Notice No. 5/2023

Notice No. 5/2023 of the Bank of Portugal
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Published in: DR, 2nd Series, Part E, No. 81, of 26-04-2023 Mod. 99999939/T – 01/14

Index
Text of the Notice
Text of the Notice

Decree-Law No. 221/2000, of September 9, which transposed into the internal legal order, with regard to payment systems, Directive No. 98/26/EC of the European Parliament and of the Council, of May 19, 1998, on the finality of settlement, assigns to the Bank of Portugal the competence to designate, through Notice, the systems, as well as their respective operators, covered by the decree (cf. article 13, paragraph 1, in the wording given to it by Decree-Law No. 85/2011, of June 29);

Under Decree-Law No. 221/2000, in its original wording, the Notice of the Bank of Portugal No. 3/2009 (Official Journal No. 143/2009, Series II, of July 27, 2009) was published, which designates the payment systems that benefit from the irrevocability of transfer orders and the enforceability of guarantees constituted in favor of a participant or a bank belonging to the European System of Central Banks (ESCB);

One of the systems covered by the provisions of Decree-Law No. 221/2000, TARGET2-PT – the system for automatic transeuropean real-time gross settlement transfers – was discontinued on March 20, 2023, due to the consolidation of TARGET2 with TARGET2-Securities (T2S), and on this same date, TARGET-PT entered into operation – the system for automatic transeuropean real-time gross settlement transfers of the new generation;

The Bank of Portugal, attentive to the content of article 14 of its Organic Law, approved by Law No. 5/98, of January 31, in its current wording, and under the terms and for the purposes provided for in paragraph 1 of article 13 of Decree-Law No. 221/2000, of September 9, determines the following:

Article 1.
The following systems and their respective operators are covered by the provisions of Decree-Law No. 221/2000, of September 9, regarding the finality of settlement in payment systems:
a) The national component system of TARGET – the system for automatic transeuropean real-time gross settlement transfers of the new generation (TARGET-PT), operated by the Bank of Portugal; b) Interbank Clearing System (SICOI), operated by the Bank of Portugal.

Notice No. 5/2023 of the Bank of Portugal
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Mod. 99999939/T – 01/14

Article 2.
Notice No. 3/2009 of the Bank of Portugal, published in the Official Journal No. 143/2009, Series II, of July 27, 2009, is revoked.

Article 3.
This Notice enters into force on the date of its publication.

April 11, 2023. - The Governor, Mário Centeno.