Legislation

Organization and Statutes of the IGCP

• Decree-Law No. 200/2012, of 27 de August (subsequently amended by  Rectification Statement No. 56/2012 of 3 October), which created the Treasury and Public Debt Management Agency - IGCP, E.P.E., and approved its statutes.

Public Debt

• Law No 7/98, of  3 February (consolidated version with the provisions of article 81 of Law No. 87-B/98, of December 31), which approved the general regime for the issuance and management of public debt.

• Order No. 428/2026 of 15 January Guidelines for the management of the treasury cash balances and the State’s direct debt.

State Treasury

• Decree-Law No. 191/99, of 5 de June (consolidated version with Law No. 3-B/2000, of April 4, and Law No. 107-B/2003, of December 31).

• Ministerial Order No. 156/2024/1, of 28 May, which approved the Regulation of the Single Collection Document.

• Ministerial Order No. 994/99, of 5 November, which approved the regulations regarding the registration of public funds movement operations.

• Notice No. 18/2026/2, of 2 January, regarding the default interest rate applicable to debts to the State and other public entities for 2026.

• Notice No. 29181/2024/2, of  27 December, regarding the default interest rate applicable to debts to the State and other public entities for 2025

• Notice No. 847/2026/2, of 16 janeiro, indicating the release dates of monthly amounts for salaries and subsidies from the Central State Treasury to various ministries for the economic year 2026.

   

Money laundering and financing of terrorism

• Law No. 83/2017, of 18 de August, (consolidated version that establishes measures to combat money laundering and the financing of terrorism, partially transposes Directives 2015/849/EU of the European Parliament and of the Council, of May 20, 2015, and 2016/2258/EU of the Council, of December 6, 2016, amends the Penal Code and the Industrial Property Code, and repeals Law No. 25/2008, of June 5, and Decree-Law No. 125/2008, of July 21.)

• Resolution of the Council of Ministers No. 69/2022, of 9 de August, which approves the National Strategy for the Prevention and Combat of Money Laundering, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction.

• Law No. 97/2017, of 23 August, which regulates the application and execution of restrictive measures approved by the United Nations or the European Union and establishes the sanctioning regime applicable to violations of these measures.

• Decree-Law N0. 109-E/2021, of 9 December, which created the National Anti-Corruption Mechanism and establishes the general regime for the prevention of corruption.

• Resolution of the Council of Ministers No. 37/2021 of 6 April, which approved the National Anti-Corruption Strategy 2020-2024.

Treasury Bills

• Decree-Law No. 279/98,  17 of Setember/Consolidated version (subsequently amended by Decree-Law No. 91/2003,  30 of April, by Decree-Law No. 40/2012,  20 of February and by Decree-Law No. 261/2012, 17 of December), which approved the legal regime of Treasury Bills.

• Instruction No. 2/2024 of 8 February , regarding the issuance of Treasury Bills and Status of Market Operators.

   

Treasury Bonds

• Decree-Law No. 280/98 of 17 September, which approved the legal regime of Treasury Bonds.

• Instruction No. 3/2024 of 8 February, (Collective Action Clauses/CAC - Supplemental Provisions and Common Terms of Reference), regarding the issuance of Treasury Bonds and Status of Market Operators.

   

Variable Yield Treasury Bonds (OTRV)

• Resolution of the Council of Ministers No. 86/2015, of 2 October (subsequently amended by Rectification Statement No. 45/2015, of 13 October, which approved the legal regime of Variable Yield Treasury Bonds, under the terms of Resolution of the Council of Ministers No. 3/2015, of 12 January, which establishes the conditions under which the issuance of new Treasury bonds with a variable interest rate is permitted.

• Instruction No. 1-A/2015 IGCP, of 21 October, regarding the issuance of Variable Yield Treasury Bonds.

Savings Certificates

• Decree-Law No. 122/2002, of 4 May (consolidated version with the amendments introduced by Decree-Law No. 47/2008, of March 13, and Decree-Law No. 79/2024 of October 30), which approved the legal regime of savings certificates.

•  Instruction n.º 1/2024   IGCP, E.P.E., of  6 February, referring to the amounts to be charged to interested parties for administrative procedures related to the issuance, subscription, transmission, and refund of retail debt securities.

• Instruction No. 4/2024, of November 28, which defines the procedures required to initiate the process of eliminating the role of the handler for series A, B, C, and D of the savings certificates.

• Instruction No 1/2025 of February, Procedures relating to the conversion of Savings Certificates of Series A, B and D into book-entry securities.
• Ministerial Order  No. 306/2025/1 of September 11, establishes the conditions governing the amount to be transferred in the event of the death of any savings certificate holder (introducing the first amendment to Ministerial Order   No. 447/81, of June 2, which is republished)."
• Order no. 11797/202 of 18 September makes amendments to the subscription value limits of the ‘Series F’ savings certificates.”

• Instruction No. 2/2025  IGCP, E.P.E., of 19 September, which defined the procedures regarding the opening and operation of savings accounts and the transmission of savings products.

Savings Certificates - Series A

• Decree No. 43454, of 30 December of 1960 (consolidated version with the amendments introduced by Decree-Law No. 122/2002, of May 4, by Decree-Law No. 47/2008, of March 13, and by Decree-Law No. 79/2024, of October 30).

• Ministerial Order No. 73-B/2008, of  23 January, which approves the base interest rate for Series A and B savings certificates.

Savings Certificates - Series B

• Decree-law No. 172-B/86, of 30 June (consolidated version with the amendments introduced by Rectification Declaration No. 174/1986, of July 31, and Decree-Law No. 122/2002, of May 4, Decree-Law No. 47/2008, of March 13, and Decree-Law No. 79/2024, of October 30).

• Ministerial Order No. 73-B/2008, of 23 January, which approves the base interest rate for Series A and B savings certificates.

Savings Certificates - Series C

• Ministerial Order No. 73-A/2008, of 23 dJanuary (subsequently amended by Rectification Statement No. 1-D/2008, of 25 January and amended by Ministerial Order No. 230-A/2009, of 27 February and Ministerial Order No. 268-D/2012, of 31 August), which approved the legal regime of savings certificates, Series C.

Savings Certificates - Series D

• Ministerial Order No. 17-B/2015, of 30 January, which approved the legal regime of savings certificates, Series D.

Savings Certificates - Series E

• Ministerial Order No. 329-A/2017, of 30 October which approved the legal regime of savings certificates, Series E.

Savings Certificates - Series F

• Ministerial Order No. 149-A/2023, of 2 June (amended by Order No. 11797/2024, of 7 October and Order No. 5392/2026 of April 24)  which approves the legal regime of savings certificates, Series F.

Treasury Certificates

• Resolution of the Council of Ministers No. 40/2010, of 11 June, which approved the legal regime of Treasury Certificates.

• Instruction No. 2-A/2012, of 31 August, which determined the suspension of subscriptions for Treasury Certificates.

• Instruction No. 2-A/2011, of 30 March.

• Instruction No. 2-B/2011, of 27 April.

• Instruction No. 1/2024  IGCP, of 6 February, referring to the amounts to be charged to interested parties for administrative procedures related to the issuance, subscription, transmission, and refund of retail debt securities.

Treasury Certificates Savings Plus

• Resolution of the Council of Ministers No. 62/2013, of 10 October (subsequently amended by Order No. 1036-C/2015, of January 30), which approved the legal regime of Treasury Certificates Savings Plus (CTPM).

• Resolution of the Council of Ministers No. 157-D/2017, of 27 October, which determined the suspension of subscriptions for Treasury Certificates Savings Plus (CTPM).

• Instruction No. 1/2024 IGCP, of 6 February, referring to the amounts to be charged to interested parties for administrative procedures related to the issuance, subscription, transmission, and refund of retail debt securities.

Treasury Certificates Savings Growth

• Resolution of the Council of Ministers No. 157-D/2017, of 27 October, which approved the legal regime of Treasury Certificates Savings Growth (CTPC).

• Instruction No. 1/2024  IGCP, of 6 February, referring to the amounts to be charged to interested parties for administrative procedures related to the issuance, subscription, transmission, and refund of retail debt securities.

Treasury Certificates Savings Value

• Resolution of the Council of Ministers No. 131-B/2021, of 10 September, which approved the legal regime of Treasury Certificates Savings Value (CTPV).

• Instruction No. 1/2024 IGCP, of 6 February, referring to the amounts to be charged to interested parties for administrative procedures related to the issuance, subscription, transmission, and refund of retail debt securities.

Legal Regime

• Decree-Law No. 133/2013, of 3 October, (consolidated version, which approved the legal regime of the public business sector).

Special short-term debt certificates (CEDIC)

• Resolução do Conselho de Ministros n.º 111/2009, de 25 de novembro, which approved the regime of Special Short-Term Debt Certificates (CEDIC).

• Instrução n.º 2/2010, de 25 de janeiro.

Special medium and long-term debt certificates (CEDIM)

• Resolution of the Council of Ministers No. 14/2011, of 21 February, which approved the regime of Special Medium and Long-Term Debt Certificates (CEDIM).

• Instruction N.º 2/2011, of  11 March.