AGIL - Integrated settlement management application

AGIL - Aplicativo de Gestão Integrada de Liquidações (integrated settlement management application) is a local system that manages current accounts with Banco de Portugal for institutions that do not directly participate in TARGET2-PT and was created under Instruction of Banco de Portugal No 2/2009 of 16 February 2009.

This system is aimed at entities which do not fulfil the requirements to participate in TARGET2 or, even though fulfilling these requirements, they choose not to participate. AGIL enables the latter to comply with reserve requirements or to carry out very specific operations with the central bank, namely cash deposits and withdrawals. The former, usually known as “Central Bank customers”, may, in principle, process any operation in euro involving their current accounts held under this application. 

Requests to open an account or process operations in AGIL are governed by Instruction of Banco de Portugal No 2/2009 and this system’s Terms and Conditions. 

In AGIL there are no waiting queues, intraday credit or even a real-time information system. AGIL only processes settlements from Banco de Portugal operational systems (minimum reserves, cash system, etc), as well as payments to/from TARGET2, as instructed by the account holder. 

Banco de Portugal and AGIL depositors usually communicate by SWIFT, fax or in writing regarding transfer orders by depositors or the subsequent issuance of account statements by Banco de Portugal.