Portugal's central bank introduces a capital buffer for mortgages at 4 major banks.
Portugal's central bank introduces a capital buffer for mortgages at 4 major banks.
November 15, 2023 at 12:33 pm ET LISSABON (Reuters)
Bank of Portugal said Millennium bcp, Novo Banco, Banco BPI and the local unit of Spanish bank Santander need to create a new capital buffer of 4 percent of their real estate mortgage-backed loan portfolios. He said in a statement Wednesday that the measure to address "sectoral systemic risk" will take effect on Oct.
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1, 2024, and will be reviewed at least every two years. "This instrument has a preventive orientation and aims to increase the resilience of institutions in the event of a possible future occurrence of systemic risk in the residential real estate market in Portugal," the statement said.
The central bank said the four
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