Template on International Reserves/Foreign Currency Liquidity¹ for Portugal

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      1. Foreign currency reserves (in convertible foreign currencies)

            (a) Securities

                 of which: issuer headquartered in reporting country but located abroad

            (b) total currency and deposits with:

                  (i) other national central banks, BIS and IMF

                  (ii) banks headquartered in the reporting country

                             of which: located abroad

                  (iii) banks headquartered outside the reporting country

                             of which: located in the reporting country

      2. IMF reserve position

      3. SDRs

      4. gold (including gold deposits and, if appropriate, gold swapped) ⁷

          —volume in 10⁶ fine troy ounces

      5. other reserve assets (specify)

          —financial derivatives

          —loans to nonbank nonresidents

          —other

          —securities not included in official reserve assets

          —deposits not included in official reserve assets

          —loans not included in official reserve assets

          —financial derivatives not included in official reserve assets

          —gold not included in official reserve assets

          —other

II. Predetermined short-term net drains on foreign currency assets (nominal value)

(in EUR millions)

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Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Up to 1 month

More than 1 and up to 3 months

Up to 1 month

More than 1 and up to 3 months

Up to 1 month

More than 1 and up to 3 months

 1. Foreign currency loans, securities, and deposits ⁸

III. Contingent short-term net drains on foreign currency assets (nominal value)

(in EUR millions)

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Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Up to 1 month

More than 1 and up to 3 months

Up to 1 month

More than 1 and up to 3 months

Up to 1 month

More than 1 and up to 3 months

1. In accordance with the new methodology of the IMF published in the document 'Data Template on International Reserves and Foreign Liquidity. Operational Guidelines', October 2001.    

2. In principle, only instruments denominated and settled in foreign currency (or those whose valuation is directly dependent on the exchange rate and that are settled in foreign currency) are to be included in categories I, II, and III of the template. Financial instruments denominated in foreign currency and settled in other ways (e.g., in domestic currency or commodities) are included as memo items under Sections IV.

3. Netting of positions is allowed only if they have the same maturity, are against the same counterpart, and a master netting agreement is in place. Positions on organized exchanges could also be netted.

4. Monetary authorities defined according to the IMF Balance of Payments Manual, Fifth Edition.

5. In cases of large positions vis-à-vis institutions headquartered in the reporting country, in instruments other than deposits or securities, they should be reported as separate items.

6. The valuation basis for gold assets should be disclosed; ideally this would be done by showing the volume and price.

7. In accordance with the definition provided in the Guideline ECB/2004/15 of 16 July 2004, amended by the Guideline ECB/2007/3, on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics, and the international reserves template.

8. Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).

9. In the event that there are forward or futures positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.

10. Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II, above.

11. Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately, in the specified format.

12. In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.

13. These "stress-tests" are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are "in the money" or would be, under the assumed values.

14. Distinguish between assets and liabilities where applicable.

15. Identify types of instrument; the valuation principles should be the same as in Sections I-III. Where applicable, the notional value of nondeliverable forward positions should be shown in the same format as for the nominal value of deliverable forwards/futures in Sections II.

16. Only assets included in Section I that are pledged should be reported here.

17. Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). However, these should be reported in two separate categories, depending on whether or not they have been included in Section I. Similarly, securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.

18. Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.

Country notes:

There has been a break in the series for central government in «section I.B - financial derivatives not included in official reserve assets» and «section II.2 - Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)». From December 2005 onwards, Section I.B excludes contracts with payments only in euros, and Section II.2 comprises only contracts in foreign currency vis-à-vis the Euro.