Notice of the Bank of Portugal

No. 2/2023

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Published in: DR, 2nd Series, Part E, No. 17, of 24-01-2023 Mod. 99999939/T – 01/14

Index

Text of the Notice

Text of the Notice

The third pillar of the Banking Union provides for the creation of a European deposit insurance system, based on the understanding that the uniform application of a set of rules on deposit protection, combined with access to a common mandatory deposit insurance fund for all Member States managed by a central authority, will contribute to the proper functioning of financial markets and financial stability.

In the context of preparing for the implementation of that European project, Decree-Law No. 106/2019 of August 12 was approved, which entered into force on January 1, 2020, and transferred the deposit guarantee aspect from the Mutual Agricultural Credit Guarantee Fund (FGCAM) to the Deposit Guarantee Fund (FGD), creating a single deposit guarantee system at the national level. On the other hand, said transfer also allowed separating the deposit guarantee function from the assistance-oriented aspect of the FGCAM, which became an autonomous patrimony, governed by private law, operating alongside the Central Savings Bank of Mutual Agricultural Credit (Caixa Central).

In this context, the object, purposes, administration and oversight, financing and operation of the autonomous patrimony resulting from the transformation of the FGCAM came to be defined by internal regulation of the Caixa Central, thus safeguarding the assistance-oriented aspect among the entities that constitute the Integrated System of Mutual Agricultural Credit.

Thus, considering the concentration of the deposit guarantee function at the national level in the FGD and the transformation of the FGCAM into an autonomous patrimony, governed by private law, operating alongside the Caixa Central, the Bank of Portugal considers it appropriate to proceed with the express revocation of various regulatory acts whose practical applicability is exhausted.

Therefore, the Bank of Portugal, using the powers conferred upon it by Article 17 of its Organic Law, approved by Law No. 5/98 of January 31, by letter f) of paragraph 1 of Article 116 and by paragraph 2 of Article 120, both of the General Regime of Credit Institutions and Financial Companies, approved by Decree-Law No. 298/92 of December 31, in its current wording, approves the following:

Notice:

Article 1.
Object
This Notice revokes the notices and instructions issued by the Bank of Portugal and better identified in Article 2.

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Notice of the Bank of Portugal No. 2/2023
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Mod. 99999939/T – 01/14

Article 2.
Revoking Provision
The following regulatory acts issued by the Bank of Portugal are revoked:
a) Notice of the Bank of Portugal No. 3/2010, published in the 2nd Series of the Official Gazette of April 16, 2010; b) Notice of the Bank of Portugal No. 5/2011, published in the 2nd Series of the Official Gazette of August 17, 2011; c) Instruction of the Bank of Portugal No. 19/2011, published in the Bulletin of the Bank of Portugal of September 15, 2011; d) Notice of the Bank of Portugal No. 7/2012, published in the 2nd Series of the Official Gazette of February 3, 2012; e) Notice of the Bank of Portugal No. 10/2012, published in the 2nd Series of the Official Gazette of October 4, 2012; f) Notice of the Bank of Portugal No. 7/2014, published in the 2nd Series of the Official Gazette of October 9, 2014; g) Notice of the Bank of Portugal No. 13/2014, published in the 2nd Series of the Official Gazette of December 30, 2014; h) Instruction of the Bank of Portugal No. 22/2017, published in the Bulletin of the Bank of Portugal of December 19, 2017; i) Instruction of the Bank of Portugal No. 31/2018, published in the Bulletin of the Bank of Portugal of December 19, 2018.

Article 3.
Entry into Force
This Notice enters into force on the day following its publication.

January 10, 2023. - The Governor, Mário Centeno.