Regulatory Alerts2002-08-20
Added
Notice No. 5/2002 of the Bank of Portugal
The Bank of Portugal corrects drafting deficiencies in points 4 and 5 of paragraph 5 of Notice No. 4/2002. The amended text specifies that provisions established in 2002 and 2003 may be recorded against reserves, and that increases in latent capital losses occurring during the transitional period must be absorbed within that same period. This notice enters into force on the date of its publication.
Notices of the Bank of Portugal Notice No. 5/2002 Having been found to have drafting deficiencies in points 4 and 5 of paragraph 5 of Bank of Portugal Notice No. 4/2002, which it is necessary to correct, the Bank of Portugal, using the competence conferred upon it by letters a) and e) of Article 99 of the General Regime of Credit Institutions and Financial Companies, establishes the following:
- Points 4 and 5 of paragraph 5 of Bank of Portugal Notice No. 4/2002, published in the Diário da República, 1st series-B, of June 20, 2002, shall henceforth read as follows:
"4 Provisions established in 2002 and 2003, under the scope of the present paragraph 5, may be recorded against reserves.
5 The increase in latent capital losses, observed throughout the transitional period, shall be absorbed during the same period."
- This notice enters into force on the date of its publication.
Lisbon, August 8, 2002. The Governor, Vítor Constâncio.
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