Press Release of Banco de Portugal on the launch of a new Collateral Management System (COLMS)
On 29 June 2015 Banco de Portugal will provide Portuguese credit institutions a new information system to be used in the implementation of Eurosystem monetary policy and provision of intraday credit in TARGET2-PT: COLMS (acronym for Collateral Management System).
COLMS is the first component to be made available to institutions, as part of a wider project of Banco de Portugal aiming to implement an integrated platform for monetary policy operations management (GOPM in Portuguese), that comprises the information systems needed for monetary policy implementation, namely for the conduct of monetary policy tenders and collateral management.
The platform will incorporate two systems, COLMS, and SITender, the IT system for tenders, to be made available by the end of this year.
These systems will make it possible to increase operational efficiency, improve monitoring and management of information and reduce operational risks and costs.
In this context, the new platform is an important instrument for the pursuit of Banco de Portugal’s strategic objectives, namely in terms of reinforcing its full and effective contribution to the implementation of Eurosystem monetary policy and the efficient organisation and management of resources.
The new platform will replace SITEME, Banco de Portugal's market electronic transfer system, in phases up to the end of 2015. SITEME will continue to be used as the information system for monetary policy tenders until SITender goes live.
Lisbon, 25 June 2015