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The Board of Directors of the Banco de Portugal has decided to postpone the phase-in period by 1 year, defined in 2017 and revised in 2019, of the capital buffer for “other systemically important institutions” (O-SII).
Within the scope of its powers as national Macroprudential Authority, the Banco de Portugal intends to use all available policy instruments to prevent the banking system from acting as an amplifying channel of the shock triggered by the outbreak of COVID-19, which acutely and significantly changed the economic and financial conditions of economic agents. This decision, taken on 7 April 2020, is part of a broader set of measures put forward by the Banco de Portugal to respond to this severe, albeit temporary, shock, aiming at ensuring that the banking system maintains a supply of credit to the economy, in a period characterised by significant liquidity restrictions of households and non-financial corporations.
The Banco de Portugal notified the European Central Bank, in accordance with Article 5 of Council Regulation (EU) No 1024/2013 of 15 October 2013, which did not object to the decision, and consulted the National Council of Financial Supervisors, under Article 2 (3) (c) of Decree-Law No 143/2013 of 18 October 2013.
The list of banking groups identified as O-SII in 2019, disclosed on 29 November 2019, remains unchanged. However, with this decision, the compliance with the O-SII buffer percentage that these banking groups would have to hold on 1 January 2021 is postponed to 1 January 2022.
With regard to Banco Comercial Português SA, the end of the phase-in period of the O-SII buffer changes from 1 January 2022 to 1 January 2023. In 2019, the Board of Directors of the Banco de Portugal granted to this banking group an additional year to fully comply with the O-SII buffer. This decision was taken following the increase in its systemic importance to the Portuguese financial system, which implied an increase of 0.25 percentage points in the respective level of the O-SII buffer.
The following table presents the revised phase-in period of the O-SII buffer, in accordance with the decision of the Board of Directors of Banco de Portugal of 7 April 2020, and the corresponding buffer to be met each year by each banking group:
| O-SII | O-SII capital buffer as at 1 January 2020 | O-SII capital buffer as at 1 January 2021 | O-SII capital buffer as at 1 January 2022 | O-SII capital buffer as at 1 January 2023 |
|---|---|---|---|---|
| Caixa Geral de Depósitos, S.A. | 0.750% | 0.750% | 1.000% | 1.000% |
| Banco Comercial Português, S.A. | 0.563% | 0.563% | 0.750% | 1.000% |
| Santander Totta, SGPS, S.A. | 0.375% | 0.375% | 0.500% | 0.500% |
| LSF Nani Investments S.à.r.l. | 0.375% | 0.375% | 0.500% | 0.500% |
| Banco BPI, S.A. | 0.375% | 0.375% | 0.500% | 0.500% |
| Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A. | 0.188% | 0.188% | 0.250% | 0.250% |
According to the information available to date, there is no evidence that postponing the phase-in period of the O-SII buffer significantly undermines the resilience of the institutions designated as O-SII in Portugal. However, the Banco de Portugal will assess throughout 2020 whether this decision remains adequate in view of developments in the banking system.
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