The Bank of Portugal has decided that the Republic of Mozambique and the Macao Special Administrative Region of the People’s Republic of China remain on its list of material third countries used to recognise and set countercyclical capital buffer (CCyB) rates for exposures to third countries. The list applies from 1 July 2025 to 30 June 2026 and is unchanged from the previous year. The designation follows the Bank of Portugal’s assessment to identify material third countries, carried out in line with European Systemic Risk Board Recommendation ESRB/2015/1. The assessment considers only direct exposures of the Portuguese banking system to the private non-financial sector in third countries, excluding direct exposures to third-country public sector entities and financial institutions; an accompanying informative note sets out the identification criteria. The Bank of Portugal will review the list annually and publish its decision on its website.
Bank of Portugal 2025-06-30
Bank of Portugal renews its material third country list for CCyB recognition with Mozambique and Macao for 2025–26
The Bank of Portugal has maintained the Republic of Mozambique and the Macao Special Administrative Region on its list of material third countries for countercyclical capital buffer (CCyB) rates, effective from 1 July 2025 to 30 June 2026. This decision follows an assessment aligned with the European Systemic Risk Board's recommendation, focusing on direct exposures to the private non-financial sector. The list will be reviewed annually.