Instruction No. 6/2021

Instruction No. 6/2021
BO No. 3/2021 Supplement • 2021/03/30
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Topics
Markets :: Money Markets
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Amending Instruction No. 3/2015
The Bank of Portugal has amended the reporting procedures for information necessary for the mobilization of individual credit rights as collateral assets for Eurosystem credit operations, now using for this purpose the information communicated to the Credit Liability Central (CRC), together with the information communicated to the Bank Loan Treatment (TEB) system. Thus, in the exercise of the competence attributed to it by Articles 12, 15, 16, and 24 of its Organic Law, approved by Law No. 5/98 of January 31, in its current version, the BdP determines:
Instruction No. 3/2015 (BO No. 5, of 15-05-2015) is amended as follows:

1. Article 100-A is amended, taking the following wording:
2. The counterparty wishing to present credit rights as collateral assets for Eurosystem credit operations must, in a phase prior to the first mobilization, certify with the BdP:
   a) The reliability/quality of the information systems used by the counterparty in the internal registration of credit rights: registration in internal systems of the variables required by the BdP for data reporting; correspondence of the information included in the counterparty's internal systems with the information contained in the loan agreements concluded; maintenance of a historical archive for a period of 10 years; guarantee of non-duplication of credit rights by assigning a unique code to each credit right in accordance with BdP instructions; b) The correct application of credit rights reporting rules to the BdP, both in direct communication to the TEB system and regarding communications made to the Credit Liability Central (CRC).
3. The certification mentioned in the previous paragraph must be repeated at least every five years (regular certification).