Circular LISOL 1-1144: Liquidity Coverage Ratio. Net Stable Funding Ratio. Consolidated Supervision. Amendments.

"2026 - YEAR OF ARGENTINE GREATNESS"
COMMUNICATION “A” 8445 04/06/2026
TO FINANCIAL ENTITIES:
Ref.: Circular LISOL 1-1144:
Liquidity Coverage Ratio. Net Stable Funding Ratio. Consolidated Supervision. Amendments. ___________________________________________________________________________ We address you to inform that this Institution has adopted the resolution which, in its pertinent part, establishes:
“1. It is ordered that the scope of the provisions set forth in the consolidated texts on Liquidity Coverage Ratio and Net Stable Funding Ratio is limited to financial entities classified by the Central Bank of the Argentine Republic (BCRA) as domestically systemically important (D-SIB) and to branches or subsidiaries of foreign banks classified as globally systemically important (G-SIB), in accordance with the calculation methodology, frequency, and other conditions established in the respective regulations. Financial entities of Group A not covered by the foregoing must continue to provide the BCRA with the information required under the current or future reporting regimes. The Superintendence of Financial and Exchange Entities (SEFYC) may request additional information from financial entities, whether or not included in the aforementioned scope, when necessary to evaluate their liquidity situation.
2. It is ordered that financial entities that become subject to the provisions of point 1 of this communication must apply such treatment starting from 01/10/26.
3. It is established that financial entities that subsequently experience changes in their classification – as provided for in point 1 of this communication, as D-SIB and branches or subsidiaries of foreign banks classified as G-SIB – will have a period of 3 (three) months to apply the specific provisions corresponding to the new group to which they belong.”
In this regard, we forward you the sheets that, in replacement of those previously provided, must be incorporated into the consolidated texts referenced. In this sense, it is recalled that on this Institution’s website www.bcra.gob.ar, by accessing “Sections - Financial System - LEGAL AND REGULATORY FRAMEWORK - Regulations and summaries - Consolidated texts of general regulations”, the modifications made with text highlighted in special characters (strikethrough and bold) will be found.

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We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Marina Ongaro
Chief Manager of Emission and Regulatory Applications Deputy General Manager of Financial Regulation

ANNEX

-Index-
Section 8. Compliance basis.
8.1. Individual basis.
8.2. Consolidated basis.
Section 9. Transitional provisions.
Correlation table.
B.C.R.A. CONSOLIDATED TEXT ON LIQUIDITY COVERAGE RATIO Version: 3rd. COMMUNICATION “A” 8445 Effective:
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1.1. Scope.
Financial entities classified by the Central Bank of the Argentine Republic (BCRA) as domestically systemically important (D-SIB) and branches or subsidiaries of foreign banks classified as globally systemically important (G-SIB) must comply with these pro- visions. Financial entities that experience changes in their classification – as previously provided – will have a 3-month period to apply the specific provisions corresponding to the new group to which they belong. Financial entities belonging to Group A – as provided for in point 4.1 of the Consolidated Text on Financial Entity Authorities – not covered by these rules must submit the corresponding reporting regime. The Superintendence of Financial and Exchange Entities (SEFYC) may request addi- tional information from financial entities when necessary to evaluate their liquidi- ty situation.
1.2. Objective.
Financial entities must maintain an adequate stock of high-quality liquid assets (HQLA) that are “unencumbered” – in accordance with the definition set forth in point 2.1.2.–, composed of cash or assets that can be converted into cash – monetized – immediately with little or no loss of market value, in order to cover their liquidity needs over a 30-day period under the stress scenario described in point 1.4. The aforementioned fund must allow entities, at a minimum, to withstand liquidity problems up to the thirtieth day of that period. Financial entities must anticipate possible mismatches in cash flows that may arise within the aforementioned period and guarantee the availability of sufficient high-quality liquid assets to cover them, taking into account that the timing of fund inflows and outflows may be uncertain. Furthermore, they must actively monitor and control liquidi- ty risk exposures and financing needs of each of their foreign branches and subsidiaries, as well as the economic group, considering legal, regulatory, and operational limitations in the capacity to transfer liquidity. Without prejudice thereto, financial entities must conduct their own stress tests to determine the level of liquidity they must maintain – above the minimum regulatory threshold established in these provisions – using other scenarios – susceptible to causing difficulties in their activities – that consider a period exceeding 30 days.
1.3. Minimum value of the liquidity coverage ratio (LCR).
1.3.1. In the absence of a financial stress scenario.
The LCR must – at all times – be greater than or equal to 1; that is, the stock of high-quality liqui- d assets must not be lower than total net cash outflows. Financial entities that begin to be subject to the provisions of point 1 of the Communication A 8445 must observe these provisions starting from 01/10/26. B.C.R.A. LIQUIDITY COVERAGE RATIO
Section 1. General considerations.
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B.C.R.A. LIQUIDITY COVERAGE RATIO
Section 9. Transitional provisions.
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B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON LIQUIDITY COVERAGE RATIO

TEXTO ORDENADO (Section)	Punto Párrafo	NORMA DE ORIGEN (Com. Cap./Anexo)	Punto Párrafo	OBSERVACIONES
1.	1.1.	“A” 5693	3.	According to Com. “A” 6209, 6475, 6633 and 8445.
1.2.	“A” 5693	único	1.1.
1.3.	“A” 5693	único	1.2.
1.4.	“A” 5693	único	1.3.
1.5.	“A” 5693	único	1.4.
1.6.	“A” 5693	único	1.5.
1.7.	“A” 5693	único	1.6.
2.	1° y 2°	“A” 5693	único	1° and 2°
2.1.	“A” 5693	único	2.1.
2.2.	“A” 5693	único	2.2.	According to Com. “A” 6241, 6327 and 8199.
3.	3.1.	“A” 5693	único	3.1.
3.2.	“A” 5693	único	3.2.
3.3.	“A” 5693	único	3.3.
4.	4.1.	“A” 5693	único	4.1.
4.1.1.	“A” 5693	único	According to Com. “A” 6004 and 8288.
4.2.	“A” 5693	único	4.2.
4.2.1.	“A” 5693	único	4.2.	According to Com. “A” 6431 and 6586.
4.2.2.	“A” 5693	único	4.2.
4.2.3.	“A” 5693	único	4.2.
4.2.4.	“A” 5693	único	According to Com. “A” 6004.
4.3.	“A” 5693	único	4.3.
4.4.	“A” 5693	único	4.5.
4.4.2.1.	“A” 5693	único	4.5.	According to Com. “A” 6004.
4.4.5.	“A” 5693	único	4.5.	According to Com. “A” 6004.
4.4.6.1.	“A” 5693	único	4.5.	According to Com. “A” 6004.
4.4.6.2.	“A” 5693	único	4.5.
4.4.6.3.	“A” 5693	único	4.5.	According to Com. “A” 6004.
5.	5.1.	“A” 5693	único	5.1.
5.2.	“A” 5693	único	5.2.	According to Com. “A” 8269.
6.	6.1.	“A” 5693	único	6.1.
6.1.4.2.	“A” 5693	único	6.1.	According to Com. “A” 6008.
6.1.4.11.	“A” 5693	único	6.1.	According to Com. “A” 6004 and 6008.
6.2.	“A” 5693	único	6.2.	According to Com. “A” 8269.
7.	7.1.	“A” 5693	único	7.1.
7.2.	“A” 5693	único	7.2.
8.	8.1.	“A” 5693	único	8.1.
8.2.	“A” 5693	único	8.2.
último	“A” 6723	1.	According to Com. “A” 7393.
9.	“A” 8445	2.

-Index-
Section 1. General considerations.
1.1. Scope.
1.2. Objective.
1.3. Determination of the NSFR.
1.4. Minimum value of the NSFR.
1.5. Calculation frequency and information.
Section 2. Available Stable Funding Amount (MDFE).
2.1. Determination of MDFE.
2.2. Criteria.
2.3. Categories.
Section 3. Required Stable Funding Amount (MRFE) for off-balance sheet assets and exposures.
3.1. Determination of MRFE.
3.2. Criteria.
3.3. Categories.
3.4. Off-balance sheet exposures.
Section 4. Interdependent assets and liabilities.
Section 5. Factors.
5.1. Available Stable Funding Factors (ASFF).
5.2. Required Stable Funding Factors (RSFF).
Section 6. Compliance bases.
6.1. Individual basis.
6.2. Consolidated basis.
Section 7. Transitional provisions.
Correlation table.
B.C.R.A. CONSOLIDATED TEXT ON NET STABLE FUNDING RATIO Version: 4th. COMMUNICATION “A” 8445 Effective:
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1.1. Scope.
Financial entities classified by the Central Bank of the Argentine Republic (BCRA) as domestically systemically important (D-SIB) and branches or subsidiaries of foreign banks classified as globally systemically important (G-SIB) must comply with these pro- visions. Financial entities that experience changes in their classification – as previously provided – will have a 3-month period to apply the specific provisions corresponding to the new group to which they belong. Financial entities belonging to Group A – as provided for in point 4.1 of the Consolidated Text on Financial Entity Authorities – not covered by these rules must submit the corresponding reporting regime. The Superintendence of Financial and Exchange Entities (SEFYC) may request addi- tional information from financial entities when necessary to evaluate their liquidi- ty situation. For the purposes of these rules, the term “financial sector” includes financial enti- ties, exchange entities, insurance companies, regulated agents by the National Securities Commission (CNV) – or equivalent foreign authority – and trustees of non-financial trusts.
1.2. Objective.
The net stable funding ratio (NSFR) aims to ensure that financial entities can fi- nance their activities with sufficiently stable sources to mitigate the risk of fu- ture stress situations arising from their funding. By requiring financial entities to maintain a stable funding profile relative to the composition of their assets and off-balance sheet operations, the NSFR limits excessive dependence on short-term wholesale funding, promotes better assessment of funding risk for on- and off-balance sheet items, and favors the stability of fund- ing sources. The definitions of concepts contained in the NSFR are analogous to those set forth in the Consolidated Text on Liquidity Coverage Ratio, except where explicitly defined otherwise in these provisions.
1.3. Determination of the NSFR.
The NSFR is defined as the ratio between the available stable funding amount and the required stable funding amount:
where:
MDFE (Available Stable Funding Amount): is the portion of the financial entity’s capital and liabilities – calculated in accordance with Section 2.– that is expected to be available over a one-year period. MRFE (Required Stable Funding Amount): is the funding amount necessary during that pe- riod – calculated in accordance with Section 3.–, which depends on the li- quidity and residual maturity of the entity’s assets and its off-balance sheet commitments. The available and required stable funding amounts determined in accordance with these provi- sions are calibrated to reflect the expected stability of liabilities and the expected liquidi- ty of the financial entity’s assets over a one-year period.
1.4. Minimum value of the NSFR.
The NSFR must – at all times – be greater than or equal to 1: NSFR ≥ 1.
It will be complemented by the evaluation carried out by SEFYC. SEFYC may require the en- tity to adopt stricter standards in order to reflect its funding risk profile, te- ning into account for this purpose the evaluation it has conducted regarding the entity’s compliance with the Consolidated Text on Guidelines for Risk Management in Financial Entities concerning liquidity.
1.5. Calculation frequency and information.
Entities must observe the NSFR at all times and report it to SEFYC trimes- terly through the established reporting regime. B.C.R.A. NET STABLE FUNDING RATIO
Section 1. General considerations.
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Financial entities that begin to be subject to the provisions of point 1 of the Communication A 8445 must observe these provisions starting from 01/10/26. B.C.R.A. NET STABLE FUNDING RATIO
Section 7. Transitional provisions.
Version: 1st. COMMUNICATION “A” 8445 Effective:
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B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON NET STABLE FUNDING RATIO

TEXTO ORDENADO (Section)	Punto Párrafo	NORMA DE ORIGEN (Com. Cap./Anexo)	Punto Párrafo	OBSERVACIONES
1.	1.1.	“A” 6306	According to Com. “A” 6475, 6633 and 8445.
1.2.	“A” 6306
1.3.	“A” 6306	According to Com. “A” 6723.
1.4.	“A” 6306
1.5.	“A” 6306
2.	2.1.	“A” 6306
2.2.	“A” 6306
2.3.	“A” 6306
2.3.1.3.	“A” 6306	According to Com. “A” 6723.
2.3.3.1.	“A” 6306	According to Com. “A” 6723.
2.3.3.2.	“A” 6723
2.3.5.5.	“A” 6723
3.	3.1.	“A” 6306
3.2.	“A” 6306
3.3.	“A” 6306
3.4.	“A” 6306
4.	“A” 6306
5.	5.1.	“A” 6306
5.1.6.	“A” 6306	According to Com. “A” 6723.
5.1.7.	“A” 6723
5.1.17.	“A” 6723
5.2.	“A” 6306
6.	6.1.	“A” 6306
6.2.	“A” 6306
último	“A” 6723	1.	According to Com. “A” 7393.
7.	“A” 8445	2.

5.2.1.8. Ratio for immobilized assets and other concepts.
5.2.1.9. Liquidity coverage ratio – when applicable to financial entities
included in those rules – in accordance with the scope established in point
8.2 of the Consolidated Text on Liquidity Coverage Ratio.
5.2.2. Quarterly consolidated basis.
Without prejudice to individual compliance, and additionally and independently of the compliance on consolidated monthly basis, controlling financial entities subject to consolidated supervision must observe the following rules on a quarterly consolidated basis:
5.2.2.1. Minimum capital.
5.2.2.2. Classification of debtors and minimum provisions for uncollectible risk.
5.2.2.3. Financing to the non-financial public sector.
5.2.2.4. Maximum limit for holdings in companies that do not provide
complementary financial services.
5.2.2.5. Ratio for immobilized assets and other concepts.
5.2.2.6. Net stable funding ratio – when applicable to financial entities
included – in accordance with point 6.2 of the Consolidated Text on Net Stable Funding Ratio.
5.2.2.7. Large credit risk exposures.
The financial entities belonging to Group A – in accordance with the Consolidated Text on Financial Entity Authorities – or those classified by BCRA as D-SIB and branches or subsidiaries of foreign banks classified as G-SIB, whose controlling company is a “holding company” – not a financial entity – must observe the rules referenced in points 5.2.1.9., 5.2.2.1., 5.2.2.6. and 5.2.2.7., as applicable, in a consolidated manner that includes that “holding company” and all subsidiaries of that “holding company” or the financial entity, excluding insurance companies and any other subsidiary of the group as long as it does not perform activities of a financial nature. For these purposes, financial activity includes the activities that can be carried out by financial entities, those set forth in point 2.2 of the Consolidated Text on Complementary Services of Financial Activity and Permitted Activities, as well as others that SEFYC considers auxiliary to the activities of financial entities, excluding insurance companies.
5.2.3. Compliance with the Consolidated Text on Prevention of Money Laundering, Terrorism Financing and Other Illicit Activities in accordance with the regulations issued by the UIF.
B.C.R.A. CONSOLIDATED SUPERVISION
Section 5. Compliance with rules.
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CONSOLIDATED SUPERVISION

TEXTO ORDENADO (Section)	Punto Párrafo	NORMA DE ORIGEN (Com. Anexo)	Punto Párrafo	OBSERVACIONES
5.	5.2.1.7.	“A” 4891	8.	According to Com. “A” 5557.
5.2.1.8.	“A” 2227	único	5.1.8.	According to Com. “A” 2736.
5.2.1.9.	“A” 5693	According to Com. “A” 5724 (regulatory clarification).
5.2.2.	“A” 2227	único	5.1.	According to Com. “A” 2649, 2461, 2736, 2839, 5180, 5272, 5369, 6306, 6327, 6639, 6723, 8445 and “B” 5902.
5.2.3.	“A” 4835	4.	According to Com. “A” 5223, 6639 and 6709.
5.2.4.	“A” 5093
5.3.1.	“A” 2227	único	5.2.1.	According to Com. “A” 2649, 5520 and 6639.
5.3.2.	“A” 2227	único	5.2.2.	According to Com. “A” 5520 and 6639.
5.4.1.	“B” 6566	1.
5.5.	“A” 2227	único	5.3.	According to Com. “A” 2649.
6.	6.1.	“A” 7982	1.
6.2.	“A” 7982	2.	According to Com. “A” 8018 (regulatory clarification).