{
  "title": "Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Monitoring and Macroprudential Policy",
  "publication": "IMF Staff Country Reports, July 27, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-monitoring-578104",
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  "summary": "Banco do Portugal (BdP), as the designated macroprudential authority in Portugal, has developed a full-fledged macroprudential toolkit.",
  "sections": [
    {
      "heading": "Macroprudential toolkit and recent activations",
      "content": "- Banco do Portugal (BdP) is the designated macroprudential authority in Portugal and has developed a full-fledged macroprudential toolkit.\n- In January 2026, BdP activated a countercyclical capital buffer (CCyB) set at a positive cycle-neutral (PCN) target rate of 0.75 percent.\n- Since 2023, the toolkit includes a sectoral systemic risk buffer (sSyRB) targeting residential real estate (RRE) risks.\n- Borrower-based measures, including LTV and DSTI limits, have been in place since 2018 as recommendations for banks."
    },
    {
      "heading": "Risk monitoring and communication",
      "content": "- BdP has enhanced its risk monitoring framework in recent years.\n- BdP has also enhanced its macroprudential communication mechanisms in recent years."
    },
    {
      "heading": "Publication summary and metadata",
      "content": "- Title: Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Monitoring and Macroprudential Policy\n- Publication date: July 27, 2026\n- Pages: 44\n- Volume: 2026\n- Issue: 201\n- DOI: https://doi.org/10.5089/9798229053990.002\n- Stock No: 1PRTEA2026005\n- ISBN: 9798229053990\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Credit, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, Macroprudential Policy, Money, Systemic risk\n- Keywords: BdP publication, Credit, Financial Sector Assessment Program, Financial sector stability, Global, IMF staff, Macroprudential analysis, Macroprudential policy, MACROPRUDENTIAL Policy, staff team, Systemic risk\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Monitoring and Macroprudential Policy\", IMF Staff Country Reports 2026, 201 (2026).\n\n---\n\n Content in this bundle\n\n- 1prtea2026005\n  - 1prtea2026005 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1prtea2026005 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 27, 2026",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229053990.002",
    "Banco do Portugal (BdP) is the designated macroprudential authority in Portugal and has developed a full-fledged macroprudential toolkit.",
    "In January 2026, BdP activated a countercyclical capital buffer (CCyB) set at a positive cycle-neutral (PCN) target rate of 0.75 percent.",
    "Since 2023, the toolkit includes a sectoral systemic risk buffer (sSyRB) targeting residential real estate (RRE) risks.",
    "Borrower-based measures, including LTV and DSTI limits, have been in place since 2018 as recommendations for banks.",
    "BdP has enhanced its risk monitoring framework in recent years.",
    "BdP has also enhanced its macroprudential communication mechanisms in recent years.",
    "Title: Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Monitoring and Macroprudential Policy",
    "Publication date: July 27, 2026",
    "Pages: 44",
    "Volume: 2026",
    "Issue: 201",
    "DOI: https://doi.org/10.5089/9798229053990.002",
    "Stock No: 1PRTEA2026005",
    "ISBN: 9798229053990",
    "ISSN: 1934-7685",
    "Subject: Credit, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, Macroprudential Policy, Money, Systemic risk",
    "Keywords: BdP publication, Credit, Financial Sector Assessment Program, Financial sector stability, Global, IMF staff, Macroprudential analysis, Macroprudential policy, MACROPRUDENTIAL Policy, staff team, Systemic risk",
    "**1prtea2026005**"
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