RESOLUTION No. JPRFM-2025-004-F

THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

CONSIDERING:

That Article 82 of the Constitution of the Republic establishes the right to legal security, which is based on respect for the Constitution and the existence of prior, clear, public legal norms applied by competent authorities;

That Number 6 of Article 132 of the Ecuadorian Magna Carta grants public control and regulation bodies the authority to issue general norms in matters within their competence, without altering or innovating legal provisions;

That the Constitution of the Republic of Ecuador, in Article 226, prescribes that State institutions, their bodies, dependencies, public servants, and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That Article 227 ibid states that Public Administration constitutes a service to the community governed by principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That Article 283 of the Constitution of the Republic defines the economic system as social and solidary, recognizes the human being as the principle and end, and advocates for a balanced relationship between the State, the market, and society;

That Article 308 of the Constitution of the Republic of Ecuador prescribes that financial activities are a matter of public order;

That Article 309 of the Fundamental Norm indicates that "(...) the National Financial System is composed of the public, private, and popular and solidary sectors (...)". Each of these sectors will have specific and differentiated control norms and entities, responsible for preserving their security, stability, transparency, and solidity;

That on October 13, 2025, the Organic Law Reforming the Organic Code of Monetary and Finance was published in the Sixth Supplement of the Official Register No. 142;

That Article 13 of the Organic Code of Monetary and Finance created the Board of Financial and Monetary Policy and Regulation, part of the Executive Function, as an organ with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Board of Financial and Monetary Policy and Regulation will be the highest governing body of the Central Bank of Ecuador;

That numbers 2, 3, 6, 10, and 24 of Article 18 of the same Organic Code stipulate that the Board of Financial and Monetary Policy and Regulation has competence to: "(...) 2. Issue regulations that allow maintaining the integrity, solidity, sustainability, and stability of the national financial, securities, insurance, and prepaid comprehensive health care services systems in accordance with Article 309 of the Constitution of the Republic of Ecuador; 3. Issue micro-prudential regulations for the national financial, securities, insurance, and prepaid comprehensive health care services sectors, based on proposals presented by the respective superintendencies, within their respective scopes of competence and without prejudice to their independence (...) 6. Regulate the creation, constitution, organization, activities, operation, and liquidation of financial, securities, insurance, and prepaid comprehensive health care services entities; (...) 10. Issue the prudential regulatory framework to which financial, securities, insurance, and prepaid comprehensive health care services entities must adhere, a framework that must be coherent and not give rise to regulatory arbitrage; (...) 24. Apply the provisions of this Code and resolve cases not provided for in it, within the scope of its competence (...)";

That Article 24 of the same Organic Code provides that the acts of the Board of Financial and Monetary Policy and Regulation enjoy the presumption of legality and shall be expressed through resolutions that will have mandatory force, which shall govern from their publication in the Official Register, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That Article 25.2 ibid determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports supporting regulatory proposals, providing technical and administrative support to the Board of Financial and Monetary Policy and Regulation, and those other functions assigned by said Board;

That Article 36 of the aforementioned organic code establishes the functions corresponding to the Central Bank of Ecuador, among which is to prepare and present technical reports and inputs supporting policy proposals to the Board of Financial and Monetary Policy and Regulation, in the monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services fields, in its capacity as Technical Secretariat of the Board of Financial and Monetary Policy and Regulation, in accordance with item 5 and the last paragraph of the referenced article;

That Article 150 of the aforementioned Code determines that entities of the national financial system shall be subject to the regulation issued by this Board;

That General Provision Twenty-Ninth ibid states: "In existing legislation where mention is made, indistinctly, of the Board of Monetary and Financial Policy and Regulation, the Board of Monetary Policy and Regulation; or, the Board of Financial Policy and Regulation, replace and understand as 'Board of Financial and Monetary Policy and Regulation'";

That on December 23, 2024, the former Board of Financial Policy and Regulation issued Resolution No. JPRF-F-2024-0134 which reformed Section VII "Extraordinary and temporary financial relief mechanism for public and private sectors" of Chapter XVIII "Risk asset classification and provisioning by entities of the public and private financial sectors under the control of the Superintendency of Banks" and Chapter LXI "Extraordinary and temporary financial relief mechanism applicable to the financial sector of the popular and solidary economy" of Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions;

That on March 31, 2025, the former Board of Financial Policy and Regulation issued Resolution No. JPRF-F-2025-0145 which reformed Section VII "Extraordinary and temporary financial relief mechanism for public and private sectors" of Chapter XVIII "Risk asset classification and provisioning by entities of the public and private financial sectors under the control of the Superintendency of Banks" and Chapter LXI "Extraordinary and temporary financial relief mechanism applicable to the financial sector of the popular and solidary economy" of Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions;

That First Transitional Provision of the Organic Law Reforming the Organic Code of Monetary and Finance determines that members of the Board of Financial and Monetary Policy and Regulation, sworn in on September 16, 2025, by the National Assembly, will continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That through Executive Decree No. 192, of October 27, 2025, the President of the Republic ordered that entities comprising the public, private, and popular and solidary financial sectors may implement extraordinary and temporary mechanisms for deferring credit obligations for clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha, for up to ninety days;

That Article 3 of the aforementioned Executive Decree No. 192 ordered the Board of Financial and Monetary Policy and Regulation to issue regulations for the application of said Decree, establishing the conditions for applicability of the measures, including temporality considering the current situation;

That through Office No. T.233-SGJ-25-098 of September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of Members of the Board of Financial Regulation Policy was sent; as well as the temporality of their stay within the initial period;

That the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Board of Financial and Monetary Policy and Regulation, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and Jeniffer Nathaly Rubio Abril;

That the Board of Financial and Monetary Policy and Regulation, through Extraordinary Session No. 004-2025, under mixed modality and by technological means, on October 29, 2025, reviewed the proposal sent via Memorandum No. BCE-BCE-2025-0236-M, of October 28, 2025, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation, as well as Technical Report No. BCE-GEEE-052-2025/BCE-SEMF-075-2025, of October 28, 2025, and Legal Report No. BCE-GJ-049-2025, of October 28, 2025; and,

In exercise of its functions and in attention to Article 24 of the Organic Code of Monetary and Finance, the Board of Financial and Monetary Policy and Regulation,

RESOLVES:

Article 1.- Add the following articles immediately after Article 29 of Section VII "Extraordinary and temporary financial relief mechanism applicable to public and private financial sectors", Chapter XVIII "Risk asset classification and provisioning by entities of the public and private financial sectors under the control of the Superintendency of Banks", Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions:

"Art. 30.- Entities of the public and private financial sectors may, temporarily and extraordinarily, defer payment of due installments for operations valid as of October 29, 2025, or at the moment of implementation of the mechanism applicable to clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha, for up to ninety (90) days.

Deferred installments may be transferred to the end of the corresponding amortization schedule, and financial entities may determine whether or not to charge ordinary interest on deferred installments, a condition that must be expressly notified to the client.

The deferral mechanism provided for in this article may be requested until December 30, 2025, at the request of the client or by initiative of the creditor financial entities, applying pertinent notification and implementation procedures.

The deferral will be applied when the client indicates their acceptance in an express and written manner, by any means.

The temporary and extraordinary deferral of credit operations provided for in this article does not constitute a new operation and, therefore, no legal costs or fees shall be charged, and deferred installments will not generate late interest."

"Art. 31.- Entities of the public and private financial sectors may, temporarily, implement credit restructurings and credit refinancings for clients presenting overdue balances between September 12, 2025, and October 28, 2025, applicable to clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha.

The credit restructurings and refinancings provided for in this article may be requested until December 30, 2025, at the request of the client or by initiative of the creditor financial entities, applying pertinent notification and implementation procedures. The restructuring and refinancing will be applied when the client indicates their acceptance in an express and written manner, by any means. The application of this mechanism may be performed on one additional occasion beyond what is provided in current regulations.

For refinanced or restructured credit operations, the determination of the operation's risk classification and corresponding provisions shall be calculated applying the provisions established in the current regulation on refinanced and restructured credits, and shall not constitute a new credit operation.

The implementation of credit restructurings and refinancings shall not cause late interest, expenses, surcharges, or fines."

Article 2.- Add the following articles immediately after Article 3 of Chapter LXI "Extraordinary and temporary financial relief mechanism applicable to the financial sector of the popular and solidary economy", Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions:

"Art. 4.- Entities of the popular and solidary financial sector may, temporarily and extraordinarily, defer payment of due installments for operations valid as of October 29, 2025, or at the moment of implementation of the mechanism, applicable to members or clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha, for up to ninety (90) days.

Deferred installments may be transferred to the end of the corresponding amortization schedule, and financial entities may determine whether or not to charge ordinary interest on deferred installments, a condition that must be expressly notified to the member or client.

The deferral mechanism provided for in this article may be requested until December 30, 2025, at the request of the member or client or by initiative of the creditor financial entities, applying pertinent notification and implementation procedures.

The deferral will be applied when the member or client indicates their acceptance in an express and written manner, by any means.

The temporary and extraordinary deferral of credit operations provided for in this article does not constitute a new operation and, therefore, no legal costs or fees shall be charged, and deferred installments will not generate late interest."

"Art. 5.- Entities of the popular and solidary financial sector may, temporarily, implement credit restructurings and credit refinancings for their members or clients presenting overdue balances between September 12, 2025, and October 28, 2025, applicable to members or clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha.

The credit restructurings and refinancings provided for in this article may be requested until December 30, 2025, at the request of the member or client or by initiative of the creditor financial entities, applying pertinent notification and implementation procedures. The restructuring and refinancing will be applied when the member or client indicates their acceptance in an express and written manner, by any means. The application of this mechanism may be performed on one additional occasion beyond what is provided in current regulations.

For refinanced or restructured credit operations, the determination of the operation's risk classification and corresponding provisions shall be calculated applying the provisions established in the current regulation on refinanced and restructured credits, and shall not constitute a new credit operation.

The implementation of credit restructurings and refinancings shall not cause late interest, expenses, surcharges, or fines."

Article 3. – Immediately after Chapter LXIV: "Norm regulating the requirement of additional primary technical equity due to counter-cyclical effect of system entities" of Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, add the following chapter:

"CHAPTER LXV: "OF NON-FINANCIAL LEGAL ENTITIES THAT, AS PART OF THEIR BUSINESS, CONDUCT INSTALLMENT SALES OR CREDIT OPERATIONS"

SECTION I: "REGULATION FOR QUOTA RESCHEDULING AGREEMENT PROCESSES GENERATED BY ANY TYPE OF CREDIT OBLIGATION WITH NON-FINANCIAL LEGAL ENTITIES THAT, AS PART OF THEIR BUSINESS, CONDUCT INSTALLMENT SALES OR CREDIT OPERATIONS"

Art. 1.- Non-financial legal entities that, as part of their business, conduct installment sales or credit operations, at the request of clients or by their own initiative, prior to notification and express written approval of the client, may reach agreements to reschedule due installments for up to ninety (90) days, valid as of October 29, 2025, or at the moment of implementation of the mechanism, applicable to clients who have civil or tax domicile in the provinces of Carchi and Imbabura; the cantons of Cayambe and Pedro Moncayo in the province of Pichincha; and the parishes of Guayllabamba and Calderón in the canton of Quito in the province of Pichincha.

These rescheduling agreements may be applied until December 31, 2025.

The rescheduling agreements reached by the aforementioned non-financial legal entities with their clients may include deferral, restructuring, or refinancing of unpaid installments, as well as the granting of grace periods. The implementation of these rescheduling agreements shall not cause late interest, expenses, surcharges, or fines.

In the event that a rescheduling agreement is stipulated, the rescheduled installments may be transferred to the end of the corresponding amortization schedule."

GENERAL PROVISIONS

FIRST. - Control and supervision entities must implement the necessary supervision and control actions to verify compliance with the provisions of this resolution. In the exercise of their powers, they may require entities under their control to provide necessary information to identify operations subject to the mechanisms provided for in this regulation.

The collected information must be published monthly, by month-end, from November 2025 to April 2026, and must contain, at least, the following:

a) Number of refinanced, restructured operations; and deferrals of active credits, by entity; b) Amount of refinanced, restructured operations; and deferrals of active credits, by entity; c) Province, canton, and parish to which each operation belongs; and, d) Risk classification corresponding to these operations.

Control entities must submit, on June 1, 2026, to the Board of Financial and Monetary Policy and Regulation, a report on the results and evaluation of the application of the measures established in this resolution, which must contain, at least, the parameters indicated in this provision.

SECOND. - Financial entities of the public, private, and popular and solidary financial sectors will establish and implement specific policies and procedures, as well as information and accounting systems for the identification, management, and tracking of extraordinary refinancings, restructurings, and deferrals, applied in accordance with the provisions of this resolution.

FINAL PROVISION. - This resolution shall enter into force from its issuance, without prejudice to its publication in the Official Register.

The General Secretariat of the Central Bank of Ecuador is entrusted with its publication on the institutional website and updating of the Codification of Monetary, Financial, Securities, and Insurance Resolutions.

NOTIFY AND PUBLISH. - Given in the city of Quito D.M., on October 29, 2025.

THE PRESIDENT

Mgs. Gustavo Estuardo Camacho Dávila

The aforementioned resolution was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the Metropolitan District of Quito, on October 29, 2025.- I CERTIFY.

TECHNICAL SECRETARY

Lic. Julio Fernando Moya Jarrín