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Structured deposits are time deposits whose remuneration is wholly or partly associated with the developments in financial instruments or relevant economic or financial variables, such as the price of a share or a basket of shares, the value of shareholder indices or the exchange rate quotation.
The remuneration of these deposits is only calculated at the end of the period, once the developments in the said financial instruments or economic or financial variables to which they are associated are known.
These deposits usually do not allow for early mobilisation.
Prior to signing the contract of a structured deposit, bank customers should consult its key information document and make sure that they understood its characteristics, namely:
The form of calculating the remuneration and the existence or not of a guaranteed minimum remuneration;
Its aggregate level of risk (market risk and credit risk) and other associated risks, such as liquidity risk (since it is not generally possible to withdraw funds deposited before the end of the deposit period) and, if applicable, the exchange rate risk;
The favourable, moderate, unfavourable and stressful scenarios of possible deposit remuneration;
The implicit costs associated with the deposit, even though they are not payable by the customer.
The production, marketing and provision of advisory services (i.e. issuance of recommendations specifically addressed to a customer) in relation to structured deposits is subject to the supervision of Banco de Portugal.
Before entering into a structured deposit agreement, bank customers have the right to be informed about its characteristics in a clear and complete manner, through:
This is the pre-contractual information document that credit institutions selling structured deposits, as well as entities authorised to provide advisory services in respect of these deposits, must make available to customers before constituting the structured deposit.
It must be prepared by the manufacturer of the structured deposit (usually the credit institution that markets it) and published on its website.
The key information document should not exceed a maximum of 3 A4 pages, observing a standardised format (Regulation (EU) No. 1286/2014 and Delegated Regulation (EU) 2017/653).
It describes the main characteristics of the structured deposit, namely through the following sections:
“What is this product?”, which describes the nature and form of remuneration of the structured deposit;
“What are the risks and what could I get in return?”, which presents an aggregate risk indicator (including market risk and credit risk) and four possible remuneration scenarios of the structured deposit and the respective assumptions;
“What happens if the PRIIP manufacturer is unable to pay out?”, which mentions the coverage by the Deposits Guarantee Fund;
“What are the costs?”, which includes the total costs implicit in the structured deposit and the impact they have on its annual remuneration, but which are not disbursable by the customer;
“How long should I hold it and can I take money out early?”, which indicates the deadline, the impossibility of early withdrawal or, if possible, the conditions for early withdrawal of the structured deposit.
This is a document with information about the guarantee system that protects the deposits made at the credit institution concerned.
It specifies, inter alia, the limit of this protection and the repayment term of deposits in the event of insolvency of the institution.
The depositor information template must be signed by the holders who constitute the time deposit.
Law No. 35/2018 (only in Portuguese)
Regulation (EU) No. 1286/2014
Delegated Regulation (EU) 2017/653
Search for pre-contractual information documents
Remuneration of structured deposits