The Banco de Portugal (, ) is the national central bank for Portugal within the Eurosystem. It was the Portuguese central bank from 1846 to 1998, issuing the escudo. It was founded by royal charter in 1846, during the reign of Queen Maria II of Portugal, by a merger of the , the first bank founded in Portugal, and insurer Companhia Confiança Nacional.
The bank has branch offices in Castelo Branco, Coimbra, Évora, Faro, Funchal, Leiria, Porto (Caixa Filial) and Viseu.
In addition to its monetary role, the Banco de Portugal is also a financial supervisory authority. In that capacity, it increasingly implements policies set at the European Union level. It is the national competent authority for Portugal within European Banking Supervision. It is a voting member of the Board of Supervisors of the European Banking Authority (EBA). It is Portugal's designated National Resolution Authority and plenary session member of the Single Resolution Board (SRB). It is also a member of the European Systemic Risk Board (ESRB).
History
Foundation Queen Maria II of Portugal established the bank by royal charter on 19 November 1846 to act as a commercial bank and issuing bank. It came about as the result of a merger of the Banco de Lisboa, the first bank founded in Portugal, and the Companhia de Confiança Nacional, an investment company specialised in the financing of the public debt.
The bank was designated by the Portuguese Crown as the emitter of legal tender, at the time the Portuguese real, which it continued producing until 1911.
Republic
Following the Implementation of the Republic in 1910, the Banco de Portugal began to emit the Portuguese Escudo.
In 1932, the bank established the Biblioteca do Banco de Portugal, one of the most significant private libraries in Portugal.
In 1946, the institution was bestowed the honor of Grand Cross of the Order of Christ by the President of Portugal.
During the Estado Novo, the bank pursued a vigorous policy of gold acquisition starting in 1957, which has contributed towards Portugal's present-day status of having the 14th largest gold reserve in the world.
Nationalization
Following its nationalisation in September 1974 and its new Organic Law (1975), the Banco de Portugal was, for the first time, responsible for the supervision of the banking system.
It is an integral part of the European System of Central Banks, which was founded in June 1998.
The Banco de Portugal ceased emission of the Portuguese Escudo in 1999, with the country's adoption of the Euro.
Contemporary In 2013, the bank announced that it would pay €359 million in dividends, referring to the year of 2012.
In 2014, the bank announced that it would pay €202 million in dividends, referring to the year of 2013, representing a steep decline in comparison to 2012.
In August 2014, Banco de Portugal announced it was restructuring Portugal's second biggest bank, Banco Espírito Santo, by splitting the bank in two. During the bank restructure, one of the lenders, Oak Finance, had its loan liabilities remain with Banco Espírito Santo. This triggered a lawsuit from a group of investors including: hedge funds and the New Zealand Superannuation Fund.
Governors
Prior to 1887, the Banco de Portugal was governed by a chairman of the board. Since then, the administration has been entrusted to the governor of the Banco de Portugal. Central bank governors are proposed by the finance minister and nominated by the cabinet for a five-year term and can be reappointed once.Sérgio Gonçalves (18 July 2025), Portugal to decide next week on future of central bank chief Reuters. # Name Portrait Term 1st 1887–1891 2nd 1891–1894 3nd 1895–1907 4th 1907–1910 5th 1911–1936Between 1936 and 1957, the Banco de Portugal operated without a governor. 6th 1957–1963 7th 1966–1974 8th 1974–1975 9th 1975–1980 10th 1980–1985 11th Vítor Constâncio 1985–1986 12th Tavares Moreira 1986–1992 13th 1992–1994 14th 1994–2000 15th Vítor Constâncio 2000–2010 16th Carlos da Silva Costa 2010–2020 17th Mário Centeno 2020–2025 18th Álvaro Santos Pereira 2025–
See also Economy of Portugal Portuguese escudo, the former currency of Portugal Alves dos Reis List of central banks List of financial supervisory authorities by country
References
External links Official website of Banco de Portugal
Banco Central Europeu