The Agência de Gestão da Tesouraria e da Dívida Pública - IGCP, E.P.E. briefly called IGCP, E.P.E., is the new designation for the Instituto de Gestão da Tesouraria e do Crédito Público, I.P.

IGCP, E.P.E., is a legal person governed by public law with an entrepreneurial nature, endowed with administrative and financial autonomy and its own assets, subject to the authority and supervision of the Finance Minister.

IGCP, E.P.E. is responsible for the integrated management of cash, funding and the direct debt of the central Government, which includes, under the applicable law, the debt of public corporations whose financing is ensured through the State Budget. It is also responsible for coordinating the financing of autonomous administrative and financial services and funds, in compliance with the guidelines defined by the Government through the Finance Minister.

In addition to its primary objective, IGCP, E.P.E. may further carry out related activities, namely consultancy, technical assistance and the management of the debt of public sector entities and the assets of these bodies constituted by Government debt securities, and include the role of auctioneer in the context of the European regulated market of auctions of allowances for greenhouse gas emissions, established pursuant to the EU Emission Trading Scheme.

The statutory bodies of IGCP, E.P.E. are the Board of Directors, the Advisory Board and the single auditor.

The Board of Directors of IGCP, E.P.E. is comprised of a chairman and two executive directors. Members of the Board of Directors are appointed pursuant to Public Manager Statute for a three-year mandate.

The Board of Directors is empowered to perform all the duties and to take all actions assigned to IGCP, E.P.E. by law, which do not fall within the exclusive competence of other organs.

The Advisory Board of IGCP, E.P.E. is comprised of the chairman of the Board of Directors, who chairs but has no voting power, of previous chairmen of IGCP, E.P.E. who completed at least one term, of a member of the Board of Directors of Banco de Portugal, to be designated by the latter, and of four experts in economic and financial matters, to be appointed by Cabinet Resolution, on a personal proposal from the Finance Minister, for renewable terms of three years.

The Advisory Board meets ordinarily twice a year and extraordinarily whenever convened by its chairman, on his own initiative or at the request of the majority of its members.

Oversight of IGCP, E.P.E. is the responsibility of a single auditor, who shall be a chartered accountant or a firm of chartered accountants, appointed by the Finance Minister, and the functions of the single auditor are indicated in the Commercial Companies Code, by reference to the supervision of corporations, mutatis mutandis, who shall, in particular, monitor the regularity and control the financial management of IGCP, E.P.E., appraise and issue its opinion on the annual budget, report and accounts of IGCP, E.P.E among others.

The activity of IGCP, E.P.E. is also subject to supervision by the Audit Court.