AVISO nº 5-2006 Banco Portugal_Outubro2006

8/2/2019 AVISO n 5-2006 Banco Portugal_Outubro2006

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Aviso n. 5/2006

Avaliao de Imveis

Notice number 5/2006

Valuation of real estate guaranteeing mortgage loans allocated to the issuances ofcovered bonds

Na sequncia da publicao do Decreto-Lei n. 59/2006, de 20 de Maro, que instituiu umnovo regime jurdico aplicvel s obrigaes hipotecrias e s obrigaes sobre o sectorpblico, revogando o Decreto-Lei n. 125/90, de 16 de Abril;

Decree-Law number 59/2006, published on March 20, 2006, establishes a new legalframework applicable to covered bonds and public sector covered bonds, and revokesDecree-Law no. 125/90, dated April 16;

Considerando que o referido diploma atribui ao Banco de Portugal poderes pararegulamentar, por aviso, os termos da avaliao dos bens imveis hipotecados em garantiados crditos afectos s obrigaes hipotecrias;

Whereas this law grants the Bank of Portugal powers to regulate the valuation of themortgaged real estate which backs the credits allocated to issuances of covered bonds;

Considerando que desejvel assegurar uma harmonizao das normas definidas no presenteaviso sobre a avaliao de garantias constitudas por bens imveis, com o regime aplicvelpara outros fins prudenciais;

Whereas the need to ensure the harmonization of this regulation with the already existingregime on valuation of real estate assets given as mortgage collateral;

Considerando, ainda, o enquadramento da avaliao de garantias constitudas por bensimveis no mbito da Directiva 2006/48/CE, do Parlamento Europeu e do Conselho, relativaao acesso actividade das instituies de crdito e ao seu exerccio;

Whereas Directive 2006/48/EC provides a framework for the valuation of real estate assetsgiven as mortgage collateral;

O Banco de Portugal, ao abrigo do disposto no n. 1 do artigo 22. do Decreto-Lein. 59/2006, de 20 de Maro, estabelece o seguinte:

The Bank of Portugal, under the terms of no. 1 of article 22 of Decree-Law no. 59/2006, of20 March, determines the following:

1. Ficam sujeitas disciplina deste aviso as instituies de crdito emitentes de obrigaeshipotecrias, adiante designadas por instituies, quanto avaliao e verificao dovalor dos imveis hipotecados em garantia dos crditos afectos a essas obrigaes.

1st Credit Institutions which are covered bonds issuers must abide by this notice regarding therules of real estate valuation for real estate assets guaranteeing mortgage credits assignedto covered bonds issues.


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2. 1 Por valor do bem hipotecado entende-se o valor comercial do imvel determinadocom base em critrios de prudncia e considerando os aspectos sustentveis de longoprazo do imvel, as condies normais e do mercado local, a utilizao corrente e asutilizaes alternativas adequadas do imvel.

2nd - 1 - The value of the mortgaged asset is the commercial value of the real estate,considering: its sustainable characteristics over the long term, the existence of normalmarket conditions, the specifics of the local market, the current and alternative uses givento the mortgaged asset.

2 O valor do bem hipotecado considerado pela instituio no pode ser superior aovalor de mercado do imvel, entendendo-se por valor de mercado do imvel o preo peloqual o bem pode ser vendido mediante contrato entre um vendedor interessado e umcomprador com capacidade para realizar a transaco, data de avaliao, no pressupostode que o imvel colocado venda publicamente, de que as condies de mercadopermitem uma transmisso regular do bem e de que se dispe de um perodo normal,tendo em conta a natureza do imvel, para a negociao da venda.

2 - The value of the mortgage asset ascertained by the issuer cant be superior to itsmarket value, market value is understood to be the price that the good could be sold bymeans of an agreement between an interested seller and a buyer with the capacity toexecute the transaction, at the time the appraisal is made, assuming that the real estate isplaced on sale and that market conditions allow for a regular transmission of themortgaged asset and an adequate timing, considering the nature of the real estate, to carryout the sale.

3 1 O imvel deve ser avaliado por perito avaliador previamente afectao dorespectivo crdito hipotecrio garantia das obrigaes hipotecrias.

3rd - 1 - The property appraisal should be carried out by an independent appraisal specialist,prior to the respective mortgage credits being assigned to the covered bond pool.

2 A avaliao do imvel deve ser revista por perito avaliador sempre que asinformaes disponveis indiquem que possa ter ocorrido uma diminuio substancial dovalor do imvel ou que o valor do imvel possa ter diminudo materialmente em relaoaos preos gerais do mercado.

2 - Property appraisal must be revised by an expert whenever there is relevantinformation that indicates that a substantial reduction of the asset value has taken place orthat the asset value relative to the general trend of the market has decline significantly.

3 Relativamente a crditos hipotecrios que excedam 5% dos fundos prprios dainstituio ou 500 mil euros, no caso de hipoteca sobre imveis destinados habitao,ou 1 milho de euros, no caso de hipoteca sobre imveis para fins comerciais, a avaliaodo imvel deve ser revista por perito avaliador pelo menos de trs em trs anos.

3 - Credit loans that exceed 5% of the institutions own funds or 500.000 for homemortgages or 1 million for commercial mortgages, the property appraisal value must becarried out at least every three years.

4. 1 O perito avaliador a que se refere o nmero anterior deve ser independente e possuiras qualificaes, competncia e experincia profissional adequadas ao desempenho dasrespectivas funes.


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4th 1 - The property appraisal should be carried out by a independent appraisal specialist,with qualifications, competence and professional experience to perform the appropriatefunctions.

2 No se considera independente o perito avaliador que se encontre numa situaosusceptvel de afectar a sua iseno de anlise, nomeadamente por existir qualquerinteresse especfico no imvel objecto de avaliao ou qualquer relao, comercial oupessoal, com o devedor, ou por a retribuio a auferir se encontrar dependente do valor deavaliao a atribuir ao imvel.

2 - The appraisal specialist is deemed not to be independent if he is in a situation liable ofaffecting his unbiased opinion, namely if there are any specific interest in the real estatebeing appraised or any relationship, commercial or personal, with the debtor, or if hiscompensation is dependent on the appraisal value of the property.

3 Podem ser seleccionados peritos avaliadores que integrem uma unidade de estruturada prpria instituio, desde que sejam independentes do processo de anlise e deciso do

crdito.3 - The appraisal specialist may belong to the institution; however, he must haveindependence from the credit analysis process and decision.

4 A seleco, pela instituio, dos peritos avaliadores deve ser realizada de forma aassegurar uma adequada diversificao e rotao, devendo a instituio possuir, empermanncia, uma lista actualizada dos peritos avaliadores seleccionados, com aidentificao dos critrios que presidiram respectiva seleco e dos imveis avaliadospor cada perito avaliador.

4 - The selection of the appraisal specialist by the institution must assure both

diversification and rotation, and the credit institution has to maintain an updated list of theselected appraisal specialists, identifying the criteria justifying their selection and of thereal estate appraised by each specialist

5 A lista a que se refere o ponto anterior deve ser remetida ao Banco de Portugal at aofinal do ms de Janeiro, com referncia a 31 de Dezembro de cada ano, e, se aplicvel,com a indicao das alteraes face ao reporte anterior.

5 - This list should be sent to the Bank of Portugal up to the end of January of each year,reporting to the 31st of December of the previous year, and indicate any changes from thelast report.

6 Se existirem fundadas dvidas sobre a actuao de determinado perito avaliador, oBanco de Portugal pode recusar avaliaes por ele efectuadas, exigindo que a instituiodesigne outro perito avaliador.

6 - If there are doubts on the performance of the appraisal specialist, the Bank of Portugalcan refuse to accept the valuations, demanding the appointment of another appraisalspecialist by the credit institution.

5. 1 Na avaliao do imvel, o perito avaliador deve ter em considerao as regrasdefinidas no n. 2. e utilizar, preferencialmente, os seguintes mtodos de avaliao:a) Mtodo do custo;b) Mtodo do rendimento;c) Mtodo comparativo.


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5th - 1 -The appraisal of the real estate carried out by the specialists should comply with therules defined in n. 2 and use, preferably the following appraisal methods:a) Cost methodb) Income methodc) Comparison method2 Na escolha do mtodo, ou mtodos, o perito avaliador deve ter em conta ascaractersticas especficas do imvel em avaliao e do mercado local.

2 -When choosing the appropriate method, the appraisal specialists should consider thespecific characteristics of the real estate and its local market.

6. 1 A avaliao do imvel por perito avaliador deve ser objecto de relatrio escrito, oqual deve incluir, de forma clara e rigorosa, todos os elementos que permitamcompreender a anlise e concluses do perito avaliador.

6th - 1 - The appraisal of the real estate made by the appraisal specialist should take the formof a written report, including in a clear and exact form, all the elements that allow for anunderstanding of the analysis and conclusions of the appraisal specialist.

2 O relatrio elaborado pelo perito avaliador deve conter, nomeadamente, os seguinteselementos:

2 - The report produced by the appraisal specialist should include the following items:

a) Identificao do imvel, com a descrio pormenorizada das suas caractersticas;a) Identification of the real estate, with detailed description of its characteristics.

b) Descrio e fundamentao do mtodo ou mtodos de avaliao seleccionados, dosparmetros utilizados e/ou dos pressupostos adoptados, com identificao do modocomo foram considerados os efeitos de volatilidade de mercado de curto prazo ouas condies de mercado temporrias;

b) Description and justification of the selected appraisal method or methods, and ofthe parameters used and/or their underlying assumptions, identifying how of short-term volatility or temporary market conditions were accounted for;

c) Descrio de eventuais reservas anlise efectuada;c) Description of potential uncertainties in the analysis carried out.

d) Identificao dos valores de avaliao do imvel, quer na perspectiva do valor dobem hipotecado, quer na perspectiva do valor de mercado do imvel, conformedefinido no n. 2.;

d) Appraisals of the real estate, both in terms of the asset value and the market valueof the real estate perspective, as set out in n.2:

e) Declarao do perito avaliador em como efectuou a avaliao de acordo com asexigncias do presente Aviso;

e) A statement from the appraisal specialist stating that he carried out the appraisal incompliance with the criteria of this notice.


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f) Data a que se reporta a avaliao e a identificao e assinatura do perito avaliador.f) Date of the appraisal, identification and signature of the appraisal specialist.

3 O Banco de Portugal pode exigir que a instituio designe outro perito avaliadorpara efectuar uma nova avaliao do imvel, nomeadamente quando o valor atribudopela avaliao lhe suscite reservas.

3 - The Bank of Portugal may demand that the institution appoint a different specialist tocarry out a new appraisal, specifically it has doubts regarding the final value.

7. 1 O valor do bem hipotecado deve ser verificado pela instituio de forma frequente,pelo menos uma vez de trs em trs anos, para os imveis destinados habitao, e pelomenos uma vez por ano para os imveis para fins comerciais.

7th - 1 - The value of the mortgaged property must be checked by the institution on a periodic

basis; at least every three years for home mortgages and at least once a year forcommercial properties.

2 Devem ser efectuadas verificaes mais frequentes no caso de as condies demercado estarem sujeitas a alteraes significativas.

2 - More frequent checks must be carried out if market conditions are prone to significantchanges.

3 Para efeitos da verificao do valor do bem hipotecado ou da identificao dosimveis cuja avaliao carece de reviso por perito avaliador, a instituio pode recorrer andices ou mtodos estatsticos reconhecidos e que considere adequados.

3 - In order to check the value of the mortgaged property or to identify those propertiesthat require periodic appraisal by an expert, the institution may use indices or acceptedstatistical methods that it considers appropriate.

4 Para efeitos do disposto no ponto anterior, a instituio deve remeter ao Banco dePortugal um relatrio com a descrio detalhada dos ndices ou mtodos estatsticos quese prope utilizar e dos fundamentos para a sua utilizao, acompanhado de parecer sobrea adequao dos mesmos elaborado por um perito avaliador independente externo dereconhecida idoneidade.

4 - When indices or statistical methods are employed, the credit institution must submit to

the Bank of Portugal a report detailing the foundations for the use of those indices orstatistical methods along with a statement from an external independent appraisalspecialist agreeing on their adequacy.

5 A verificao do valor do bem hipotecado deve ser documentada pela instituio, deuma forma clara e rigorosa, nomeadamente com a descrio dos critrios e daperiodicidade de reviso.

5 - Revision of the value of an asset must be documented by the credit institution, in aclear and rigorous way, namely a description of the criteria and frequency of such arevision.


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8. As instituies devem disponibilizar ao auditor independente a que se refere o artigo 34.do Decreto-Lei n. 59/2006 todos os elementos que se revelem necessrios ouconvenientes para a verificao do cumprimento das normas previstas neste aviso.

8th Credit institutions must make available to the independent auditor referred in article 34of Decree-Law n 59/2006 all the relevant information towards assuring compliance withthe rules set out in this Aviso (Notice).

9. Para efeitos do disposto no presente aviso, so aceites as avaliaes realizadas por peritoavaliador em data anterior da entrada em vigor do aviso, desde que cumpridas asseguintes condies:

9th - In compliance with the rules set out in this Aviso (Notice), appraisals carried out by aproperty appraisal expert previous to the publication of this Aviso (Notice) are acceptedas long as the following conditions have been met:

a) Tenham sido realizadas por perito avaliador independente do processo de anlisee deciso do crdito;b) Tenham sido objecto de relatrio escrito que inclua, de forma clara e rigorosa, oselementos que permitam compreender a anlise e concluses do perito avaliador;

c) Os imveis tenham sido avaliados na perspectiva do valor de mercado ou naperspectiva do valor do bem hipotecado, conforme definido no n. 2.;

d) No haja indcios de que o valor de avaliao do imvel, determinado de acordocom o disposto na aliena anterior, se encontre sobreavaliado no momento daafectao do crdito garantia das obrigaes hipotecrias.

a) Have been carried out by an expert independently of the credit analysis anddecision process;

b) Have been documented in a written report that includes, in a clear and rigorousform, the elements that allow for an understanding of the analysis performed andthe conclusions arrived at by the expert;

c) The property was appraised from a market value perspective or a property valueperspective as defined in number 2;

d) There is no evidence that the property appraisal, arrived at from the perspectiveabove mentioned, was overvalued at the time the loan was assigned to thecovered bond pool.

10. O presente aviso entra em vigor na data da sua publicao.

10th - ThisAviso (Notice) will take effect from its date of publication.


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2. Na gesto dos riscos inerentes ao patrimnio autnomo afecto garantia das obrigaes,incluindo os eventuais instrumentos financeiros derivados, s responsabilidadesassumidas pelo conjunto das respectivas obrigaes, e a eventuais desfasamentos entreestes activos e passivos, as instituies devem:

2nd - Risk management of the portfolios backing covered bond issues, including any financialderivatives, liabilities arising from the issuance of bonds and potential asset-liability gaps,the institutions must:

a) Definir polticas especficas de limitao de riscos, nomeadamente quanto aosriscos cambiais, de liquidez, de taxa de juro, de contraparte e operacional;

a) Devise specific risk reduction policies, namely exchange rate risk, liquidity risk,interest rate risk, counterparty risk and operational risk;

b) Dispor de sistemas de gesto de riscos e de controlo interno adequados quepermitam a identificao, avaliao, acompanhamento e controlo, numa base

permanente, das polticas de limitao de riscos definidas e a verificao documprimento do regime prudencial definido nos Captulos IV e VI do Decreto-Lein. 59/2006 e no presente aviso.

b) Put in place adequate risk management and internal control systems which allowfor the identification, monitoring and control, on a regular basis, of the stated risklimitation policy as well as the compliance of the prudential regime established inChapters IV and VI of Decree-Law 59/2006 and in this regulation;

3. 1 As regras fundamentais dos sistemas de gesto de riscos e de controlo interno emque se estabeleam, nomeadamente, as polticas especficas referidas no nmero anterior,bem como os meios e procedimentos destinados a assegurar o cumprimento dessas

polticas e do regime prudencial aplicvel, devem ser reduzidas a escrito e divulgadas aosseus utilizadores.

3rd - 1 -The fundamental rules regarding (i) the risk management and internal control systemswhich establish the specific policies referred to in the preceding paragraph, as well as (ii)the means and procedures aimed at ensuring compliance with these policies, with theapplicable prudential regime and with the devised risk limitation policies, must be put inwriting and disclosed to the relevant users.

2 No relatrio de controlo interno previsto no Captulo II do Aviso n. 3/2006, asinstituies devem descrever, em ponto autnomo e devidamente identificado dorelatrio, os sistemas de gesto de riscos e de controlo interno implementados paraassegurar o cumprimento do regime prudencial aplicvel e das polticas de limitao deriscos definidas.

2 - In the internal control report foreseen in Chapter II of Regulation no. 3/2006, theinstitutions must describe, autonomously and duly identified in the report, the riskmanagement and internal control systems implemented to ensure compliance with theapplicable prudential regime and with the devised risk limitation policies.

4. Para efeitos do clculo do limite prudencia l definido no n. 1 do artigo 19. do Decreto-Lein. 59/2006, so aplicveis os seguintes critrios:

4th

- For the purposes of the calculation of the prudential limit defined in article 19.1 ofDecree-Law 59/2006, the following criteria shall apply:


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a) Os crditos so considerados pelo valor nominal do respectivo capital em dvida,incluindo os juros corridos;

a) Credits must be valued according to their outstanding principal plus accrued interest;

b) Os depsitos so considerados pelo seu montante, incluindo os juros corridos;

b) Deposits shall be valued according to their amount plus accrued interest;

c) Os ttulos elegveis no mbito das operaes de crdito do Eurosistema soconsiderados pelo valor que resulta da aplicao das regras de valorizao emargens de avaliao definidas pelo Eurosistema, ou, se inferior, pelo seu valornominal, incluindo os juros corridos;

c) Bonds eligible for Eurosystem credit transactions shall be valued according to therules for valuation defined by the Eurosystem or, if lower, according to its nominal

value plus accrued interest;d) As obrigaes hipotecrias, ou as obrigaes sobre o sector pblico, so

consideradas pelo valor nominal do respectivo capital em dvida, incluindo os juroscorridos;

d) Covered bonds and public sector covered bonds shall be valued according to thecorresponding outstanding principal plus accrued interest;

e) Devem ser utilizadas as taxas de cmbio de referncia do Banco Central Europeu.

e) The reference exchange rates published by the European Central Bank shall be used.

5. Quando as obrigaes hipotecrias, ou as obrigaes sobre o sector pblico, e osrespectivos crditos e outros activos que lhes esto afectos sejam denominados emmoedas diferentes, a instituio deve assegurar a cobertura do risco cambial.

5th - When covered bonds and public sector covered bonds, and the corresponding credits andother assets, are denominated in different currencies, the institutions must ensure thehedging of the relevant exchange rate risk.

6. 1 Na gesto dos riscos inerentes a todos os activos e passivos referidos no n. 2., ainstituio deve dispor, em cada momento, de nveis adequados de liquidez e estar emcondies de o demonstrar.

6th -1 - When managing the risks inherent to all assets and liabilities referred in article 2., theinstitution must ensure, at all times, adequate liquidity levels, and be in a position todemonstrate them.

2 Para efeitos do disposto no ponto anterior, as instituies devem elaborar e remeterao Banco de Portugal, nos termos a definir por instruo, um mapa de liquidez comreferncia ao ltimo dia de cada trimestre, com o detalhe dos desfasamentos de liquidezde acordo com, pelo menos, os seguintes prazos: vista e at um ms; superior a 1 ms eat 3 meses; superior a 3 meses e at 6 meses; e superior a 6 meses e at 12 meses.

2 - For the purposes of the preceding paragraph, the institutions must prepare and send tothe Bank of Portugal, according to conditions to be established by instructions [of theBank of Portugal], a liquidity map reporting to the last day of each quarter and detailing


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any foreseen liquidity gaps for the following time-intervals: up to one month; over onemonth and up to three months; over three months and up to six months; over six monthsand up to twelve months.

3 O mapa de liquidez deve ser elaborado, em separado, para as obrigaes hipotecriase para as obrigaes sobre o sector pblico, se aplicvel.

3 - The liquidity map shall be prepared, separately, for mortgage covered bonds andpublic sector covered bonds, if applicable.

4 O Banco de Portugal pode determinar, caso a caso, as exigncias de liquidezconsideradas adequadas, tendo em conta, nomeadamente, a especificidade dos activos epassivos, outras operaes contratadas, os diferentes cenrios de evoluo dos mercadose outros elementos sobre a gesto de liquidez pela instituio.

4 - The Bank of Portugal may, on a case by case basis, determine the liquidityrequirements deemed adequate, taking into account, the specific assets and liabilities, any

other negotiated deals, the different scenarios for market evolution and other elementsregarding liquidity management by the institution.

7. 1 O valor actual das responsabilidades assumidas pelo conjunto das obrigaeshipotecrias, ou das obrigaes sobre o sector pblico, no pode ultrapassar, em cadamomento, o valor actual do patrimnio afecto garantia dessas obrigaes, apsconsiderao de eventuais instrumentos financeiros derivados.

7th - 1 - The net present value of the liabilities arising from issuances of covered bonds orpublic sector covered bonds cannot exceed the net present value of the portfolio assignedto such bonds, including any negotiated derivatives.

2 A relao estabelecida no ponto anterior deve ainda verificar-se quando seconsideram deslocaes paralelas da curva de rendimentos, para cima ou para baixo, de200 pontos base.

2 - The ratio established in the preceding paragraph must also be met for 200 basis pointsparallel shifts of the yield curve.

3 As instituies devem remeter ao Banco de Portugal informao detalhada sobre onvel de exposio ao risco de taxa de juro do conjunto dos activos e passivos referidosno n. 2..

3 - The institutions shall send to the Bank of Portugal detailed information on the level of

exposure to interest rate risk of the aggregate assets and liabilities referred in article 2above.

4 Para efeitos do disposto no ponto anterior, aplicvel a Instruo n. 19/2005, relativaao risco de taxa de juro da carteira bancria, com as seguintes especificidades:

4 - For the purposes of the preceding paragraph, Instruction 19/2005 [of the Bank ofPortugal], relating to management of interest rate risk in a banking investment portfolio isapplicable, with the following particular terms:

a) A informao deve ser elaborada em base individual e com separao entre asobrigaes hipotecrias e as obrigaes sobre o sector pblico, se aplicvel;


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a) The information must be prepared on an individual basis and separatemortgage covered bonds from public sector covered bonds, if applicable;

b) Por carteira bancria deve entender-se o patrimnio autnomo afecto garantia das respectivas obrigaes e as responsabilidades assumidas pelaemisso dessas obrigaes;

b) For these purposes, the banking investment pool shall mean the autonomouspool allocated to covered bonds and to the liabilities arising from such issues;

c) O valor a considerar para os diversos elementos patrimoniais referidos naalnea anterior, com excepo dos instrumentos financeiros derivados, ovalor actual.

c) Assets in the cover pool, referred to in the preceding paragraph, exceptfinancial derivatives, shall be valued according to their net present value;

8. 1 O conjunto das posies em risco sobre instituies de crdito, com excepo dasposies com prazo de vencimento residual inferior ou igual a 100 dias, no pode exceder15% do valor nominal global das obrigaes hipotecrias, ou das obrigaes sobre osector pblico, em circulao.

8th - 1 - The aggregate in risk positions over credit institutions, with the exception of thosepositions with a residual maturity of 100 days or less, cannot exceed 15% of the aggregatenominal value of the outstanding covered bonds or public sector covered bondsoutstanding.

2 Para efeitos do disposto no ponto anterior, os instrumentos financeiros derivadossobre taxas de juro ou taxas de cmbio devem ser considerados pelo seu valor de

mercado.

2 - For the purposes of the preceding article, the interest rate or exchange rate derivativesshall be valued by their market value.

9. As instituies devem disponibilizarao auditor independente a que se refere o artigo 34.do Decreto-Lei n. 59/2006 todos os elementos que se revelem necessrios ouconvenientes para a verificao do cumprimento das polticas de limitao de riscos e doregime prudencial definido nos Captulos IV e VI do Decreto-Lei n. 59/2006 e nopresente aviso.

9th - The institutions shall make available to the independent auditor referred to in article 34.

of Decree-Law no. 59/2006 all the elements deemed necessary to verify compliance withthe risk management policies and with the prudential regime established in Chapters IVand VI of Decree-Law no. 59/2006 and in this regulation.

10.O presente aviso entra em vigor na data da sua publicao.

10th - This regulation is effective from its date of publication.


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Instruo n. 13/2006

Superviso Elementos de Informao

Regulatory Instrument number 13/2006

Reporting requirements

O Banco de Portugal, no uso dos poderes que lhe so conferidos pelo n. 1 do artigo 120. doRegime Geral das Instituies de Crdito e Sociedades Financeiras, aprovado peloDecreto-Lei n. 298/92, de 31 de Dezembro, e ao abrigo do disposto no artigo 15. doDecreto-Lei n. 59/2006, de 20 de Maro, estabelece o seguinte:

The Bank of Portugal, in the use of the powers granted by article 120.1 of the CreditInstitutions General Regime, enacted by Decree-Law no. 298/92, dated 31 December 1992,and pursuant to article 15 of Decree-Law no. 59/2006, dated 20 March, establishes the

following:1. A presente instruo aplicvel s instituies de crdito emitentes de obrigaeshipotecrias ou de obrigaes sobre o sector pblico, adiante designadas por instituies.

1st This instruction applies to credit institutions issuing covered bonds or public sectorcovered bonds, hereinafter referred to as institutions.

2. Relativamente primeira emisso de obrigaes hipotecrias ou de obrigaes sobre osector pblico, as instituies devem remeter ao Banco de Portugal:

2nd When the first issue of covered bonds or public sector covered bonds occurs, the

institutions must provide the Bank of Portugal:

2.1.Com a antecedncia mnima de um ms relativamente data daquelas emisses:

2.1 At least one month ahead of issuance:

a) Cpia da acta da reunio do rgo de administrao da instituio em que a deliberaohaja sido tomada e da qual constem as informaes previstas no n. 1 do artigo 9. doDecreto-Lei n. 59/2006, bem como, se aplicvel, o programa a que se refere o n. 2 domesmo artigo;

a) Copy of the minutes of the meeting of the institutions management body in which the

resolution was approved, including the information required by article 9. no. 1 ofDecree-Law no. 59/2006, and, if applicable, the programme referred in no. 2 of thatarticle;

b) Cpia da acta da reunio em que foi deliberada a designao do representante comumdos obrigacionistas previsto no artigo 14. do Decreto-Lei n. 59/2006;

b) Copy of the minutes of the meeting which approved the appointment of thebondholders common representative as per article 14. of Decree-Law no. 59/2006;

c) Cpia da acta da reunio em que foi deliberada a designao do auditor independente aque se refere o artigo 34. do Decreto-Lei n. 59/2006;


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c) Copy of the minutes of the meeting which approved the appointment of the independentauditor referred in article 34. of Decree-Law no. 59/2006;

d) Relatrio com a descrio da organizao e poltica de gesto dos riscos inerentes aopatrimnio autnomo afecto s obrigaes, indicando, em particular, os procedimentos,ou modelos, de gesto de risco e de controlo de eventuais desfasamentos entre activos epassivos;

d) Report with a description of the organisation and risk management policy regarding theautonomous pool of assets assigned to bond issues, indicating the policies or riskmanagement models and controls of possible mismatches between assets and liabilities;

e) Composio prevista do patrimnio autnomo e outros elementos que demonstrem ocumprimento do regime prudencial aplicvel.

e) Detailed list of the autonomous asset pool and other elements demonstrating compliancewith the applicable prudential regime.

2.2. Com a antecedncia mnima de cinco dias teis relativamente data daquelasemisses, o detalhe das informaes contempladas na alnea e) do n. 2.1.

2. 2. At least five business days prior to the date of issuance, details of the informationrequired in e) of number 2.1.

3. As informaes referidas no n. 2.1. devem ser acompanhadas de declarao do rgo deadministrao da instituio em como esto preenchidos os requisitos aplicveis, incluindo,nomeadamente, o registo do patrimnio autnomo nos termos legal e regulamentarmentedefinidos, e de parecer do auditor independente certificando as asseres do rgo deadministrao. O parecer do auditor dever ser revisto, no caso de as informaes prestadas

ao abrigo do n. 2.2. diferirem das referidas na alnea e) do n. 2.1.

3rd - The information referred in the 2.1 must be provided with a declaration by theinstitutions management body stating that all applicable requirements are fulfilled, including,inter alias, the registration of the autonomous pool of assets in accordance with the applicablelegal and regulatory requirements, and the opinion of the independent auditor certifying thedeclarations of the management body. The opinion of the independent auditor should bereviewed in case the given information under n. 2.2 differs from the ones in n. 2.1 e).

4. Em relao a emisses subsequentes, as instituies devem remeter ao Banco de Portugal,at s datas previstas no n. 2, os elementos referidos nas alneas a) do n. 2.1, quando se tratede uma emisso no integrada num programa anterior, e na alnea e) do n. 2.1 e no n. 2.2,

sendo aplicvel o disposto no nmero anterior.

4th - In subsequent issues, the institutions must send to the Bank of Portugal, up to the dateestablished in number 2, the information detailed in a) of number 2.1 when the issue is notpart of an existing programme, and e) of number 2.1 and 2.2, whilst still applicable therequirements set out in the previous number.

5.No mbito do registo do patrimnio autnomo em contas segregadas da instituio, paraalm dos elementos previstos no n. 4 do artigo 4. e no n. 5 do artigo 20. do Decreto-Lei n.59/2006, as instituies devem identificar os respectivos devedores dos crditos e as eventuaisentidade cedentes e/ou gestoras, bem como proceder identificao completa dos outrosactivos.


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5th - Regarding the registration of the cover pool assets in segregated accounts of theinstitution, and in addition to the elements established in article 4 no. 4 and article 20. no. 5 ofDecree-Law no. 59/2006, the institutions must identify the debtors of its credits and possibletransferors and/or management entities, as well as provide the complete identification of theother assets.

6.O cdigo previsto no n. 3 do artigo 4. do Decreto-Lei n. 59/2006 definido pelo Bancode Portugal para cada instituio e, de forma separada, para as obrigaes hipotecrias e paraas obrigaes sobre o sector pblico, devendo constar dos ttulos ou das contas de registoindividualizado.

6th - The code referred to in article 4.3 of Decree-Law no. 59/2006 is established by the Bankof Portugal for each institution and, separately, for covered bonds and public sector coveredbonds, and must be stated in the bond certificates or individual registration accounts.

7.Ao cdigo referido no nmero anterior corresponde uma chave que contm a identificaofinanceira do patrimnio autnomo afecto garantia das obrigaes hipotecrias ou das

obrigaes sobre o sector pblico, se aplicvel.7th - The code referred in the previous number corresponds to a key containing the completeidentification of the autonomous pool of assets allocated to the covered bonds and publicsector covered bonds, if applicable.

8. Para efeitos do depsito da chave do cdigo no Banco de Portugal, conforme previsto non. 5 do artigo 4. do Decreto-Lei n. 59/2006, as instituies devem, nomeadamente, cumprirtempestivamente as obrigaes de reporte estabelecidas na Instruo n. 7/2006, relativa aoRegulamento da Central de Responsabilidades de Crdito.

8th - For the purposes of the deposit of the code key with the Bank of Portugal, as established

in article 4.5 of Decree-Law no. 59/2006, the institutions must, inter alia, comply in due timewith the reporting requirements established in Instruction no. 7/2006, regarding the Rules ofthe Credit Record System (Regulamento da Central de Responsabilidades de Crdito).

9. As instituies devem ainda elaborar e remeter ao Banco de Portugal um mapa com odetalhe da composio do patrimnio autnomo afecto s obrigaes, sendo aplicveis asseguintes regras:

9th - The institutions must also prepare and provide the Bank of Portugal with a map detailingthe elements of the cover pool assigned to the bonds, where the following rules are applicable:

a) O mapa deve ser elaborado, em separado, para as obrigaes hipotecrias e para asobrigaes sobre o sector pblico;

a) The map must be prepared separately for covered bonds and public sector coveredbonds;

b) O montante dos crditos pode ser apresentado de forma agregada, devendo ainda serindicado o montante dos respectivos juros corridos;

b) The amount of credits may be presented in an aggregate form with an indication of theaccrued interest amount;

c) Os restantes elementos outros activos, instrumentos financeiros derivados e outrasoperaes contratadas devem ser identificados de forma pormenorizada


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c) The remaining elements other assets, financial derivatives and other negotiated deals must be identified in detail;

d) Os instrumentos financeiros derivados devem ser considerados pelo seu valor demercado ou, na ausncia deste, pelo valor calculado com base em mtodos deavaliao adequados;

d) Financial derivatives must be valued according to their market value or, if not available ,by a value obtained through an adequate valuation methodology.

e) O valor a considerar para os restantes elementos o definido no n. 4. do Aviso n.6/2006, relativo gesto de riscos;

e) The value to be considered for the other elements is established in no. 4 of Regulationno. 6/2006 regarding risk management;

f) A unidade monetria a utilizar como referncia o euro.

f) The currency of reference is the euro.

10. O mapa referido no nmero anterior deve ter por referncia o ltimo dia de cada semestree deve ser enviado ao Banco de Portugal atravs de transmisso electrnica, nomeadamentepelo BPnet, ou em suporte magntico, at ao final do ms seguinte ao respectivo semestre.

10th - The map referred in the previous number must be prepared with reference to the last dayof each semester and must be sent to the Bank of Portugal by electronic means, namely byBPnet, or in a computer file , prior to the end of the first month following the end of asemester.

11. Nomeadamente para efeitos estatsticos, devem ser remetidas ao Banco de Portugal, at aofinal da primeira quinzena de cada ms, e tendo por referncia o final do ms anterior,informaes sobre o nmero e valor das obrigaes hipotecrias ou das obrigaes sobre osector pblico em circulao e sobre eventuais emisses ou amortizaes realizadas norespectivo perodo.

11th - For statistical purposes, information on the number and amount of outstanding coveredbonds as well as issues that occurred during the previous month, must be reported to the Bankof Portugal up to the end of the first fortnight of each month, with reference to the end of theprevious month.

12. As instituies devem estar em condies de, em qualquer momento, poder justificar

perante o Banco de Portugal as informaes prestadas ao abrigo da presente instruo,mantendo, para o efeito, a necessria documentao.

12th - All institutions must be capable of justifying to the Bank of Portugal the informationsubmitted under the requirements of this Aviso maintaining, to that effect, all relevantdocumentation.

13. Os elementos, quando entregues no Banco de Portugal, devem ser endereados ao:BANCO DE PORTUGALDepartamento de Superviso BancriaRua Francisco Ribeiro, n. 2 5.1150-165 LISBOA

13th - All information submitted to the Bank of Portugal should be addressed to:


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BANCO DE PORTUGALDepartamento de Superviso BancriaRua Francisco Ribeiro, n. 2 5.1150-165 LISBOA

14. A presente instruo entra em vigor na data da sua publicao.

14th - This regulation is effective from its date of publication.


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Aviso n.7/2006

Coeficiente de Ponderao


Risk weighting

Considerando o disposto no n. 2 do artigo 63. da Directiva 2000/12/CE, do ParlamentoEuropeu e do Conselho, de 20 de Maro de 2000, relativa ao acesso actividade dasinstituies de crdito e ao seu exerccio, quanto possibilidade de aplicao de umaponderao de 10% s obrigaes definidas no n. 4 do artigo 22. da Directiva 85/611/CEE,do Conselho, de 20 de Dezembro;

Whereas the terms of article 63.2 of Directive 2000/12/EC of the European Parliament and ofthe Council, dated 10 March 2003, relating to the taking up and pursuit of business of creditinstitutions, enabling the application of 10% weighting for the bonds defined in Article 22 (4)of Directive 85/611/EC of the Council, dated 20 December;

Considerando o novo regime jurdico aplicvel s obrigaes hipotecrias e s obrigaessobre o sector pblico, consagrado no Decreto-Lei n. 59/2006, de 20 de Maro;

Whereas the new legal framework applicable to the covered bonds and to the public sectorcovered bonds, enacted by Decree-Law no. 59/2006, dated 20 March;

Considerando que o n. 5do artigo 19. do Decreto-Lei n. 59/2006 prev que o Banco dePortugal venha a estabelecer, por aviso, a ponderao a aplicar, para efeitos de clculo dorcio de solvabilidade, aos elementos do activo representados por obrigaes emitidas nos

termos definidos no mesmo diploma;Whereas article 19.5 of Decree-Law no. 59/2006, dated 20 March, foresees that the Bank ofPortugal will, for the purpose of calculating the solvency ratio, establish, through regulation,the weighting applicable to bonds issued under the said Decree-Law;

O Banco de Portugal, no uso dos poderes que lhe so conferidos pela alnea a) do artigo 99.do Regime Geral das Instituies de Crdito e Sociedades Financeiras, aprovado peloDecreto-Lei n. 298/92, de 31 de Dezembro, e ao abrigo do disposto no n. 5 do artigo 19. doDecreto-Lei n. 59/2006, de 20 de Maro, estabelece o seguinte:

The Bank of Portugal, within the powers attributed to it under Article 99. item a) of the Credit

Institutions General Regime, enacted by Decree-Law no. 298/92, dated 31 December, andunder Article 19. 5 of Decree-Law no. 59/2006, dated 20 March, establishes the following:

1. Ao n. 2 da parte I do anexo ao aviso n 1/93, publicado no Dirio de Repblica, II Srie,de 8 de Junho de 1993, aditada uma alnea aa) com a seguinte redaco:

2 - a) aa) Coeficiente de ponderao de 10%:

- Elementos do activo representados por obrigaes hipotecrias ou por obrigaessobre o sector pblico emitidas nos termos do Decreto-Lei n. 59/2006, de 20 deMaro, ou por outras obrigaes que cumpram os critrios definidos no n. 4 do

artigo 22. da Directiva n. 85/611/CEE, do Conselho, de 20 de Dezembro, e s quais


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tenha sido atribudo, por outro Estado membro da Unio Europeia, o mesmocoeficiente de ponderao.

1st - An item aa) with the following wording is added to part I of the annex to the Regulationno. 1/93, published in Dirio da Repblica, II Srie, dated 8 June 1993:2 - .

a).aa) Weighting coefficient of 10%

Assets consisting of covered bonds or public sector covered bonds issued pursuant toDecree-Law no. 59/2006, dated 20 March, or other bonds that comply with thecriteria defined in article 22. (4) of Directive 85/611/EC of the Council, dated 20December, and to which it has been attributed, by other European Union MemberState, the same weighting coefficient.


2nd - This regulation becomes effective on the date of its publication.


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Aviso n. 8/2006

Continuidade das emisses e cdigo de acesso


Continuity of the issues and access to the code key

Na sequncia da publicao do Decreto-Lei n. 59/2006, de 20 de Maro, que instituiu umnovo regime jurdico aplicvel s obrigaes hipotecrias e s obrigaes sobre o sectorpblico, revogando o Decreto-Lei n. 125/90, de 16 de Abril;

Following the publication of Decree-law no. 59/2006, dated 20 March, which has enacted anew legal regime applicable to covered bonds and to public sector covered bonds, revokingDecree-law no. 125/90, dated 16 April;

Considerando que o referido diploma atribui ao Banco de Portugal poderes pararegulamentar, por aviso, a continuidade das emisses em caso de dissoluo e liquidao dainstituio de crdito emitente;

Whereas the alluded Decree-law grants to the Bank of Portugal powers to regulate, throughRegulation, the continuity of the issuances in case of dissolution and liquidation of the issuingcredit institution;

Considerando que o diploma atribui igualmente ao Banco de Portugal poderes para definir,por aviso, as condies em que os titulares de obrigaes hipotecrias ou de obrigaes sobreo sector pblico, em caso de incumprimento, podem ter acesso chave do cdigo a que serefere o n. 3 do artigo 4. do Decreto-Lei n. 59/2006;

Whereas the alluded Decree-law also grants to the Bank of Portugal powers to define,through Regulation, the conditions in which the holders of covered bonds or public sectorcovered bonds, in the event of default, may have access to the key of the code to whichreference is made in no. 3 of article 4. of Decree-law no. 59/2006;

Ao abrigo do disposto no n. 5 do artigo 4. e no n.o 1 do artigo 5. do Decreto-Lei n.59/2006, de 20 de Maro, o Banco de Portugal estabelece o seguinte:

Pursuant to no. 5 of article 4. and no. 1 and 3 of article 5. of Decree-law no. 59/2006, dated20 March, the Bank of Portugal sets forth the following:

1. O projecto de dissoluo voluntria de uma instituio de crdito emitente de obrigaeshipotecrias ou de obrigaes sobre o sector pblico que se encontrem em circulao, asubmeter ao Banco de Portugal nos termos do artigo 35.-A do Regime Geral dasInstituies de Crdito e Sociedades Financeiras, deve conter a identificao dainstituio de crdito que ser designada para efectuar a gesto do patrimnio autnomoafecto garantia das obrigaes e o pagamento dos montantes devidos aos titulares dasobrigaes, bem como os termos em que tais servios sero prestados.

1st The project for the voluntary dissolution of a credit institution with outstanding coveredbonds or public sector covered bonds, to be submitted to the Bank of Portugal pursuant toarticle 35.-A of the Credit Institutions General Regime, shall contain the identification ofthe credit institution that will be appointed to manage the cover pool, together with the

terms under which those services will be rendered;


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2. 1 No caso de revogao da autorizao de uma instituio de crdito emitente deobrigaes hipotecrias ou de obrigaes sobre o sector pblico que se encontrem emcirculao, o Banco de Portugal designa uma instituio de crdito para assumir a gestodo patrimnio autnomo afecto garantia das obrigaes e o pagamento dos montantesdevidos aos titulares das obrigaes.

2nd - 1 - In case of revocation of the authorisation of a credit institution with outstandingcovered bonds or public sector covered bonds, the Bank of Portugal shall appoint a creditinstitution to undertake the management of the cover pool.

2 A designao referida no ponto anterior efectuada em simultneo com a deciso derevogao da autorizao.

2 - The appointment referred to in the preceding item is carried out simultaneously withthe decision to revoke the authorisation.

3 A retribuio da instituio de crdito designada fixada pelo Banco de Portugal econstitui um encargo do patrimnio autnomo.

3 - The fees of the appointed credit institution are determined by the Bank of Portugal andshall be paid out of the cover pool.

3. 1 Ainstituio de crdito designada nos termos dos nmeros anteriores deve elaborar,imediatamente aps o incio do exerccio das funes de gesto, em relao ao patrimnioautnomo e respectivas obrigaes, um balano de abertura, acompanhado das notasexplicativas necessrias

3rd The designated credit institution should prepare, immediately upon initiating its

management, an opening balance sheet in relation to each autonomous portfolio andrelevant bonds, supplemented by the necessary explanatory notes;

2 A instituio de crdito deve ainda:

2 - The appointed credit institution shall:

a) Praticar todos os actos e operaes necessrios ou convenientes boa gesto doscrditos e das respectivas garantias, tendo em vista assegurar o pagamentotempestivo de todos os montantes devidos aos titulares das obrigaes, incluindovender os crditos, assegurar os servios de cobrana, os servios administrativosrelativos aos crditos, todas as relaes com os respectivos devedores e os actos

conservatrios modificativos e extintivos relativos s garantias;

a) Perform all acts and deals necessary for a sound management of the loanportfolio and its guarantees with the aim of ensuring a timely payment on thecovered bonds, including selling credits, assuring their servicing, alladministrative procedures pertaining to these credits, the relationship with thedebtors, and all modifying and extinguishing acts relating to their guarantees;

b) Proceder e manter actualizado o registo, em contas extrapatrimoniais, doselementos que integram o patrimnio autnomo, nos termos estabelecidos noDecreto-Lei n. 59/2006;

b) carry out and keep updated a registry, in off-balance sheet accounts, the details ofthe cover pool, in the terms set forth in Decree-law no. 59/2006;


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c) Elaborar, em relao ao patrimnio autnomo e respectivas obrigaes, umrelatrio e contas anual.

c) Prepare an annual report for the bonds and its cover pool.

3 O relatrio e contas referido na alnea c) do ponto anterior objecto de relatrio deauditoria, elaborado por auditor independente nomeado pela instituio de crditodesignada.

3 - The annual report referred to in sub-paragraph c) of the preceding number is subject toan auditing report, prepared by an independent auditor designated by the appointed creditinstitution.

4 aplicvel ao auditor independente o disposto no artigo 34. do Decreto-Lei n.59/2006.

4 - Article 34. of Decree-law no. 59/2006 is applicable to the independent auditor.5 A instituio de crdito designada deve remeter ao Banco de Portugal, at ao final dotrimestre seguinte ao termo do exerccio, o relatrio e contas previsto na alnea c) doponto dois, acompanhado do relatrio de auditoria.

5 - The designated credit institution shall send to the Bank of Portugal, before the end ofthe first quarter after the end of a fiscal term, the annual report set out in c) of number 2,along with the auditors report.

4. Para efeitos do disposto no n. 5 do artigo 4. do Decreto-Lei n. 59/2006, em caso deincumprimento de pagamento de juros ou de capital das obrigaes, os titulares das

obrigaes devem solicitar ao seu representante comum que providencie, junto do Bancode Portugal, a revelao da chave do cdigo a que alude o n. 3 do mesmo artigo.

4th - For the purposes of no. 5 of article 4. of Decree-law no. 59/2006, in case of breach ofpayment of interest or principal, the holders of bonds shall request that the commonrepresentative initiate with the Bank of Portugal, procedures towards the disclosure of thecode key referred in no. 3 of the same article.


5th This regulation comes into effect on the date of its publication.

AVISO nº 5-2006 Banco Portugal_Outubro2006

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