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Annual Report ANNUAL REPORT ACTIVITIES AND FINANCIAL STATEMENTS 2019 BANCO DE PORTUGAL EUROSYSTEM Lisboa, 2020 • www.bportugal.pt Annual Report | Activities and Financial Statements 2019 • Banco de Portugal Av. Almirante Reis, 71 | 1150-012 Lisboa • www.bportugal.pt • Edition Communication and Museum Department | Accounting Department • Design Communication and Museum Department | Design Unit • Translation International Relations Department | Translation Unit • ISBN (online) 978-989-678-729-5 • ISSN (online) 2182-6080 Contents Mission and values of Banco de Portugal | 5 Message by the Governor | 6 Management of Banco de Portugal | 10 I Activity | 19 Executive summary | 21 1 Monetary authority | 29 1.1 Monetary policy | 30 1.2 Asset management | 34 1.3 Payment systems and means | 36 Box 1 • Sustainability and sustainable finance | 43 Box 2 • Monetary policy in 2019 | 45 2 Financial stability | 48 2.1 Regulatory framework | 50 2.2 Stability of the Portuguese financial system | 52 2.3 Resolution | 63 2.4 Upholding the legality of the resolution and enforcement measures | 64 Box 3 • Banco de Portugal’s role in the prevention of money laundering and terrorist financing | 65 Box 4 • Transfer of the deposit guarantee function from the Mutual Agricultural Credit Guarantee Fund to the Deposit Guarantee Fund | 67 3 Knowledge creation and sharing | 69 3.1 Analyses, studies and statistics | 69 3.2 Conferences and seminars | 72 3.3 Communication and stakeholder management | 74 3.4 International cooperation | 81 4 Internal management | 84 4.1 Internal governance | 84 4.2 Risk management | 86 4.3 Internal audit | 87 4.4 Human resources | 88 4.5 Premises | 90 4.6 Information systems, technology and management | 91 Box 5 • Administrative costs of Banco de Portugal | 92 II Report and Financial Statements | 97 1 Management Report | 99 1.1 Balance sheet | 100 1.2 Profit and loss account | 111 2 Financial Statements and Notes | 120 3 External Auditors’ Report | 183 4 Report and Opinion of the Board of Auditors | 187 4 Activities and Financial Statements 2019 Activities and Financial Statements • Annual Report • Banco de Portugal Banco Mission and values of Banco de Portugal Mission with its mission. Independence requires a clear mandate, the impossibility of seeking or taking Banco de Portugal is the central bank of the instructions from third parties, the protection of Portuguese Republic. It is part of the European the status of members of decision-making bodies System of Central Banks and the Eurosystem, and financial independence; the Single Supervisory Mechanism and the Single Resolution Mechanism. Transparency and accountability – In compliance Banco de Portugal’s mission is to: with its tasks in the context of the Eurosystem, Banco de Portugal is accountable to the Portuguese • maintain price stability; Parliament, the government and society for what it • promote financial stability. does, and why and how it does it; Team spirit – Banco de Portugal’s staff act in Values accordance with the principles of mutual assistance, knowledge sharing, loyalty and transparency; Banco de Portugal’s values are: Social and environmental responsibility – Banco Integrity – Banco de Portugal’s staff place society de Portugal acts in a socially and environmentally and public interest at the centre of their action responsible manner, operating as a social actor and uphold high ethical standards; and advocate of corporate ethics. Competence, effectiveness, efficiency – Banco de Portugal employs highly qualified staff in its The conduct of Banco de Portugal’s staff is in business areas. Its governance model, internal accordance with high ethical standards enshrined organisation and processes use best practices as in Regulamento da Comissão de Ética e dos Deveres a benchmark; Gerais de Conduta dos Trabalhadores do Banco de Independence – Banco de Portugal is independent Portugal (Regulation of the Ethics Committee and in functional, institutional, personal and financial the General Duties of Conduct of the Employees terms, which is a prerequisite for compliance of Banco de Portugal). 5 Message by the Governor Over the last decade it has been my honour and privilege to lead Banco de Portugal. These have been quite demanding years, during which Banco de Portugal has faced a great number of challenges, putting the capacity of its decision-making bodies and staff members to the test. However, the Bank has proven in practice that behind great challenges are always great opportunities for change and renewal; it reorganised itself, promoted best practice, reaped the benefits of innovation and digital transformation, invested in the qualification of its staff and became a more open and supportive institution that is more attentive to Portuguese society and to environmental issues. In sum, the Bank has succeeded in transforming and Activities and Financial Statements 2019 Activities and Financial Statements • modernising itself, incorporating new concerns whilst always remaining true to its standards Annual Report • of rigour, competence and reputation, which are acknowledged at both national and Banco de Portugal Banco Eurosystem level. 6 7 Banco de Portugal’s activity over the past ten supervision and safeguard of financial stability, years has been carried out against a particularly in the light of the best international practice. The adverse and demanding background, marked microprudential, macroprudential, banking conduct, by multiple and complex challenges that have legal enforcement and resolution functions were had to be addressed. Let me stress five major developed and segregated up to Board of Directors types of challenge in particular: level, each area having been assigned a specific mandate and rules, as well as appropriate resources. • Those resulting from the international financial In addition, a high-level horizontal coordination body crisis and the sovereign debt crisis in the euro was created, the Specialised Committee for Financial area, the subsequent in-depth revision of the Supervision and Stability (Comissão Especializada financial system’s regulatory and supervisory para a Supervisão e Estabilidade Financeira). This model – including the creation of the Banking structural reform necessarily meant a reinforcement Union – and the development of the Eurosystem’s of the human resources allocated to this function. monetary policy, especially the adoption of non- To be compatible with efficiency and sustainability standard measures; goals, this has put great pressure on the Bank’s other • Those related to the Economic and Financial departments to ensure efficiency gains. In the past Assistance Programme, in which Banco de decade, around 150 posts were reduced in these Portugal was responsible for a specific pillar – departments. safeguarding the stability of the Portuguese This process was accompanied by the development financial system – and also intervened at the of human resources management rules based on level of the other two pillars – fiscal consolidation the principles of internal mobility and appointment and structural transformation of the Portuguese of heads of unit, division or department through economy – within the scope of its mandate of internal or external selection processes. There was providing economic and financial advice to the also strong investment in the development of staff Government; members’ technical, behavioural and management skills through in-house training plans for both the • Those associated to the impact of technological general staff and middle and senior management. change and digital transformation on financial This strategy also reflects the acknowledgement that intermediation and payment systems; an active and influential participation of Banco de • Those posed to the implementation of the Portugal in the decision-making process at European strategy set out by Banco de Portugal to level implies more demanding requirements in enhance its governance model, organisation and terms of its resources’ qualifications. processes, promote the efficiency of resource In parallel, Banco de Portugal has perfected and management and greater openness to society; reinforced its governance model, organisation, • Those stemming from the need for renewed processes and governance support mechanisms, Activities and Financial Statements 2019 Activities and Financial Statements • and qualified human resources at the Bank, so including strengthening the legal framework and as to meet the demands resulting from the compliance with professional ethics and rules challenges above and address the retirement of conduct, as well as the risk management and of a large number of staff members, recruited data protection areas. This was accompanied by Annual Report • in the early 1980s. the creation of specialised internal governance In the context of these challenges, Banco de Portugal structures, such as the Budget Monitoring, the was called upon to take on new and complex Ethics and the Risk Committees. responsibilities that required the reinforcement, Banco de Portugal has always worked to promote Banco de Portugal Banco adaptation and reorganisation of its tasks of the efficiency, effectiveness and transparency of 8 its action in carrying out all the missions entrusted To sum up, this has been a particularly demanding to it. Therefore, it has upgraded the technological decade at both the domestic level and within the architecture supporting its activity, including European framework where Banco de Portugal models and solutions, rationalised information
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