2013 - Present

Last updated on 20 November 2024

The year 2011, with the sovereign debt crisis, was marked by the Economic and Financial Assistance Program (PAEF) to Portugal, which forced the IGCP to reassess the financing of the Republic.

 

In 2013, through RCM No. 62/2013, another retail debt instrument was created: the Treasury Savings Certificates Plus (CTPM), aimed at family savings, presenting a guaranteed fixed rate.

 

The IGCP was recognized by the government for its efficiency and trust, and more competencies were assigned to it, as determined by Law No. 18/2013 and Decree-Law 133/2013:

 

  • management of the financial derivatives portfolios of reclassified public companies 
  • issuance of opinions on the financing operations of these companies, as well as of non-reclassified public companies, in accordance with the terms and for the purposes provided in the New Regime of the State Business Sector.

 

The PAEF ended in 2014, which led to a return to an autonomous financing program, fundamentally based on the international medium and long-term debt market, leading the IGCP to perform four syndicated emissions in the international debt market that year.

 

To ensure a balance between the objectives defined for public debt management and the promotion of family savings, the subscription of Series C of the Savings Certificates was closed with the publication of Ordinance No. 17-B/2015 of January 30 and Series D was created.

 

On October 2, 2015, the legal authorization allowing the issuance of Variable Yield Treasury Bonds (OTRV) - RCM 86/2015 was published in the Diário da República, aimed at stimulating the market for Portuguese public debt, through diversification and expansion of the existing set of financial instruments, with a variable nominal interest rate and tradable in the secondary market.

 

The issuance of OTRV promotes the application of medium and long-term savings of savers in debt securities with characteristics similar to Treasury bonds, although with variable remuneration. Thus, interested parties can invest in Portuguese public debt, through new distribution channels, such as credit institutions authorized to operate in Portugal. The first OTRV MAY 2021 issuance took place in April 2016.

 

The Series E Savings Certificates, initiated in 2017, streamlined the subscription process and reduced the administrative burden associated with the issuance of CA, within the legal framework of Ordinance No. 329-A/2017 of October 30. Thus, the issuance of physical titles is no longer necessary, and it is no longer possible to appoint a mover for the subscription.

 

Also in 2017, another distribution channel for savings products was created: Citizen Spaces, which partnered with CTT and AforroNet.

 

In September 2017, Standard and Poor's upgraded the rating of the Portuguese Republic to "investment grade," a decision that allows Portugal to progressively broaden its investor base.

 

On October 26, 2017, with the publication of RCM 157-D/2017, subscriptions of the CTPM were suspended, and a new savings product emerged: the Growth Savings Treasury Certificates (CTPC).

 

The CTPC aims to stimulate the medium-term savings of citizens and energize individuals' access to public debt instruments with a guaranteed fixed rate, through a product with a longer final maturity (seven years) and with an additional premium based on the behavior of the national economy starting from the second year.

 

In 2021, the issuance of a new savings product, the Value Treasury Savings Certificates (CTPV), public debt instruments created by RCM No. 131-B/2021, of September 10, also aimed at family savings, presenting a guaranteed fixed rate, which led to the suspension of the CTPC subscription.

 

Series F of the savings certificates (created by Ordinance 149-A/2023) began in 2023, with the subscriptions of Series E being closed.

 

Also in 2023, the "Digital Transformation Project" (digital transformation process of the IGCP) was launched, with the main objective of incorporating more efficient solutions for management and contributing to:

  • the adoption of more current and sophisticated technological solutions, 
  • greater effectiveness in monitoring IGCP performance, 
  • greater transparency 
  • the possibility of scrutiny by stakeholders and society in general.

 

From March 2024, Portuguese savers gained access to the State's savings products through the Global Investment Bank (BiG).

 

In the same year, the legal regime of the savings certificates was reviewed (with the publication of Decree-Law No. 79/2024, of October 30), with the following objectives:

  • dematerialization of the CA; 
  • elimination of the mover figure; 
  • review of the prescription period of the titles of series A and B.