Technical Sheet Treasury Certificates Savings Value

Description

Treasury Savings Certificates (CTPV) are public debt instruments, intended for household savings, with a guaranteed fixed rate.

Term

7 years, from the respective subscription value date.

Remuneration Rate
Interest Rate

Fixed for each year of application:

1st year - 0.70%

2nd year - 0.70%

3rd year - 0.80%

4th year - 0.90%

5th year - 1.00%

6th year - 1.30%

7th year - 1.60%

The interest rate from the 3rd year onwards is increased by a premium, depending on the average real growth of the Gross Domestic Product (GDP), as described in the following point.

Remuneration bonus

• From the 3rd year onwards, a bonus is added to the fixed interest rate, to be published by the Treasury and Public Debt Management Agency - IGCP, E.P.E. (IGCP, E.P.E.) on its website on the penultimate business day of the month prior to the interest payment date.
• The bonus corresponds to 20% of the average real GDP growth at market prices (year-on-year volume change rate rounded to one decimal place, according to information provided by the National Statistics Institute, I.P. (INE, I.P.), within the scope of the first publication of the complete estimates of the Quarterly National Accounts for the reference quarter) in the last four known quarters in the month prior to the interest payment date.
• The bonus only applies in the case of positive average real GDP growth and is limited to a maximum of 1.50% in each year.
• The premium will not be retroactively corrected as a result of subsequent revisions of GDP estimates published by INE, I.P.

Interest Due Date

Each subscription accrues interest on an annual basis.

Interest is due on the day of the month corresponding to the value of the subscription data. If this day is a non-business day, interest will be paid on the first business day thereafter.

Distribution of Interest

The amount of interest, net of Personal Income Tax (IRS), is credited to the International Bank Identification Number (IBAN), registered in the respective account opened with IGCP, E.P.E..

There is no capitalization of interest.

Refund

Capital maturity at nominal value on the 7th anniversary of the subscription value date. If this day is a non-working day, the refund payment will be made on the 1st working day thereafter.

The refund amount is credited to the IBAN registered in the respective account opened at IGCP, E.P.E.
 

Early Redemption

• Redemption is only possible one year after the subscription value.
• After the first year, redemptions may be carried out at any time, resulting in the total loss of interest accrued, from the last interest due date until the redemption data.
• Redemption determines the reimbursement of the principal at the nominal value of the redeemed units.
• Redemption may be for all of the subscribed units or, in the case of partial redemption, the total of the remaining units may never be less than 1,000 units.
• The redemption value is credited to the IBAN registered in the respective account opened at IGCP, E.P.E.
• Redemption may be ordered by the holder or by his/her representative with special powers for this purpose.
   

Ownership

• Only individuals may hold a CTPV.
• Each person may only hold one account and each account has only one holder. This account must include an address and an IBAN of a bank account held by that person.
   

Tax Regime

• Interest and remuneration bonuses are subject to IRS, with withholding tax at source, at the flat rate in force on the date the interest is due.
• CTPVs are exempt from stamp duty, provided they revert to legitimate heirs.

Capital Guarantee
Guarantee of the total invested capital