibility analysis timelines, and audit verification frequencies based on the number of mobilized bank loans, while introducing new sample situations for variable interest rate loans.