AGÊNCIA DE GESTÃO DA TESOURARIA E DA DÍVIDA PÚBLICA

Treasury Certificates Savings Growth (CTPC) are public debt instruments for household savings with a guaranteed fixed rate and their subscription are suspended from September 10, 2021, pursuant to Resolution of the Council of Ministers (RCM) No. 131-B/2021, September 10.

The redemption of CTPC can be made directly at the branches of specialised entities contracted by IGCP, E.P.E, CTT - Correios de Portugal, Citizen Spaces, on the digital channels of the Banco de Investimento Global, as well as through the Internet by accessing AforroNet, if already a subscriber of this service provided by IGCP, E.P.E. (refer to Instruction 1-A/2017).

Treasury Certificates Savings Growth

Treasury Certificates Savings Growth were created by Resolution of the Council of Ministers No. 157-D/2017, of 27 October 2017 (Official Portuguese Gazette N 208/2017, 1 Supplement, series I 2017-1027), and are suspended from September 10, 2021, pursuant to Resolution of the Council of Ministers No. 131-B/2021, September 10.

Term

Term	7 years, from the value date of their subscription

Remuneration Rate

Interest
rate

Fixed for each of application:

As from the 2nd year a premium will be added to the interest rate based on average real GDP growth, as described below.

Remuneration Premium

Remuneration
Premium

From the 2nd year, a premium will be added to the interest rate fixed. This premium will be announced on the website of Agência de Gestão da Tesouraria e da Dívida Pública - IGCP, E.P.E. (IGCP, E.P.E.) on the second-last day of the month preceding the interest payment date.
The premium corresponds to 40% of average real GDP growth at market prices (annual rate of charge rounded to one decimal place, according to information provided by Instituto Nacional de Estatística, I.P. (INE, I.P.), in the first publication of the full estimates of the Quarterly National Accounts for the reference quarter) for the last four quarters known in the month preceding the interest payment date.
The premium will only be paid if real average GDP growth is positive and is limited to a maximum of 1.2% each year, equivalent to 40% of 3% real average GDP growth.
The premium is not retroactively corrected as a result of subsequent revisions of the GDP estimates published by INE, I.P.

Interest Payable

Interest
Payable

Each subscription bears interest on an annual basis.
Interest is due on the same day of the month as the subscription value date. Should that day not exist in the due month, the credit will be due on the first day of the following month. If interest is due on a non-business day, the credit will be due on the following business day.

Distribution of Interest

Distribution
of Interest

The amount of interest, net of personal income tax, is credited to the International Bank Identification Account Number (IBAN), recorded in the respective Treasury account opened with IGCP, E.P.E.
There is no interest capitalisation.

Repayment

Maturity of principal at nominal value on the 7th anniversary of the subscription value date. Should that day not exist in the due month, the credit will be due on the first day of the following month. If the principal is due on a non-business day, the credit will be due on the next business day.
The repayment amount is credited to the IBAN recorded in the respective Treasury account opened with IGCP, E.P.E..

Early Redemption

Redemption is only allowed within one year of the subscription value date.
After 1 year, redemptions may be made at any time, with total loss of interest earned, from the last interest due date until the redemption date.
Redemption determines the redemption of capital at the nominal value of the units redeemed.
Redemption may be made for all subscribed units or, in the case of partial redemption, the remaining units may not be less than 1,000 units.
The redemption amount is credited to the IBAN recorded in the respective Treasury account opened with IGCP, E.P.E..
The redemption may be ordered by the holder or their duly authorised representative.

Ownership and transfer

Ownership

Transfer

Only natural persons may hold CTPC.
Each person may only hold one account and each account has only one holder. In this account an address and an IBAN of a bank account held by that person must be indicated.

Tax Regime

Tax
Regime

Interest and remuneration premiums are subject to income tax, with withholding tax, at the flat rate prevailing on the interest due date.
CTPC are exempt from stamp duty, provided they revert to legitimate heirs.

Capital Guarantee

Capital
Guarantee

Guarantee of the total capital invested

Saving

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