Decreto-Lei n.º 91/2003, de 30 de Abril de 2003
Decreto-Lei n.º 91/2003 de 30 de Abril Os bilhetes do Tesouro (BT) constituíram, desde a sua criação em 1985 e até 1998, um importante instrumento de financiamento do Estado e de execução da política monetária.
A alteração das condições de definição e execução da política monetária resultante da criação da UEM em 1999 e a adopção de uma estratégia de financiamento do Estado, orientada prioritariamente no sentido de desenvolver um mercado para as obrigações do Tesouro (OT) com dimensão europeia e suficiente liquidez, levaram à suspensão da emissão de BT no início de 1999, situação que se tem mantido até ao presente.
Tendo-se atingido no essencial ao longo dos últimos quatro anos os objectivos de consolidação do mercado das OT, considera o Governo ser altura de retomar a emissão dos BT como instrumento de financiamento permanente do Estado, tirando proveito da procura que existe para este tipo de produto e das condições de custo vantajosas que pode oferecer face aos instrumentos de longo prazo, dentro dos limites que estão definidos para a gestão do risco de taxa de juro e do risco de refinanciamento da carteira da dívida directa do Estado.
Com o nível de integração atingido nos mercados financeiros europeus, considera-se que a emissão de BT portugueses só atingirá o objectivo de se constituir como fonte de financiamento permanente do Estado, nas condições de custo mais favoráveis, se conseguir atrair e manter uma base alargada de investidores externos. Importa para isso ajustar alguns aspectos do regime jurídico que regula este instrumento, tendo em conta a sua natureza monetária e as disposições actuais do Código de Valores Mobiliários.
Assim: Nos termos da alínea a) do n.º 1 do artigo 198.º da Constituição, o Governo decreta o seguinte: Artigo 1.º Alteração ao...
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