IRS 2019 – Taxation of Income nº3: Income from Capital – Bank Interest (Category E)

New ‘brakes on credit’ announced by Bank of Portugal

The Bank of Portugal has announced new brakes on rules for extending credits to families.

Say reports, maximum terms for personal credits will be reduced from 10 to seven years, unless they apply to education, health, renewable energies or the purchase of cars.

The move comes because of “an accelerated increase in credit conceded by banks to private clients”, explains Público, saying the regulator’s aim is to  “avoid future problems” for the banking system and for clients”.

The new measures will come into effect from April 1.