AGIL – integrated settlement management application
AGIL - Aplicativo de Gestão Integrada de Liquidações (integrated settlement management application) is a local system that manages euro-denominated deposit accounts with Banco de Portugal on behalf of institutions that do not participate directly in TARGET2, by choice or for not complying with the requirements for the purpose.
It allows institutions to comply with reserve requirements and conduct specific transactions with Banco de Portugal, namely cash deposits and withdrawals.
Transactions processed in AGIL
Source: Payment Systems Report
The following entities may open deposit accounts in AGIL: credit institutions and branches subject to compliance with the Regulation of the European Central Bank on the application of reserve requirements, central bank customers, namely correspondent banks and other entities not authorised to participate in TARGET2, and also entities especially authorised to keep current accounts with the bank that do not want to participate directly in TARGET2-PT.
For more detailed information please consult Instruction of Banco de Portugal No 2/2009.
With the exception of transactions with Banco de Portugal, all debit or credit transactions of deposit accounts opened in AGIL are conducted through a direct participant in TARGET2.
In deposit accounts for compliance with reserve requirements only liquidity transfers and transactions with Banco de Portugal are allowed. In central bank customer accounts, in addition to transactions with Banco de Portugal, interbank and customer payments are allowed in institutions not complying with the requirements to participate directly in TARGET2.
Transactions are only settled if the balance is sufficient, i.e. overdrafts are not permitted.
Calendar and timetable
AGIL operates all working days except for New Year’s Day, Good Friday, Easter Monday, 1 May, Christmas Day, and Boxing Day.
The manual processing service for payments ordered by deposit account holders is provided on a daily basis between 8:30 am and 3:30 pm.
A fee of €3.50 is charged per debit transaction.
Banco de Portugal also charges for sending statements via SWIFT.