The Bank of Portugal published today the revision of the notice regarding the recovery plans required from credit institutions, which must be sent annually to the banking regulator by November 30th. .
In a statement, the Bank of Portugal (BdP) explains that it revokes and reviews the notice “in light of regulatory developments that have occurred in recent years and the experience gained in the meantime with the development, implementation and evaluation of recovery plans”.
According to the supervisor, the objectives of establishing additional elements for recovery plans, defining procedures relating to reporting, maintenance and review, as well as specifying procedures for determining simplified obligations in the preparation and reporting of recovery plans, remain.
The rules are aimed at “credit institutions that are not part of a group subject to supervision on a consolidated basis by a supervisory authority of a Member State of the European Union, and that are subject to supervision by Banco de Portugal and companies -parent in the European Union of a group subject to supervision on a consolidated basis by the Bank of Portugal”.
It also maintains the guidance that recovery plans must be sent to the BdP, annually, by November 30th.
Recovery plans aim to ensure that banks can restore viability in a timely manner, even in periods of severe financial difficulties.
