This Monday, Banco de Portugal published an overview of the notice of recovery plans required of credit institutions, which must be submitted annually to the banking regulator by November 30th.
In its statement, the Bank of Portugal (BdP) explains that it is withdrawing and revising the notice “in the light of legislative changes in recent years and the experience gained during this time in the development, implementation and evaluation of recovery plans.”
The watchdog said the goals of establishing additional elements for recovery plans, defining procedures relating to reporting, maintenance and verification, and establishing procedures for establishing simplified obligations in the preparation and reporting of recovery plans remain.
The rules are aimed at “credit institutions that are not part of a group subject to supervision on a consolidated basis by the supervisory authority of a Member State of the European Union, and that are subject to supervision by Banco de Portugal and the parent companies in the European Union of a group subject to supervision on a consolidated basis.” basis on the part of the Bank of Portugal.”
It also retains the direction that restoration plans must be submitted to the BDP by November 30 each year.
Recovery plans aim to ensure that banks can regain viability in a timely manner, even during periods of severe financial difficulties.
Author: Lusa
Source: CM Jornal
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