Read the untranslated law here: http://app.parlamento.pt/webutils/docs/doc.pdf?path=6148523063446f764c3246795a5868774d546f334e7a67774c336470626d6c7561574e7059585270646d467a4c316776644756346447397a4c334277624449794e5331594c6d527659773d3d&fich=ppl225-X.doc&Inline=false
Proposal of law n. º 225/X 1 Â Bill n° 225/X ' display the statement this draft law aims to establish the possibility to grant extraordinary personal guarantees of the State in the framework of the initiative ¢ to strengthen the financial stability and disponibilizaÃ of liquidity in financial markets. The grant of guarantees by the State in the framework of the initiative ¢ is designed to ensure compliance with the obligation of the institution s µ µ s credit based in Portugal in the framework of its ¢ operation µ s or refinancing and financing aims to broadly promote the µ s condition of liquidity in the markets and financial and monetary to that extent, to ensure that the funding is economy. In this context, the grant of guarantees should be done according to procedures cell reading and geis, involving entities with responsibilities in the implementation of this initiative. Thus, the request for grant of these guarantees must be carried out by the Bank of Portugal and the Institute of management of the Treasury and public credit, i. p., proceed to their analysis and present a proposal for a decision, duly substantiated, to the Member of Government responsible for the area of finance, responsible for the decision. After ³ s the issuing of State guarantees , fit is the General direction of Treasury and finance follow and ensure its management and monitor compliance with emerging burdens their executing. Tuned the role of Banco de Portugal and the Institute of management of the Treasury and public credit, i. p., in implementation of the initiative, these substances are competence exercised in the wall joints with these entities.
Whereas, in particular, that this extraordinary scheme to grant guarantees in the current context of the financial system, in which the constraints of µ s of liquidity in money markets and international financial are causing a strong pressure on the institution µ s credit, the present regime has transient nature character ³ River remained in force only as long as the current situation so warrants. Was heard the Bank of Portugal.
2 like this: under the handle d) no nea Â° article 197 1. º of the Constitution, the Government offers is the Assembly of the Republic the following Bill. Article 1. º Subject this law establishes the possibility to grant extraordinary personal guarantees by the State, to strengthen the financial stability and disponibilizaÃ of liquidity in financial markets. Article 2. Â° Ã scope this law applies is the grant by the State of personal guarantees the fulfilment of the obligations assumed in µ s financing contracts, including the renewal of the respective µ s operation by the institution µ s credit based in Portugal. Article 3. º AssunÃ of personal guarantees by the State 1-assunÃ of personal guarantees by the State referred to in the preceding article may only be carried out according to the standards laid down in this Act, on penalty of nullity. 2-the violation on the part of members of the Government to the provisions of this Act constitutes a crime of responsibility punctures vel in accordance with article 14. º of law No. 34/87 Â, of 16 July. Article 4. º statement and decision 1 request-the request for grant of a guarantee is accompanied by draft financing agreement defining, in particular, those involved in the operation, the terms and conditions of the same financial µ. 2-the application is lodged by the Banco de Portugal and the Institute of management of the Treasury and public credit, i. p., proceed to their analysis, referring to its proposal for a decision, duly substantiated, the 3 official responsible for the area of finance. 3-the grant of personal guarantees of the State belongs to the Member of Government responsible for the area of finance, with Brazilian College. Article 5. Â º deadline for numerous cio of operation 1-the personal guarantee of the State expires one month after ³ s the date on which the institution benefit credit, take notice of the lease If however has not been given numerous cio is operation of funding. 2-Without prejuÃ zo the provisions of the previous number may be set a higher term so expressed and duly substantiated in the notice of lease.
Article 6. º FiscalizaÃ and monitoring 1-Without prejuÃ zo the jurisdiction of other entities with µ s inspectivas function, it is the direction-General for Treasury and finance to ensure and monitor compliance with emerging costs of executing the guarantees granted under the present law, as well as monitor and ensure the management of the guarantees after ³ s their issuing. 2-The competence referred to in references previous number are carried out in wall joints with the Banco de Portugal and the Institute for management of the Treasury and public credit, I. P., in terms of Protocol to celebrate with these entities, subject to the homologaÃ member of the Government responsible for the area of finance. Article 7. Â º Benefit and respective responsibilities is published in annex is General Government account a nominal relationship of benefit required personal guarantees of the State granted under the present law, with indication of their respective responsibilities, cleared 31 December of each year, as well as with the indication of the total responsibilities of the State for guarantees provided , duly broken down and 4 reference is the same date. Article 8. º the Regulation the Member of Government responsible for the area of finance sets by Ordinance: a) the elements to be submitted together with the application for the purposes of the respective warranty statement;
b) The deadlines for submission of the draft decision referred to in article 5, paragraph 2 Â. Â°, ears the Bank of Portugal and the Institute for management of the Treasury and public credit, I. P., as well as to the decision of the application; c) the elements of information to be provided and other obligation µ s ³ accessories rias to fulfill benefit various authorities of the guarantee; d) fixing mechanisms and review of µ s Commission to be borne by the entities are benefit from the guarantee, in µ s commercial condition; and reporting procedures) information and monitoring of the various benefit entities in pendÃ of the warranty; f) General mechanisms of activation of guarantees; g) The relative terms is delicate rendering of guarantees; h) Other General µ condition applicable Ã grant the guarantee. Article 9. Â º subsidiaries Regime is grant of personal guarantees provided for in this law shall apply on a supplementary basis, with the necessary adaptation µ s and this is not incompatÃ, the system provided for in law No 112/97 Â°, of 16 September. Article 10. º exceptional Regime of guarantees Exceptionally, the limit laid down in paragraph 1 of article no. 105 Â. Â º of law n. º 67-A/Â 2007, 31 5 December, approving the State budget for 2008, there are 20000 million µ s for guarantees to be granted in accordance with this law.
Article 11 ' th entry into force this law shall enter into force on the day following that of its publication.
Seen and approved by the Council of Ministers of 12 October 2008 the Prime Minister, the Minister of the U.S. Presidency of the Minister for Parliamentary Affairs
Search Translated Laws of Portugal