Key Benefits:
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Proposal for Law No 30 /XII
Exhibition of Motives
In reaction to the first impacts of the global financial crisis, the Law No. 63-A/2008, 24
of November, amended by the Leis n. ºs 3-B/2010 of April 28, and 55-A/2010, of 31 of
December, came to establish a set of measures to strengthen the financial soundness of the
credit institutions within the framework of the initiatives taken worldwide for preservation
of financial stability.
Volved about 2 years after its approval, and despite the fact that even the
moment it was not yet necessary to resort to the recapitalisation mechanisms provided for in the
Law No. 63-A/2008 of November 24, checks, notwithstanding, the need for the
carry out a review of the initially planned recapitalisation measures with a view to
allow for a more solid and clear framework to respond to the needs that come to
express themselves in future, taking into account the current situation of economic instability and
financial in which the Euro Area is found.
Framed in the measures to be adopted in compliance with the Economic Aid Programme
and Financial, this Law Proposal aims to contribute to the strengthening of the levels of capital
own of banking institutions ( Core Tier 1), what is essential for the
stability of the financial system, as well as for the safety of depositors and, still,
for the proper functioning of the economy.
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With the changes now introduced, it is intended to make it clear that the state's intervention
in the recapitalisation of these institutions assumes subsidiary and temporary nature, owing
function as a measure ultima ratio face to other possible and preferable alternatives,
as it is, for example, the recourse to capital injections by private shareholders,
national or foreign.
In this way, the present Proposal for Law applies to the public initiative triggered at headquarters
of processes of capitalization of credit institutions, and it takes place with recourse to
instruments or financial means that allow the funds made available to the
credit institution are eligible for own funds (Core Tier 1). For the purpose,
it has chosen to simplify the means by which it is concretiesof the operation of
capitalization, highlighting to this effect two distinct possibilities: (i) the acquisition, by
part of the State, of own shares of the credit institution (or other securities
representative of the social capital when the institution concerned does not assume form of
anonymous society) and, (ii) the capital increase of the credit institution.
The established regime intends to respond to the special demands posed by the crisis
economic and financial that currently cull over the whole Euro Area. In fact, the
financial soundness of credit institutions proves to be essential to stimulate the
operation of the economy, factor that it is fulfilling to emphasize, since this scheme does not
is to be confused with an option of public economic intervention, to which
objectively it does not match, be it in your letter, be it in your spirit. In fact, despite
of the recapitalisation operations carried out in the light of the legal regime provided for in the present
Proposed Act to determine, on the part of the State, the acquisition of representative shares
of the social capital of the intervened institutions, the legal position that this assists do not
be confused-as a rule-with that of a true shareholder. Thus, the acquired shares
by the State in this context, are considered to be special actions, but only in the
measure in which they confer upon their holder a right to priority dividend (intended for
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remunerate the public investment made at the credit institution). However, these
shares do not confer a right to vote for the State, save in situations specifically
predicted, in which relief changes for the credit institution are in question, such
how to succeed, specifically, in the cases of spinoff, merger, processing, and are found
subject to the scheme applicable to ordinary shares. On the other hand, in the course of the initial phase
of the recapitalisation the state is also barred from proceeding to the free disposal of the
social shareholdings acquired in the scope of the transaction, limitation of which it intends
to ensure the stability of the shareholder structure of the credit institution, and which determines,
for its part, that divest-ing of social shareholdings can only occur for the benefit of the
existing shareholders in accordance with the rules of the right of preference.
In order to enshrine a sufficiently flexible regime, it has chosen to establish
also a second phase of recapitalisation, which combined with the already mentioned first phase
may not exceed the maximum total duration of five years, which it has especially in view of
credit institutions that have benefited from an amount of recapitalization more
high and that, in the course of the recapitalisation plan agreed with the State, not if
have shown themselves capable of achieving the goals there set out in the initial stage. In this
case, as well as in all situations where failure to occur from the plan of
recapitalisation, the powers of the state will move on to follow up, in all its breadth and
extension, those that usually result from the holding of the social shareholdings there are
acquired, which means, in particular, the free exercise of the whole rights of
vote, as well as the possibility to appoint or to strengthen the number of members of the
administrative and supervisory bodies, without being now limited to the appointment of
non-executive administrators, as succeeding in the first phase.
The legal frame provided for in this Law Proposal allows, in a framework of an extreme
difficulty propitiated by current economic and financial instability, compatibilize de
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proper and proportional form the interests of all the parties involved, in the best
defence of the public interest, which in all circumstances lies with the State
safeguard, as well as in respect for the legal autonomy of credit institutions and,
well thus, of the rights of the respective shareholders.
Thus:
Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the
Assembly of the Republic the following proposal for a law:
Article 1.
Subject
The present diploma proceeds to the third amendment to the Law No. 63-A/2008 of November 24,
amended by the Leis n. ºs 3-B/2010 of April 28 and 55-A/2010 of December 31, which
establishes measures to strengthen the financial soundness of credit institutions within the framework of the
initiative for the enhancement of financial stability and the provision of liquidity in the
financial markets.
Article 2.
Amendment to Law No. 63-A/2008 of November 24
Articles 2, 3, 4, 7, 9, 11, 12, 13, 14, 16, 18, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20
23, 24 and 25 of Law No 63-A/2008 of November 24, as amended by the Laws
n. 3-B/2010, of April 28, and 55-A/2010, of December 31, go on to have the following
wording:
" Article 2.
Strengthening the ratio Core Tier 1
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1-The strengthening of financial soundness of credit institutions is carried out
through operations of capitalization with recourse to public investment,
with a view to compliance with the ratio Core Tier 1 established according to
with applicable legislation and regulations.
2-The appeal to public investment is carried out in accordance, inter alia,
with principles of necessity and proportionality, of remuneration and
guarantee of the invested capitals and minimization of the risks of distortion of the
competition, and the State may not exercise, whatever its
participation in the social capital of the institution of credit, field or control
on the institution, pursuant to Article 486 of the Code of Societies
Commercial and Rule 13 (2) of the General Regime of Institutions of
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of
December 31, without prejudice to the provisions of Article 16 of this Law.
3-The resource for public investment has subsidiary and temporary nature,
being applicable to operations of capitalization of credit institutions to
carry out until June 30, 2014.
4-[...].
Article 3.
[...]
1-Can benefit from capitalization operations provided for in this Law as
credit institutions that have registered office in Portugal, including, with the
due adaptations, unincorporated credit institutions in the form
of anonymous society.
2-The economic boxes that benefit from capitalization operations
provided for in this Law must adopt in advance the form of society
anonymous, not by applying the provisions of Article 4 of the Decree-Law
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n. 136/79, of May 18.
3-Case the Central Fund of Mutual Agricultural Credit benefits from operations of
capitalization provided for in this Law, the State may subscribe or
acquire capital securities representative of the social capital of that
credit institution, acquiring the quality of associate, applying the
scheme provided for in this Law.
4-In the case provided for in the preceding paragraph:
a) Does not apply the provisions of Article 53 (53) and (4) of the Regime
Legal of the Mutual Agricultural Credit and Credit Cooperatives
Agricultural, approved by the Decree-Law No. 24/91 of January 11;
b) The state can exonerate itself from the quality of associate, in the situations
provided for in Article 8 of this Law, without subjection to the requirements
provided for in Article 68 of the Legal Regime of Agricultural Credit
Mutual and the Agricultural Credit Cooperatives, approved by the
Decree-Law No. 24/91 of January 11.
5-Case the mutual agricultural credit boxes not integrated into the System
Integrated from Mutual Agricultural Credit benefit from operations of
capitalization provided for in this Law, the State may acquire securities of
capital representative of the social capital of those credit institutions,
acquiring the quality of associate, applying the envisaged scheme in the
present law.
6-In the case provided for in the preceding paragraph:
a) Does not have application to the provisions of Article 16 of the Legal Regime of the
Mutual Agricultural Credit and Agricultural Credit Cooperatives,
approved by Decree-Law No 24/91 of January 11;
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b) The state can exonerate itself from the quality of associate, in the situations
provided for in Article 8 of this Law, without subjection to the requirements
provided for in Article 17 of the Legal Regime of Agricultural Credit
Mutual and the Agricultural Credit Cooperatives, approved by the
Decree-Law No. 24/91 of January 11.
Article 4.
[...]
1-A capitalization may be carried out with recourse to the instruments or
financial means that allow the funds made available to the
credit institution are eligible for own funds Core Tier 1 .
2-A The capitalization operation can be carried out by:
a) Acquisition of own shares held by the credit institution, or of
other representative titles of social capital when the institution
do not assume the form of anonymous society;
b) [...];
c) Other instruments or financial means eligible for funds
own Core Tier 1 in the conditions established for that
eligibility.
d) [ Repealed ].
3-When the capitalization operation takes place upon acquisition of
own shares of the credit institution, such actions convert
automatically in special actions subject to the conditions laid down in the
n. ºs 5 and 6.
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4-The increase in the social capital provided for in the b) of paragraph 2 can only
carry out by issuing special shares subject to the conditions
provided for in paragraphs 5 and 6 in the case of credit institutions constituted under
the form of anonymous society.
5-A The creation of special shares provided for in the preceding paragraph is not subject
the statutory prediction expressed.
6-Special actions referred to in paragraphs 3 and 4 are subject to the scheme
of the ordinary shares, except to the extent that they confer right to a
priority dividend, pursuant to the provisions of Article 4.º-A.
7-The provisions of paragraphs 3 a to 6 apply, with the necessary adaptations, to the
capital securities provided for in Article 3 (3) and (5).
8-Regardless of the participation it acquiits in the terms of the ( a)
and b) of paragraph 2, and without prejudice to the provisions of the following number and in the article
16.-The State can only exercise its voting rights in deliberations
respect to the amendment of the contract of society, merger, fission,
transformation, dissolution, or other matters for which the law or the
statutes require a qualified majority.
9-When the participation that the State acquiits in the terms of the ( a) and b)
of paragraph 2 exceeds a threshold to be defined by the holder of the member of the
Government responsible for the area of finance, taking into account the rules and
community guidelines on State aid, may the State
exercise the voting rights inherent in the participation held to the extent in
that exceeds the said threshold.
10-The provisions of paragraph 8 shall apply to the capital securities set out in paragraphs 3 and 5
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of Article 3.
11-A capitalization operation carried out under the terms of the ( b) of paragraph 2
may consist of the issuance of ordinary shares intended for the shareholders of the
credit institution, the public or both, with firm outlet or
guarantee of allotment, in whole or in part, by the State, by
commission to be set by the member of the Government responsible for the area of
finance.
12-It shall be the State authorized to take firm or to guarantee the placement of the
issue under the terms referred to in the preceding paragraph, without prejudice to the
possibility of resorting to a financial intermediary for the purpose.
Article 6.
[...]
Without prejudice to the provisions of the Code of Commercial Societies as to the
possibility of limitation or deletion of the right of preference, the deadline for
your exercise in the framework of capital increases of credit institutions
carried out, under this Act, may not be more than 15 days, counted
of the publication of the advertisement in daily newspaper of major national circulation, of the
dispatch of the e-mail or dispatch of the registered letter addressed to the
holders of nominative actions.
Article 7.
[...]
1-The voting rights acquired by the State within the framework of this Law shall not
are considered for the purpose of the duty to launch public offering
general acquisition.
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2-[...].
3-[...].
4-[ Revoked ].
Article 8.
[...]
1-Showing-if assured, by the credit institution, the maintenance of
appropriate levels of own funds, specifically Core Tier 1 , the
public disinvestment is carried out, inter alia, according to the
market conditions and in such a way as to ensure appropriate remuneration and
guarantee of the invested capitals, taking into account the objectives of
financial stability.
2-Havendo distributable amounts generated in the exercise, in the title of
dividends, and without prejudice to the provisions of the preceding paragraph, are the same
affections to the public disinvestment.
3-In the course of public investment, without prejudice to the provisions of the article
16.-A and the following Articles 102 and following of the General Regime of Institutions of
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of
December 31, the State only may divest the stake it acquiesates
in the social capital of the credit institution, in whole or in part, to shareholders
of the institution, at the date of the disinvestment, and under the rules of law of
preference.
4-Compete to the Bank of Portugal, for the purposes of the provisions of paragraph 1, check
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that the maintenance of appropriate levels of funds is ensured
own after the approval of the individual accounts of the credit institution
beneficiary or, where applicable, after the approval of the consolidated accounts
of the parent company of the group to which this credit institution belongs, about
whose financial situation incited supervision on consolidated basis exercised
by the Bank of Portugal.
5-The actions in which the participation of the State is substantiated will convert
automatically, at the time of disinvestment, in ordinary shares.
6-The provisions of this Article shall apply, with the necessary adaptations, to the
capital securities provided for in Article 3 (3) and (5).
Article 9.
Access to public investment and deliberations of society
1-Access to public investment for reinforcement of own funds Core
Tier 1 depends on the presentation by the credit institution, together with the Bank
of Portugal, of a recapitalisation plan providing for the measures
necessary and suitable for the purpose, the respective timing, well
as of the demonstration that the institution brings together the appropriate conditions
of soundness for the further continuation of its activity.
2-The recapitalization plan mentioned in the preceding paragraph is submitted to
approval of the general assembly of the beneficiary institution.
3-A implementation of the measures provided for in the approved recapitalisation plan
under the terms of the preceding paragraph compete with the body of administration,
mandated to the effect, where necessary, in the said deliberation.
4-The mandate given by the general meeting involves the assignment to the organ
of the administration of the competence to take all the measures provided for in the
present law, including increases in capital, without dependence on limits
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figurines that may perhaps find themselves established.
5-[ Previous Article No 4 ].
6-[ Previous Article No 5 ].
Article 10.
[...]
1-A General assembly is convened specifically for the purpose of the
n. 2 of the previous article, with a minimum advance of fourteen days,
by advertisement published in daily newspaper of major national circulation or
by e-mail addressed to all shareholders, giving them the
possibility of voting by electronic means.
2-[...].
Article 11.
[...]
1-To social deliberations relating to matters covered by the present
chapter is not applicable to the provisions of Article 397 (3) of the Code of
Civil procedure and presumed, for all legal effects, that of your
suspension results in damage superior to what would result from the execution of the
deliberation.
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2-[...].
Article 12.
Plan of recapitalisation with recourse to public capitals
1-The recapitalisation plan provided for in Article 9 (1) shall comply with the
rules and Community guidelines on State aid and contain,
specifically, the following elements:
a) Objectives of strengthening own funds Core Tier 1 , with indication
of the evolution, composition and structure of these own funds in the long
of the duration of the plan, as well as of the nature of the planned operations
for their realization;
b) Updated information about the heritage situation as well as the
Ratios and prudential indicators on liquidity and processing,
quality of assets and coverage of risks;
c) Strategic programming of activities over the duration of the
plan, including possible changes in the structure of the group in which the
institution inserts itself, as well as in the shareholdings, namely,
not financial, held by the same, and projections on the evolution of the
profitability, position of liquidity and suitability of own funds;
d) Possible adjustments to be made to the system of societarium government
and in the mechanisms of risk management and control, with a view to
pursuit of the objectives of the plan.
e) Reduction of structural costs and increase in the weight of financing to
small and medium-sized enterprises, in particular in the goods sectors and
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transactionable services;
f) Measures to respond to any additional requirements
arising from the stress tests;
g) Terms and conditions of public disinvestment.
2-Compete to the Bank of Portugal proceed to the analysis of the plan of
recapitalisation, and shall refer, within the maximum term of 10 working days, to
respective proposal for a decision, duly substantiated, to the member of the
Government responsible for the area of finance.
3-In the proposal for a decision, the Bank of Portugal pronounces itself,
specifically, on the patrimonial situation of the credit institution,
on the amount of public investment required and on the terms and
conditions of the public disinvestment.
4-The Bank of Portugal may ask the credit institution for the elements and
additional information that is required to be necessary for the assessment of the
recapitalisation plan, as well as requiring the respective amendment or the
prediction of additional measures.
5-The period referred to in paragraph 2 may be extended by equal period if the
complexity of the operation justifies it.
Article 13.
[...]
1-[...].
2-[...].
3-A The decision referred to in paragraph 1 shall also lay down the terms and conditions of the
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public disinvestment, once the objectives of reinforcement of
own funds.
4-A Decision referred to in paragraph 1 shall be taken within five days
useful, extended by equal period if the complexity of the operation o
justify, without prejudice to the faculty of devolution of the plan to the Bank of
Portugal for clarification, in which case the deadline suspending.
5-Without prejudice to the provisions of Article 16, the order referred to in paragraph 1
may be modified in the event of a serious or systematic default of the
obligations assumed by the credit institution, or in the event of a change
abnormal of the circumstances in which the same was founded.
Article 14.
[...]
1-[...]:
a) To the use of the means provided under the reinforcement of funds
own, in particular with regard to the contribution of the institution
of credit for the financing of the economy, in particular to the
families and small and medium-sized enterprises, in particular in scope
of the sectors of transactionable goods and services;
b) [...];
c) To the remuneration policy of the holders of the administration bodies and
monitoring, taking into account the provisions of the l) from point 24 of the
annex to Decree-Law No 104/2007 of April 3;
d) [...];
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e) [...];
f) [...];
g) To the prior approval of the member of the Government responsible for the area
of the finances of the decision to proceed to the payment of interest or
dividends, except in fulfilment of legal obligations;
h) To the prior consultation of the member of the Government responsible for the area of
Finance in the making of the decision on the exercise of law of
repurchase of an instrument eligible for regulatory capital;
i) To the reduction of structural costs.
2-As long as the credit institution is covered by the investment
public for reinforcement of own funds, the State may appoint, upon
the order provided for in paragraph 1 of the preceding article, a member for the organs
of administration and supervisory board of the credit institution, without prejudice to the
provisions of Article 16.
3-The dispatcher referred to in the preceding paragraph assigns to the appointed representative
by the State the following functions, in addition to others who are
assigned by law or by the statutes:
a) Ensure the verification of compliance with the recapitalisation plan and
of the obligations of the established granary credit institutions
under the present regime with a view to financial stability
and the patrimonial interests of the State;
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b) To draw up and send to the Bank of Portugal and to the member of the Government
responsible for the area of Finance, with a minimum periodicity
monthly, a report with the findings of the evaluation carried out in the
terms of the preceding paragraph;
c) Informing the Bank of Portugal and the member of the Government responsible
by the area of Finance of any relevant fact in the framework of
respective functions.
4-[ Previous Article No 3 ].
Article 16.
[...]
1-When a credit institution presents a level of own funds
Core Tier 1 , lower than the established minimum, and do not present on your own
initiative, or do not change in compliance with guidelines from the Bank of
Portugal a recapitalisation plan, may this determine to the institution that
present a recapitalisation plan with recourse to public capitals, in the
terms of this Law.
2-In the event of non-compliance with the provisions of the previous article, the Bank of
Portugal may appoint an interim administration to the institution,
revoke the respective operating permit, or apply measures of
resolution in the terms of the General Regime of Credit Institutions and
Financial Societies, approved by the Decree-Law No. 298/92, of 31 of
December.
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3-The provisions of the preceding paragraphs shall be without prejudice to the exercise of
competences of the Bank of Portugal, pursuant to Title VIII of the Regime
General of Credit Institutions and Financial Societies, approved by the
Decree-Law No. 298/92 of December 31.
4-A concretization of the capitalization operation and the definition of its terms,
conditions and charges, it is incumbent on the member of the Government responsible for
area of finance, upon dispatch, the provisions of the
previous chapter.
5-[ Revoked ].
Article 17.
[...]
The measures to strengthen the financial soundness provided for in this Law shall have
of resources obtained in the context of financial support granted to the Republic
Portuguese by the European Union and by the International Monetary Fund, up to the
limit of twelve billion euros, to be enrolled as provided for in the article
2. of Law No. 48/2011 of August 26 in the State Budget Act.
Article 18.
[...]
1-[...].
2-A The implementation of the measures provided for in this Law shall be the subject of evaluation with
maximum quarterly periodicity and includes the elaboration of reports
individual on each of the credit institutions covered, to be referred
to the member of the Government responsible for the area of finance.
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3-[...].
Article 19.
[...]
There being challenge under the Rules of Procedure in the Courts
Administrative of any standards issued in implementation of this Law or
of any acts carried out in its scope, it is assumed that the adoption of
cautionary measures relating to such standards or acts seriously damages the
public interest.
Article 20.
[...]
1-[...].
2-[...].
3-If the public intervention is to take place a concentration in which
if you check any of the conditions laid down in Article 9 (1) of the Law
n ° 18/2003 of June 11, this operation may be carried out before it has
been the subject of a non-opposition decision on the part of the Authority of the
Competition, not depending on the validity of the legal business carried out
in the scope of such an authorization, express or tacit operation, of that
Authority.
Article 23.
[...]
[...]:
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a) The terms and conditions of public investment;
b) The terms and possible additional elements of the plan of
recapitalisation provided for in Article 12;
c) [ Repealed ].
Article 24.
[...]
The public disinvestment referred to in Article 8 shall occur, in the
terms therein, within the maximum term of five years.
Article 25.
[...]
1-[...].
2-In the case of actuation of guarantees, the conversion of credit into capital
of the credit institution is carried out through the issuance of special shares,
or in accordance with the provisions of paragraph 4 to 6 of Article 4, after consultation with the
Bank of Portugal, staying the institution in question subject to the obligations
provided for in Article 14.
3-In the situation provided for in the preceding paragraph, and without prejudice to the powers of
intervention of the Bank of Portugal under the provisions of Title VIII of the
General Regime of Credit Institutions and Financial Societies,
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approved by Decree-Law No. 298/92 of December 31 applies, with
the necessary adaptations, the provisions of this diploma and may the
State to exercise, since soon, the powers that confer upon it Article 16.
4-The provisions of this Law in matters of organ competence, of
convocation of general assemblies and social deliberations are applicable in the
scope of the actioning of guarantees granted under the Act
n 60-A/2008, of October 20, and their regulations, the
increase in capital by credit conversion of the State considered as
increase in cash capital. "
Article 3.
Systematic changes
1-It is amended the epiggrafe of Chapter III of Law No 63-A/2008 of November 24, amended
by the Laws n. ºs 3-B/2010, April 28, and 55-A/2010, of December 31, passes
following wording:
" CHAPTER III
Public initiative for recapitalisation ".
2-Is added a Chapter IV to the Law No. 63-A/2008 of November 24, amended by the Laws
n. ºs 3-B/2010, of April 28, and 55-A/2010, of December 31, with the designation
"Failure to comply with the recapitalisation plan with recourse to public capitals", which
encompasses article 16.
3-The previous chapter IV becomes Chapter V of Law No. 63-A/2008, of 24 of
November, amended by the Leis n. ºs 3-B/2010, April 28, and 55-A/2010, from 31 of
December, with the designation "Final provisions".
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Article 4.
Addition to Law No. 63-A/2008 of November 24
They are deferred to Law No 63-A/2008 of November 24, as amended by the Laws n. 3-B/2010,
of April 28, and 55-A/2010, of December 31, Articles 4-A and 16.-A, with the following
wording:
" Article 4.
Remuneration for public investment
1-The public investment to be carried out pursuant to this Act shall be
suitably remunerated, in accordance with the rules and guidelines
relevant community and in terms to be defined by the member of the
Government responsible for the area of finance.
2-Should the institution possess distributable amounts, generated in the
exercise, above the minimum level of own funds, specifically of
Core Tier 1 , part of these must be compulsorily applied in the remuneration
of the participation of the State acquired in the framework of this scheme, except
if this involves the total ineligibility of the shares held by the State to
effects of the calculation of own funds.
Article 16-The
Strengthening the powers of the State in the credit institution
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1-If public disinvestment does not occur within three years, or, at all
the time, in case of non-compliance with the recapitalisation plan:
a) the State may exercise the totality of voting rights
corresponding to the social participation holding in the institution;
b) the State may appoint or strengthen the number of members of the organs
of administration and audit of the credit institution that the
represent, in such a way as to ensure representativeness in the organs
social of the institution in the proportion corresponding to the percentage of the
voting rights held at the institution;
c) the State may divest freely, in whole or in part, its
social participation in the institution, regardless of rights
legal in preference referred to in Article 8 (2), and without
prejudice to the provisions of Articles 102 and following of the General Regime
of the Credit Institutions and Financial Societies, approved by the
Decree-Law No 298/92 of December 31;
d) the distributable amounts, in the title of dividends, to shareholders who
have acquired their participation outside the scope of this scheme are
compulsorily allocated to the public disinvestment, without prejudice to the
compliance with the minimum levels of own funds,
specifically of Core Tier 1.
2-Without prejudice to the immediate commencement of functions of the members of the organs of
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administration and surveillance appointed by the State, the right of appointment
referred to in point (a) b) of the preceding paragraph is exercised with respect for the
statutory limits on the composition of the organs of the institution and
involves, where necessary, the consequent substitution and cessation of the
mandate of some or some of the holders in office.
3-For choice of the outgoing trustees by virtue of the willing
previous paragraph, the chairman of the general meeting table convene a
extraordinary general meeting within five days, counted from the
appointment as referred to in point b) of paragraph 1, which to the effect is
communicated by the member of the Government responsible for the area of finance.
4-When the recipient institution of recapitalization with recourse to
public investment is the Central Fund of Mutual Agricultural Credit or
a non-integrated mutual agricultural credit box in the Integrated System of
Mutual Agricultural Credit, the provisions of the provisions of the b) and d ) of paragraph 1,
as well as the provisions of paragraphs 3 and 4, with the necessary adaptations. "
Article 5.
Abrogation standard
The subparagraph shall be repealed. d) of Article 4 (2), Art. 7 (4), Article 16 (5), and
the point c) of Article 23 of the Law No 63-A/2008 of November 24, amended by the Laws
n. ºs 3-B/2010, April 28, and 55-A/2010, of December 31.
Article 6.
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Republication
It is republished, in annex, which forms an integral part of this degree, the Act
n 63-A/2008 of November 24, with the current wording.
Article 7.
Entry into force
This Law shall come into force on the day following that of its publication.
Seen and approved in Council of Ministers of November 3, 2011
The Prime Minister
The Minister of State and Finance
Minister of Adjune and Parliamentary Affairs
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ANNEX
(referred to in Article 6)
CHAPTER I
General provisions
Article 1.
Subject
This Law sets out measures to strengthen the financial soundness of the institutions of
credit within the framework of the initiative for the enhancement of financial stability and
provision of liquidity in financial markets.
Article 2.
Strengthening the Core Tier ratio 1
1-The strengthening of financial soundness of credit institutions is carried out through
capitalization operations with recourse to public investment, with a view to the
compliance with the ratio Core Tier 1 established in accordance with the legislation and
applicable regulations.
2-The appeal to public investment is carried out in accordance, inter alia, with
principles of necessity and proportionality, of remuneration and guarantee of capital
vested and minimising the risks of distortion of competition, and may not the
State to exercise, whatever its participation in the social capital of the institution of
credit, field or control over the institution, pursuant to Article 486 of the Code
of the Commercial Societies and of Article 13 (2) of the General Regime of Institutions of
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of 31 of
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December, without prejudice to the provisions of Article 16 of this Law.
3-The recourse to public investment has a subsidiary and temporary nature, being
applicable to operations of capitalization of credit institutions to be carried out up to 30 of
June 2014.
4-[ Revoked ].
Article 3.
Subjective scope
1-Can benefit from capitalization operations provided for in this Law the institutions
of credit having their registered office in Portugal, including, with due adaptations, the
unincorporated credit institutions in the form of a joint-stock company.
2-The economic boxes benefiting from capitalization operations provided for in the
present law must adopt in advance the form of public limited liability, not if
applying the provisions of Article 4 of the Decree-Law No. 136/79 of May 18.
3-Case the Central Fund of Mutual Agricultural Credit benefits from capitalization operations
provided for in this Law, the State may subscribe to or acquire capital securities
representative of the social capital of that credit institution, acquiring the quality of
associated, applying the arrangements provided for in this Law.
4-In the case provided for in the preceding paragraph:
a) Does not apply the provisions of Article 53 (53) and 4 of the Legal Scheme
of the Mutual Agricultural Credit and the Agricultural Credit Cooperatives, approved
by Decree-Law No 24/91 of January 11;
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b) The State may exonerate itself of the quality of associate, in the situations provided for in the
article 8 of this Law, without subjection to the requirements laid down in Article 68 of the
Legal Regime of the Mutual Agricultural Credit and Credit Cooperatives
Agricultural, approved by the Decree-Law No. 24/91 of January 11.
5-Case the mutual agricultural credit boxes not integrated into the Integrated System of
Mutual Agricultural Credit benefit from capitalization operations provided for in the present
law, the state may acquire capital bonds representative of the social capital of those
credit institutions, acquiring the quality of associate, applying the scheme
provided for in this Law.
6-In the case provided for in the preceding paragraph:
a) It has no application the provisions of Article 16 of the Legal Regime of Credit
Mutual Agricultural and Agricultural Credit Cooperatives, approved by the Decree-
Law No. 24/91 of January 11;
b) The State may exonerate itself of the quality of associate, in the situations provided for in the
article 8 of this Law, without subjection to the requirements laid down in Article 17 of the
Legal Regime of the Mutual Agricultural Credit and Credit Cooperatives
Agricultural, approved by the Decree-Law No. 24/91 of January 11.
Article 4.
Modes of capitalization
1-A capitalization may be carried out with recourse to the instruments or financial means
that allow the funds made available to the credit institution to be eligible
for own funds Core Tier 1 .
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2-A The capitalization operation can be carried out by:
a) Acquisition of own shares held by the credit institution, or other
representative securities of social capital when the institution does not assume the form
of anonymous society;
b) Increase in the social capital of the credit institution;
c) Other instruments or financial means eligible for own funds Core Tier
1 under the conditions established for such eligibility;
d) [ Repealed ].
3-When the capitalization operation takes place upon acquisition of own shares
of the credit institution, such shares automatically converse into special shares
subject to the conditions laid down in paragraphs 5 and 6.
4-The increase in the social capital provided for in the b) of paragraph 2 can only be carried out
upon issuance of special shares subject to the conditions laid down in paragraphs 5 and 6, in the
case of credit institutions constituted in the form of a joint-stock company.
5-A The creation of special shares provided for in the preceding paragraph is not subject to forecast
express statutory.
6-Special actions referred to in paragraphs 3 and 4 shall be subject to the scheme of the shares
ordinary, except to the extent that they confer right to a priority dividend, in the
terms of the provisions of Article 4.º-A.
7-The provisions of paragraphs 3 a to 6 apply, with the necessary adaptations, to the headings of
capital provided for in Article 3 (3) and (5).
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8-Regardless of the participation it acquiits in the terms of the ( a) and b) of paragraph 2,
and without prejudice to the provisions of the following number and in Article 16, the State shall only
exercise your voting rights in deliberations that respect the amendment of the contract
of society, merger, spinoff, processing, dissolution, or other matters for which
the law or the statutes require a qualified majority.
9-When the participation that the State acquiits in the terms of the ( a) and b ) of paragraph 2
exceeds a threshold to be defined by poring the member of the Government responsible for the
area of finance, taking into account the Community rules and guidelines in respect of
state aid, may the State exercise the voting rights inherent in the participation
held to the extent that it exceeds the said threshold.
10-The provisions of paragraph 8 shall apply to the capital securities provided for in Article 3 (3) and (5).
11-A capitalization operation carried out under the terms of the ( b) of paragraph 2 may consist
in the issuance of ordinary shares intended for the shareholders of the credit institution, to the
public or to both, with firm outlet or warranty of placement, in whole or in
part, by the State, upon commission to be set by the member of the responsible government
by the area of finance.
12-It shall be the State authorized to take firm or to guarantee the allotment of the issue in the
terms referred to in the preceding paragraph, without prejudice to the possibility of recourse to a
financial intermediary for the purpose.
Article 4-The
Remuneration for public investment
1-Public investment to be carried out pursuant to this Law shall be adequately
remunerated, in accordance with relevant Community rules and guidelines and in terms of
to be defined by portaria of the member of the Government responsible for the area of finance.
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2-Should the institution possess distributable amounts, generated in the financial year, above the
minimum level of own funds, specifically of Core Tier 1, part of these should be
compulsorily applied in the remuneration of the state participation acquired in the
scope of this scheme, except if this involves the total ineligibility of the shares
held by the State for the purpose of the calculation of own funds.
Article 5.
Advance on account of entries
The advance of financial means to the credit institution considers itself to be charged to the
realization of the obligation of entry in the event of an increase in capital and liberates the State from that
obligation to the applicable extent.
Article 6.
Right of preference in underwriting
Without prejudice to the provisions of the Code of Commercial Societies as to the possibility of
limitation or deletion of the right of preference, the time limit for its exercise in the framework of
increases in the capital of credit institutions carried out, under this Act, not
may be more than 15 days, counted from the publication of the advertisement in daily newspaper of large
national circulation, the sending of the e-mail or the dispatch of the registered letter
directed to the holders of nominative actions.
Article 7.
Derogation from the duty to launch public takeover bid
1-The voting rights acquired by the State under this Act are not
considered for the purpose of the duty to launch general public takeover offer.
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2-Do not be relevant to the effects of imputation of voting rights, nor to the duty of
launch of general public procurement offer, the agreements for the exercise of the right
of voting that have for purpose the binding of the society for the purpose of
concretization of the capitalization operations under this Act.
3-To the shares subscribed by the State, and as long as these remain in their title,
the provisions of Article 227 (5) of the Securities Code shall not apply,
initiating the deadline there on the date of the transmission of the shares to third parties.
4-[ Revoked ].
Article 8.
Public disinvestment
1-Showing assured, by the credit institution, the maintenance of appropriate levels
of own funds, specifically Core Tier 1 , public disinvestment is carried out,
notably, in accordance with market conditions and in such a way as to ensure
appropriate remuneration and guarantee of the invested capitals, taking into account the objectives
of financial stability
2-Havendo distributable amounts generated in the exercise, in the title of dividends, and without
prejudice to the provisions of the preceding paragraph, are the same affections to the disinvestment
public.
3-In the course of public investment, without prejudice to the provisions of Article 16, and in the
articles 102 and following of the General Regime of Credit Institutions and Societies
Financial, approved by the Decree-Law No. 298/92 of December 31, the State
it may only divest the participation it acquiesn in the social capital of the credit institution,
in whole or in part, the shareholders of the institution, at the date of the disinvestment, and second
the rules of the right of preference.
4-Compete to the Bank of Portugal, for the purposes of the provisions of paragraph 1, check that if
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finds ensured the maintenance of appropriate levels of own funds after the
approval of the individual accounts of the beneficiary credit institution or, when
applicable, after the approval of the consolidated accounts of the parent company of the group to which
belong to that credit institution, on whose financial situation incited supervision in
consolidated basis exercised by the Bank of Portugal.
5-The actions in which the participation of the State is substantiated will convert
automatically, at the time of disinvestment, in ordinary shares.
6-The provisions of this Article shall apply, with the necessary adaptations, to the securities of
capital provided for in Article 3 (3) and (5).
CHAPTER II
Reinforcement of own funds
Article 9.
Access to public investment and deliberations of society
1-Access to public investment for reinforcement of own funds Core Tier 1 depends
of the presentation by the credit institution, together with the Bank of Portugal, of a plan of
recapitalisation that provides for the necessary and appropriate measures for the purpose, the respective
calendarization as well as from the demonstration that the institution brings together the conditions
suitable soundness for the further continuation of their activity.
2-The recapitalization plan mentioned in the preceding paragraph is submitted to the approval of the
general assembly of the beneficiary institution.
3-A The implementation of the measures provided for in the recapitalisation plan approved under the terms of the
previous number competes with the governing body, mandated to the effect, always
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what necessary, in the said deliberation.
4-The mandate given by the general meeting involves the allocation to the organ of
administration of the competence to take all the measures provided for in this Law,
including increases in capital, without dependence on statutory limits that perhaps
find themselves established.
5-The deliberations of raising capital in the framework of strengthening own funds are not
applicable the provisions of Article 87 (3) of the Code of Commercial Societies.
6-The deliberations provided for in the preceding paragraphs shall produce immediate effect, without
prejudice to the need to come in the record and to be entered in the register
commercial.
Article 10.
Form and scope of the deliberations of the society
1-A General assembly is convened specifically for the purpose provided for in paragraph 2 of the article
previous, with a minimum in advance of fourteen days, per advertisement published in
daily newspaper of major national circulation or by e-mail addressed to all the
shareholders, giving them the possibility of voting by electronic means.
2-A General assembly deliberates, for all the purposes set out in this Law, by a majority
simple of the votes present and without a requirement of a constitutive quorum.
Article 11.
Challenge of social deliberations
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1-The social deliberations relating to matters covered by this Chapter are not
applicable the provisions of Article 397 (3) of the Code of Civil Procedure and presumed,
for all legal effects, that of your suspension results in superior damage to what would result
of the execution of the deliberation.
2-A suspension of social deliberations of credit institutions adopted in the framework of the
reinforcement of own funds may only be required by shareholders who, alone or
jointly, detain shares corresponding to at least 5% of the social capital
of the credit institution.
Article 12.
Plan of recapitalisation with recourse to public capitals
1-The recapitalisation plan provided for in Article 9 (1) shall comply with the rules and
community guidelines on State aid and contain, in particular,
the following elements:
a) Objectives of strengthening own funds Core Tier 1 , with indication of the evolution,
composition and structure of these own funds over the duration of the plan,
as well as of the nature of the operations planned for it;
b) Updated information about the heritage situation, as well as the ratios and
prudential indicators on liquidity and processing, quality of assets and
coverage of risks;
c) Strategic programming of activities over the duration of the plan, including
possible changes in the structure of the group in which the institution falls, thus
as in the shareholdings, namely, not financial, held by the same, and
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projections on the evolution of profitability, position of liquidity and suitability of
own funds;
d) Possible adjustments to be made to the system of socieage-government and the
risk management and control mechanisms, with a view to the pursuit of the
objectives of the plan.
e) Reduction of structural costs and increase in the weight of financing to small and
medium enterprises, in particular in the sectors of goods and services that are tradeable;
f) Measures to respond to any additional requirements arising from the
effort tests;
g) Terms and conditions of public disinvestment.
2-Compete to the Bank of Portugal to undertake the analysis of the recapitalisation plan,
shall, within a maximum period of 10 working days, refer to the respective proposal for a decision,
duly substantiated, to the member of the Government responsible for the area of
finance.
3-In the proposal for a decision, the Bank of Portugal pronounces itself, specifically, on the
equity position of the credit institution, on the amount of the investment
public required and on the terms and conditions of the public disinvestment.
4-The Bank of Portugal may ask the credit institution for the elements and information
supplementary that are necessary to the assessment of the recapitalisation plan,
as well as requiring the respective amendment or the prediction of additional measures.
5-The time limit referred to in paragraph 2 may be extended by equal period if the complexity of the
operation to justify it.
Article 13.
Decision
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1-Compete to the member of the Government responsible for the area of finance, upon
dispatch, decide on the realization of the capitalization operation, its terms,
conditions and charges to be taken up by the interested credit institution.
2-In the weighting of the decision, the member of the Government responsible for the area of finance
takes into account, inter alia, the contribution of the interested credit institution
for the financing of the economy and the need for reinforcement of own funds.
3-A The decision referred to in paragraph 1 shall also lay down the terms and conditions of the
public disinvestment, once the fund enhancement objectives are met
own.
4-A The decision referred to in paragraph 1 shall be taken within five working days,
extended by equal period if the complexity of the operation justifies it, without prejudice
of the faculty of devolution of the plan to the Bank of Portugal for clarification, in which case
the deadline is suspending.
5-Without prejudice to the provisions of Article 16, the dispatching referred to in paragraph 1 may be
modified in the event of a serious or systematic default of the obligations assumed
by the credit institution, or in the event of abnormal alteration of the circumstances in which the
even fused.
Article 14.
Obligations of the credit institution
1-As long as the credit institution is covered by the public investment
for reinforcement of own funds shall be subject to the fixed terms, conditions and charges
in the order provided for in paragraph 1 of the preceding Article, in particular, as regards:
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a) To the use of the means provided under the reinforcement of own funds, in
particular with regard to the contribution of the credit institution to the
financing of the economy, particularly households and small and medium-sized
companies, in particular in the scope of the goods and services sectors
transactionable;
b) To the adoption of principles of good societarium government, which may include reinforcement
of the number of independent administrators;
c) To the remuneration policy of the holders of the administration and supervisory bodies,
taking into account the provisions of the paragraph l) of point 24 of the Annex to the Decree-Law
n. 104/2007 of April 3;
d) To the adoption of measures designed to prevent distortions of competition;
e) To the possibility of the further strengthening of the contributions to the funds of
guarantee of deposits;
f) To the adoption of mechanisms that allow to realize public disinvestment in
market conditions that guarantee adequate remuneration of the capital
vested, thereby ensuring the protection of the interest of taxpayers;
g) To the prior approval of the member of the Government responsible for the area of finance of the
decision to proceed to the payment of interest or dividends, except in
compliance with legal obligations;
h) To the prior consultation of the member of the Government responsible for the area of Finance in the
decision making on the exercise of right of repurchase of an instrument
eligible for regulatory capital;
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i) To the reduction of structural costs.
2-As long as the credit institution is covered by the public investment
for reinforcement of own funds, the State may appoint by dispatching
provided for in paragraph 1 of the preceding Article, a member for the governing bodies and of
supervision of the credit institution, without prejudice to the provisions of Article 16.
3-The dispatcher referred to in the preceding paragraph assigns to the representative appointed by the
State the following functions, in addition to others assigned to it by law or
by the statutes:
a) Ensuring the verification of compliance with the recapitalisation plan and the
obligations of the beneficiary credit institutions established under the
present regime with a view to financial stability and interests
heritage of the State;
b) To draw up and send to the Bank of Portugal and to the member of the Government responsible
by the area of Finance, with a minimum monthly periodicity, a report
with the conclusions of the evaluation carried out in the terms of the preceding paragraph;
c) Informing the Bank of Portugal and the member of the Government responsible for the area
of the Finance of any relevant fact in the framework of the respective functions.
4-Are void the deliberations of the bodies of the credit institution that counteract the
commitments by this assumed in the terms of this article.
Article 15.
Responsibility
The responsibility of the members of the administration and supervisory bodies for the
society, to with the partners and to the creditors by the practice of any acts to the
shelter of the provisions of this Chapter only exists in the case of dolo or serious fault of the
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agent.
CHAPTER III
Public recapitalisation initiative
Article 16.
Scope of the intervention
1-When a credit institution presents a level of own funds Core Tier 1 ,
lower than the established minimum, and do not present on your own initiative, or do not change
in accordance with guidelines of the Bank of Portugal a recapitalisation plan,
may this be determined to the institution submitting a recapitalisation plan with
recourse to public capitals, pursuant to this Law.
2-In the event of non-compliance with the provisions of the preceding Article, the Bank of Portugal may
appoint a provisional administration for the institution, revoke the respective authorisation
of operation, or to implement resolution measures pursuant to the General Regime of the
Credit Institutions and Financial Societies, approved by the Decree-Law No. 298/92,
of December 31.
3-The provisions of the preceding paragraphs shall be without prejudice to the exercise of the competences of the
Bank of Portugal, pursuant to Title VIII of the General Regime of Institutions of
Credit and Financial Societies, approved by the Decree-Law No. 298/92, of 31 of
December.
4-A concretization of the capitalization operation and the definition of its terms, conditions and
charges, competes with the member of the Government responsible for the area of finance,
upon dispatch, the provisions of the previous chapter being applicable.
5-[ Revoked ].
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CHAPTER IV
Failure to comply with the recapitalisation plan with recourse to public capitals
Article 16-The
Strengthening the powers of the State in the credit institution
1-If public disinvestment does not occur within three years, or, at all times,
in case of non-compliance with the recapitalisation plan:
a) the State may exercise the totality of the voting rights corresponding to the
social participation that they hold at the institution;
b) the State may appoint or strengthen the number of members of the organs of
administration and oversight of the credit institution that represent it, in a manner
to ensure representativeness in the social organs of the institution in the proportion
corresponding to the percentage of the voting rights held in the institution;
c) the State may freely divest, in whole or in part, its social participation in the
institution, regardless of the legal rights of preference to which the
Article 8 (2), and without prejudice to the provisions of Articles 102 and following of the
General Regime of Credit Institutions and Financial Societies, approved by the
Decree-Law No 298/92 of December 31;
d) the amounts deliverable, in the title of dividends, to the shareholders who have
acquired its participation outside the scope of this scheme are mandatorily
affections to the public disinvestment, without prejudice to compliance with the levels
minimum of own funds, specifically of Core Tier 1.
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2-Without prejudice to the immediate commencement of duties of the members of the governing bodies and
supervision appointed by the State, the right of appointment referred to in point (a) b) from the
previous number is exercised with respect for the statutory limits concerning the
composition of the organs of the institution and involves, where necessary, the consequent
replacement and termination of the mandate of some or some of the holders in office.
3-For choice of the outgoing trustees by virtue of the provisions of the preceding paragraph,
the president of the table of the general assembly convene an extraordinary general meeting
within five days, counted from the appointment referred to in point (a) b) from the
n. 1, which to the effect is communicated to you by the member of the Government responsible for the
area of finance.
4-When the recipient institution of recapitalisation with recourse to public investment
is the Central Fund of the Mutual Agricultural Credit or a mutual agricultural credit box
not integrated in the Integrated System of Mutual Agricultural Credit, the provisions of the
points b) and d) of paragraph 1, as well as the provisions of paragraphs 3 and 4, with the necessary
adaptations.
CHAPTER V
Final provisions
Article 17.
Funding
Measures to strengthen the financial soundness provided for in this Law dispose of resources
obtained in the context of financial support granted to the Portuguese Republic by the Union
European and by the International Monetary Fund, up to the limit of twelve billion
euro, to be enrolled as provided for in Article 2 of Law No 48/2011 of August 26 in the
State Budget Law.
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Article 18.
Monitoring and surveillance
1-Without prejudice to the competence of the remaining entities endowed with inspective functions,
compete for the Bank of Portugal to monitor and scrutinise compliance with the obligations
of the institution of credit established in the dispatches provided for in Articles 14 and 16.
2-A The implementation of the measures provided for in this Law shall be the subject of evaluation with
maximum quarterly periodicity and includes the elaboration of individual reports on
each of the credit institutions covered, to refer to the member of the Government
responsible for the area of finance.
3-Semestrally, the member of the Government responsible for the area of finance gives
knowledge to the Assembly of the Republic of the capitalization operations carried out in the
scope of this Law and its implementation.
Article 19.
Public interest
There being challenge under the Code of Procedure in the Administrative Courts
of any standards issued in implementation of this Law or of any acts carried out
in its scope, it is assumed that the adoption of cautionary measures relating to such
standards or acts severely undermines the public interest.
Article 20.
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Competition
1-Without prejudice to the international obligations of the Portuguese State, it is not considered
concentration of companies the acquisition by the State of social or active participations
in credit institutions under this Act.
2-As long as the public intervention held under this Act is maintained, always
that the weighting susceptibility of economic interests is planned
relevant, for the purposes of the legislation applicable to the operations of concentration of
companies, are compulsorily considered, for the protection of the public interest, the
urgency inherent in acting in the financial sector, the circumstances relating to risk and
heritage status of credit institutions, namely, in respect of
creditworthiness and liquidity, and its implications on the stability of the financial system
Portuguese.
3-If the public intervention is to take place a concentration in which to check
any of the conditions laid down in Article 9 (1) of Law No 18/2003 of 11 of
June, this operation may take place before it has been the subject of a decision not to
opposition on the part of the Competition Authority, not depending on the validity of the
legal business carried out in the framework of such an authorization transaction, expressed or
tacit, from that Authority.
Article 21.
Review
1-A This Law may be reviewed at all times, in particular if the conditions of
financial markets justifying it or if this is necessary for reasons of coordination
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at the level of the Eurozone and the European Union.
2-Without prejudice to the provisions of the preceding paragraph, the present law is reappraised on the deadline
maximum of six months.
Article 22.
References to the State
The references made in this Law to the State cover the companies whose capital is
fully owned, directly or indirectly, by the state.
Article 23.
Regulation
The member of the Government responsible for the area of finance defines, by portaria, the
procedures necessary for the implementation of this Law, namely:
a) The terms and conditions of public investment;
b) The terms and possible additional elements of the planned recapitalisation plan
in Article 12;
c) [ Repealed ].
Article 24.
Deadline for public disinvestment
The public disinvestment referred to in Article 8 shall occur, on the terms in it
expected, within the maximum period of five years.
Article 25.
Articulation with the regime of guarantees
1-Access to public investment in the context of this Law is independent of the appeal
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by the credit institution to personal guarantees of the State, pursuant to the Act
n 60-A/2008, of October 20.
2-In the case of actuation of the guarantees, the conversion of credit into capital of the institution
of credit is carried out through the issuance of special shares, or in accordance with the
provisions of Article 4 (4 a) (6), after consultation with the Bank of Portugal, by staying the
institution concerned subject to the obligations laid down in Article 14.
3-In the situation provided for in the preceding paragraph, and without prejudice to the powers of intervention of the
Bank of Portugal under the provisions of Title VIII of the General Regime of the
Credit Institutions and Financial Societies, approved by the Decree-Law No. 298/92,
of December 31, applies, with the necessary adaptations, the provisions of the present
diploma and may the State exercise, since soon, the powers that give it the article
16 .º-A.
4-The provisions of this Law in matters of organ competence, of convocation of
general assemblies and social deliberations are applicable in the framework of the actuation
of the guarantees granted under the Act No 60 -A/2008 of October 20 and
respective regulation, being the capital increase by credit conversion of the
State considered to be increase in cash capital.
Article 26.
Entry into force
This Law shall come into force on the day following that of its publication.