Circular LISOL 1-1154 OPRAC 1-1319: Financing of the Non-Financial Public Sector. Adjustments

2- To establish that the amortization of the quota calculation provided for in point 9.4 of the consolidated text on Financing of the Non-Financial Public Sector will be half at 24 (twenty-four) months and the other half at 36 (thirty-six) months subsequent to the amortization of the titles that originated it.”

Finally, we send you the sheets which, in replacement of those previously provided, must be incorporated into the consolidated text of the reference. 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 highlighted text in special characters (strikethrough and bold) can be found.

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Pablo D. Montero Darío C. Stefanelli
Manager of Emission of Norms
Principal Manager of Emission and
Regulatory Applications

ANNEX

9.1.3.4. Calculation of the margin.
For the purpose of determining the status of relationships regarding credit risk fragmentation and the consequent observance of admitted excesses, the amount of the declared margin – used or not – along with the other computable assets will be taken into account.

9.1.3.5. Non-observance of the margin.
Non-observance of the margin will have the treatment provided for in Section 2. of the TO on Minimum Capital and Technical Relationships. Applicable Criteria. To this end, the excess over the 25% limit of the RPC or the lower limit opted for by the entity will be considered.

9.1.4. Debt instruments issued by financial trusts or fiduciary funds for the financing of construction, in which the participation of the National State as settlor has exceeded the 50% referred to in point 3.2.4., which for that reason became subject to the maximum limits established in point 6.1.1.1., without prejudice to the calculation referred to in point 6.1.2.3.

9.1.5. Financing to public trusts or fiduciary funds.
For entities that register admitted excesses, the individual expanded maximum limits referred to in point 6.1.1.2. will be equivalent to the positive difference between 15% of the entity's RPC and the respective admitted excess. This, without prejudice to the application of admitted amortizations collected in point 9.1.2.

9.2. All bonds and national public titles in pesos that are applied to the integration of minimum cash in that currency – in accordance with what is provided for in points 1.3.16. and 1.3.17. of the TO on Minimum Cash – will be excluded from the limits provided for in these regulations.

9.3. National public titles in pesos (including those linked to the evolution of the US dollar and those issued in dual currency) within the framework of the Bidding Program to ensure liquidity of the market of the Ministry of Economy subscribed primarily for own portfolio from 09/17/26 up to an amount equivalent to the sum of the accumulated decrease in the balance of passive repos with the BCRA and the excess integration of the minimum cash requirement in pesos, recorded at the close of operations on 05/15/24 – updated according to the interest rate paid by the BCRA for those operations, from 07/22/24 according to the Monetary Policy Rate and since 07/01/25 according to the Wholesale Rate of Argentina (TAMAR) total of banks – will be excluded from the limits provided for in Section 6.; also included are those instruments acquired in the secondary market from 09/17/26.

B.C.R.A. FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR
Section 9. Transitional Provisions.
Version: 30a. COMMUNICATION “A” 8483 Validity:
17/09/2026 Page 3

9.4. National public titles included in point 6.2.10. whose liquidity options arranged with the BCRA are rescinded will be excluded from the limits provided for in Section 6.
The exclusion, which will be determined as a percentage based on the accounting valuation of the titles – of the day prior to the date of rescission of the liquidity options arranged with the BCRA – on the computable net worth – last available data –, will remain valid until 36 months subsequent to the amortization of the titles that originated it – recalculating the aforementioned exclusion percentage –, without prejudice to their negotiation. The previously calculated percentage will be reduced by 50% starting from the twenty-fifth month subsequent to the amortization of such titles.

B.C.R.A. FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR
Section 9. Transitional Provisions.
Version: 2a. COMMUNICATION “A” 8483 Validity:
18/09/2026 Page 4

FINANCING OF THE NON-FINANCIAL PUBLIC SECTOR
CONSOLIDATED TEXT ORIGINATING NORM OBSERVATIONS Section Point Paragraph Com. Ch. Point Paragraph 6.
6.3.1. “A” 4230 2. According to Comm. “A” 5472, 6091, 6327 and 6635.
Includes interpretative clarifications.
6.3.2. “A” 4937 According to Comm. “A” 4996, 5015, 5472 and 6635.
6.3.3. “A” 6635
6.3.3.1. “A” 4725
According to Comm. “A” 5472, 6635, 6978, 7443, “C” 50385 and 50828. Includes interpretative clarification.
6.3.3.2. “A” 4725 According to Comm. “A” 5472, 6091, 6327, 6635,
8136 and “B” 10185.
6.3.4. “B” 5902 10. According to Comm. “A” 5013, 5472 and 6635.
6.3.5. “A” 414
LISOL-1
According to Comm. “A” 5472 and 6635. Includes interpretative clarification.
7.
1° “A” 6635
7.1. “A” 2019 According to Comm. “A” 2140, 5472 and 6635.
7.2. “A” 6635
7.2.1. “A” 4817 4. According to Comm. “A” 4876, 5472 and 6635.
7.2.2. “A” 5472 According to Comm. “A” 6635.
7.3. “A” 414
LISOL-1
According to Comm. “A” 817, 4093, 5472, 6167,
6635 and 7944. Includes interpretative clarifications.
8. 8.1. “A” 6635
8.2. “A” 6635
9.
9.1. “A” 3911
According to Comm. “A” 4155, 4230, 4343, 4455, 4546, 4676, 4825, 4898, 4932, 4937, 4996, 5015, 5472, 6091, 6327, 6526, 6635 and “B” 9627. 9.2. “A” 6526 4. According to Comm. “A” 6635, 7016, 7290, 7295, 7511, 7545, 7573, 7614, 7616, 7637, 7727, 8124, 8302, 8306, 8355, 8378 and 8435.
9.3. “A” 8020 According to Comm. “A” 7545, 8058, 8264 and 8483.
Includes regulatory clarification.
9.4. “A” 8063 According to Comm. “A” 8483.