The Court of Auditors has criticised the Government for failing to update the Code of Mutual Associations, leaving a regulatory and supervisory gap that jeopardises financial stability and the protection of Montepio members. The audit highlights weaknesses in oversight of mutual banking structures and calls on the Government to enact legal and regulatory reforms urgently to close the supervision gap and reduce risks to depositors and members, including expatriate stakeholders. The ruling frames the omission as a systemic threat requiring targeted reform of governance, prudential rules and supervisory resources.