A Steering Committee was set up to monitor execution of the programme, chaired by Banco de Portugal and comprised of experts designated by the International Monetary Fund, the European Commission, the European Central Bank, three European Union supervisory authorities – Banco de España, Autorité de Contrôle Prudentiel (France) and Banque Nationale de Belgique – and also by Banco de Portugal.
Following this exercise, Banco de Portugal decided to include horizontal periodic inspections of the overall credit portfolio or of asset classes most exposed to macroeconomic or market developments as part of regular banking system supervision.