Agencies

As established in the contract signed by the Government in December 1887, Banco de Portugal obtained the functions of State banker and Government Cashier, and committed itself to establishing agencies in all the district capitals of the Mainland and Islands.

Acting provisionally just for Treasury services, such agencies were set up and organised definitively. By 1895, with the establishment of the agency in Angra do Heroísmo, the entire process had come to an end.

Meanwhile, the Bank regarding the functioning of its agencies, had entered into agreements (called del credere commissions) with firms of recognised commercial merit, in order to confer to them the management of agencies such as those of Funchal and Faro, both established in 1875, and Ponta Delgada, established in 1876.

A correspondent bank network was connected to each agency in localities with justified commercial, agricultural or industrial activity.

In addition to the district agencies, the Bank opened county agencies throughout the 20th century, which were mainly established so as to provide support to the primary sector. Many of them started out as correspondent banks and only later became agencies in their own right.

As of 1977 county agencies began to close down as did some district agencies from the 1990s onwards, with Vila Real closing its doors in May 2008.

As of 1979, the Funchal and Ponta Delgada agencies were designated Regional Delegations to guarantee local connection between the Bank and respective Ministries of the Republic and Regional Governments.

(1) (2) Private correspondent bank special formula.