In accordance with the Statute of the European System of Central Banks and the Organic Law of Banco de Portugal (reiterated by the Opinion of the European Central Bank issued on 12 November 2010), the Board of Directors of Banco de Portugal has decided to adopt measures producing an effect equivalent to those announced for the State and the public administration as regards the current requirements to contain costs and naturally wage costs.
In this conformity, the Board of Directors of Banco de Portugal has decided:

• To reduce by 10% the salaries of the members of the Board of Directors of Banco de Portugal;
• To adopt measures intended to contain the operational costs of Banco de Portugal, which will translate into an average reduction of 5.6% in the actual remunerations of the Bank’s staff and a reduction of 7% in staff costs.

Lisbon, 17 January 2011