1797 - 1800

In 1797, the Junta da Administração das Rendas was established to oversee the revenues generated from the interest on the loan to the Royal Treasury.

Portugal's entry into war, prompted by the failure to recognize the government that emerged from the French Revolution, necessitated the mobilization of extraordinary financial resources. Consequently, this led to the need for public credit. In 1796, a significant loan of 10 million cruzados was issued at an interest rate of 5%. This loan is historically known as the first loan of the new debt.

The autonomy of the administration responsible for managing this loan is outlined in a royal decree, which specifies that the four keys to the Treasury of Interest must be "distributed among the General Treasurer of Interest, his Clerk, and two reputable businessmen of known integrity."