Pursuant to a decision of the Board of Directors of 23 June 2020, Banco de Portugal, in the exercise of its powers as national macro-prudential authority, decided that the countercyclical buffer rate to be in force in the 3rd quarter of 2020 will remain unchanged at 0% of the total risk exposure amount.

This capital buffer will apply, from 1 July 2020 onwards, to all risk exposure amounts whose counterpart is the Portuguese private non-financial sector, of credit institutions and investment firms subject to the supervision of Banco de Portugal or the European Central Bank (Single Supervisory Mechanism), as applicable.

This decision was taken after notification of the European Central Bank, which did not object to the proposal advanced by Banco de Portugal, and having consulted the National Council of Financial Supervisors. 

This decision will be reviewed on a quarterly basis by Banco de Portugal and published on its website, together with the underlying analysis and data. Further information on the countercyclical buffer rates that apply to credit risk exposures to EU/EEA Member Countries is also available on the website.