Agreement No. 9-2026: Modifying Article 2 of Agreement No. 6-2026 to Extend Entry into Force and Adding an Illustrative Amortization Table as an Annex

Republic of Panama
Panama Banking Superintendency
AGREEMENT No. 9-2026
(September 22, 2026)
“By means of which Article 2 of Agreement No. 6-2026 is modified, extending its entry into force, and an amortization table with illustrative character is added as an Annex”

THE BOARD OF DIRECTORS

In exercise of its legal powers, and

CONSIDERING:

That as a result of the issuance of Law Decree No. 2 of February 22, 2008, the Executive Branch prepared a systematic ordering in the form of a Single Text of Law Decree No. 9 of 1998 and all its modifications, which was approved by Executive Decree No. 52 of April 30, 2008, hereinafter the Banking Law;

That in accordance with paragraphs 3 and 4 of Article 5 of the Banking Law, it is the objective of the Banking Superintendency to promote public confidence in the Banking System and to ensure legal balance between the banking system and its clients;

That in accordance with paragraph 5 of Article 11 of the Banking Law, it is the responsibility of this Superintendency to establish, within the administrative sphere, the interpretation and scope of legal or regulatory provisions regarding banking;

That in accordance with paragraph 19 of Article 16 of the Banking Law, the Superintendent of Banks has the authority to ensure that banks provide their clients with information that ensures the greatest transparency of banking operations;

That the principles established in titles V and VI of the Banking Law aim to contribute to the contractual relationship the necessary and desired equity to guarantee the balance of the parties;

That in accordance with Article 192 of the Banking Law, banks are obligated to provide their services to banking clients with transparency, probity, and equity;

That the transparency of information related to banking products and services constitutes an important factor for promoting competition in the market, which contributes to the healthy development of the banking system and allows clients to make their decisions on a more informed basis;

That by means of Agreement No. 1-2011 of January 4, 2011, this Superintendency established guidelines for the transparency of information regarding the use of banking products and services;

That Article 9 of Agreement No. 1-2011 establishes that banks must inform clients, from the beginning of the relationship, the terms and conditions applicable to the particular contract;

That in sessions of this Board of Directors, the need and convenience of extending the entry into force of Agreement No. 6-2026 of July 22, 2026, has been manifested, so that banks have a longer period to adapt their operations and systems to these provisions; likewise, the need to add, for illustrative purposes, a model of amortization table, which serves as a guide for the application of the requirements established in this Agreement, has been identified.

Agreement No. 9-2026

AGREES:

ARTICLE 1. Article 2 of Agreement No. 6-2026 of July 22, 2026, is hereby amended as follows:

“ARTICLE 2. VALIDITY. The provisions of this Agreement shall enter into force starting from the thirty-first (31) of March 2027.”

ARTICLE 2. An Annex is added to Agreement No. 6-2026, which modifies Article 9 of Agreement No. 1-2011, in order to incorporate, with illustrative character, a model of amortization table that serves as a reference for banking entities. In any case, these entities must ensure that the amortization tables they use contemplate, at a minimum, the guidelines established in the aforementioned annex.

Given in the city of Panama, on the twenty-second (22) day of the month of September of two thousand twenty-six (2026).

NOTIFY, PUBLISH, AND COMPLY.

THE PRESIDENT, THE SECRETARY,
Felipe Echandi Lacayo David Alberto Davarro

Hypothetical Value
Disbursed amount or credit principal B/.148,500.00 a) Nominal interest rate - Modality: (Example: variable) 6.50% c) Effective interest rate Calculation method: (calculation base, nominal interest rate + commissions, insurance, and other charges; 30/365 or 30/360) simple or compound interest, as agreed. 7.25% c) Total credit term (years) 30 b) Frequency (example: monthly) 12 b) Number of agreed installments 360 f) Agreed installment amount B/.843.17 d) Total amount of agreed installments B/.303,540.00 d) Total cost of credit (Example: 303,540 - 148,500) B/.155,040.00 g)

f) b) f) d) d) e)
Number of installments Payment date Installment amount Installment Interest FECI (1%)InsuranceCommissionsRecurring charges Principal / Capital Balance before and after each payment 0 B/.148,500.00 1 01/01/2027 B/.843.17 B/.680.63 B/.0.00 B/.162.54 B/.148,337.46 2 02/01/2027 B/.843.17 B/.679.88 B/.0.00 B/.163.29 B/.148,174.17 3 03/01/2027 B/.843.17 B/.679.13 B/.0.00 B/.164.04 B/.148,010.14 4 04/01/2027 B/.843.17 B/.678.38 B/.0.00 B/.164.79 B/.147,845.35 X 360 B/.303,540.00 B/.0.00

a) The disbursed amount or credit principal; b) The total credit term and the payment frequency of the installments; c) The applicable interest rate, indicating its modality, the effective interest rate, and the calculation method; e) The capital balance before and after each payment; f) The date or number of installments; g) The total cost of the credit, understood as the difference between the approved credit amount and the total amount to be paid.

• Observations:
  FECI (1%): In cases where the charge for the Special Interest Compensation Fund applies.
  Insurance: In cases where the collection of insurance (life, theft, fire, etc.) has been agreed upon with the client.
  Recurring charges: Corresponds to any other recurring charge that must be charged to the client (ITBMS, charges for third-party accounts, etc.).

Note: This document is an example of an amortization table, is purely illustrative and for reference.
Example of Amortization Table

d) The amount of each installment, with the corresponding breakdown for capital, interest, and, where applicable, insurance, commissions, and recurring charges associated with the credit (such as closing commissions in cases that apply or other charges);

Commissions: Corresponds to commissions agreed upon with the client (Management Commission, Renewal Commission, among others).

In the case of mortgage loans, when the bank applies the renewal commission, it must ensure that, when generating the amortization table initially delivered to the client, it incorporates the charge corresponding to this commission, assuming that such charges have been capitalized.

ANNEX