The Press Release of 10 January, entitled ‘Staff Remuneration Policy Decisions by the Board of Directors of Banco de Portugal’, described the salary containment measures that Banco de Portugal decided to introduce in 2012.

The following further clarifications address certain doubts raised in the interim:

1. The Directors of the Board of Banco de Portugal have chosen to forego their holiday and Christmas subsidies in 2012;
2. In 2012, Banco de Portugal will apply remuneration containment and benefit reduction measures to working staff, resulting in an overall saving equivalent to that arising from a suspension of holiday and Christmas subsidies;
3. The holiday and Christmas subsidies of the Bank’s retired staff are suspended pending clarification of the legal framework regarding Article 25 of the State Budget Law, awaiting duly requested opinions.

Banco de Portugal, its Board of Directors and staff are aware of the difficult context facing Portuguese society. As was the case in 2011, the Board of Banco de Portugal has decided, autonomously and as a gesture of solidarity, to join the effort that the country is making.

The salary containment measures chosen for 2012 were subject to the legal framework governing Banco de Portugal, which is bound by the Labour Code and the collective bargaining agreements in force, and not by the Budget Law.

Banco de Portugal remains firmly committed to contributing effectively to the process of adjusting the Portuguese economy, through the competent execution of its tasks, which are now more numerous. One of the Bank’s strategic guidelines for 2011‐2013 is efficient resource organisation and management. The cost containment measures adopted align with this medium-term objective.

Banco de Portugal, 13 January 2012