Circular REMON 1-1131: Minimum Cash Requirements. Adjustments.

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8252 05/06/2025 TO FINANCIAL ENTITIES: Ref.: Circular REMON 1-1131: Minimum Cash. Adjustments.

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We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

"- Admit, with effect from 06/06/25, that for the integration of the minimum cash requirement in pesos with the national public titles provided for in the first paragraph of point 1.3.17. of the Text of Ordered Norms on Minimum Cash, their residual term at the moment of their integration shall be considered."

Likewise, we send you the sheets that, in replacement of those previously provided, correspond to be incorporated into the text of the reference, in which points 7.2.2.2., 7.2.2.3. and 7.2.4. and item iii) of point 7.2.3. are eliminated –as they are no longer in force–. In this sense, it is recalled that on this Institution's website www.bcra.gob.ar, accessing "Financial System - LEGAL AND REGULATORY FRAMEWORK - Regulations and summaries - Texts of ordered general regulations", the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We salute you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Marina Ongaro Principal Manager of Issuance and Normative Applications General Deputy Manager of Financial Regulation

ANNEX

Concept Rates in % Group A and G-SIB not included in that group Remaining entities 1.3.13. Stock pledges taken –passive– in pesos, according to their residual term. i) Up to 29 days. 20 20 ii) 30 days or more. 15 15 1.3.14. Deposits in pesos in accounts of providers of payment services that offer payment accounts (PSPOCP) in which the funds of their clients are deposited. 100 100 1.3.15. Deposits in special accounts: 1.3.15.1. In pesos ("Special accounts for holders with agricultural activity" and "Special accounts for exporters"). 0 0 1.3.15.2. In US dollars ("Special accounts to credit export financing"). 0 0 1.3.16. Financial entities may integrate the requirement in pesos –for the period and daily– with "National Treasury Bonds in pesos due May 23, 2027", "National Treasury Bonds in pesos due November 23, 2027", "National Treasury Bonds in pesos due August 23, 2025" and with national public titles in pesos provided for in point 1.3.17. up to: a) 5 percentage points of the rates provided for in point 1.3.8. and in items i) and ii) of points 1.3.5.1. and 1.3.7.1. b) 2 percentage points of the rates provided for in item iii) of points 1.3.5.1. and 1.3.7.1. c) 45 percentage points of the rate provided for in point 1.3.14. d) Entities included in group A and branches or subsidiaries of G-SIB not in- cluded in that group: 5 percentage points of the rates provided for in points 1.3.1., 1.3.2.1. and 1.3.3. 1.3.17. Financial entities may integrate the requirement in pesos –for the period and daily– with BCRA Liquidity Letters (LELIQ) –those of shortest issuance term– and/or BCRA Notes (NOBAC) and/or national public titles in pesos –including those adjustable by CER and with dual currency yield (BONO DUAL) and excluding those linked to the evolution of the US dollar and the Fiscal Liquidity Letters (LeFi)– with a residual term at the moment of their integration not greater than 760 calendar days acquired by primary subscription as follows:

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1.3.17.1. Demand deposits provided for in points 1.3.1., 1.3.2.1. and 1.3.3. i. Entities included in group A and branches or subsidiaries of G- SIB not included in that group up to 4 percentage points of the pre- scribed rate. ii. Entities not included in the preceding item up to 10 percentage points of the prescribed rate. 1.3.17.2. Time deposits and term investments –excluding those included in point 1.3.12.– made by holders of the non-financial private and non-financial public sectors, and those provided for in points 1.3.7.1. and 1.3.10.: the entire requirement. 1.3.17.3. Term investments with variable remuneration made by clients with agri- cultural activity –according to point 2.5.2.2. of the TO on Term Deposits and Invest- ments–: the entire requirement. 1.3.17.4. Other placements. i. Entities included in group A and branches or subsidiaries of G- SIB not included in that group: a) up to 9 percentage points of the rate provided for in item i) of point 1.3.5.1.; b) up to 7 percentage points of the rate provided for in item ii) of point 1.3.5.1.; c) up to 3 percentage points of the rates provided for in items i) to iii) of point 1.3.9.; and d) up to 2 percentage points of the rate provided for in item iii) of point 1.3.5.1. ii. Entities not included in the preceding item: a) up to 3 percentage points of the rates provided for in item i) of point 1.3.5.1., and in items i) to iii) of point 1.3.9.; and b) up to 2 percentage points of the rate provided for in item ii) of point 1.3.5.1.

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6.1. Entities covered. The financial entities included in the list of Annex II of Communication A 7859. 6.2. Minimum Quota. The covered entities, from 01/04/24, for the purpose of complying with this quota must maintain a quarterly average of daily balances (April-June; July-September; October-December and January-March of the following year) of covered financings that is, at minimum, equivalent to 7.5% of the entity's private non-financial sector deposits in pesos subject to fractional reserve –excluding deposits provided for in points 3.12. and 3.13. of the TO on Savings, Salary and Special Accounts–, calculated based on the monthly average of daily balances of the penultimate month prior (February, May, August and November, respectively). If they are entities included in groups B and C –according to what is provided in Section 4. of the TO on Financial Entity Authorities, for which the indicator of point 4.1. of those norms must be computed, for all financial entities, only individually–, the minimum percentage to be applied will be 25% of that previously prescribed. For these purposes, the current residual balances of the financings imputed are computable: i) to quotas 2020, 2021, 2021/2022, 2022, 2022/2023, 2023 and 2023/2024 of the TO on Financing Line for Productive Investment of Micro, Small and Medium Enterprises; ii) in points 7.2.1. and 7.2.2. that have been disbursed by 15/10/2020 and iii) to the previous quarters of this quota. In addition, to comply with the Minimum Mipyme Quota, at least 30% of it must be destined to what is provided for in point 6.4.1. The covered entities that comply with this Minimum Mipyme Quota may compute the decrease in the minimum cash requirement in pesos provided for in point 1.5.1. during the following quarter. 6.3. Destination. The covered financings must be granted to Mipyme clients according to the defi- nition in force in the TO on Determination of the Condition of Micro, Small or Medium Enterprise. The following are excluded from the computation of the Minimum Mipyme Quota: 6.3.1. of the destinations of points 6.4.1. and 6.4.2.: Mipymes with agricultural activity registered in the Simplified Agricultural Information System (SISA) as Producer with stockpiling of wheat and/or soybean production, except that they are categorized as micro- enterprises –according to the definition of the former Secretariat of Small and Medium Enterprise and Entrepreneurs– and the value of that stockpile does not exceed 5% of its annual harvest capacity, estimated based on yields published by the Secretariat of

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7.2.2. Special within the framework of the health emergency established by Decree 260/2020. The requirement will be reduced by an amount equivalent to 40% of the sum of the financings in pesos agreed at a nominal annual interest rate of up to 24% destined for Mipyme –according to the definition contained in the TO on Determination of the Condition of Micro, Small or Medium Enterprise–, with at least 50% of the amount of those financings being destined to working capital lines, such as for example salary payments and coverage of deferred checks. The monthly average balance of the covered financings of the period prior to the computation period of the requirement that meet the conditions indicated will be considered. Financings granted to other financial entities and to non-financial providers of credit –registered in the corresponding registries enabled by the SEFYC– may be included in that sum, provided that: i) within 3 business days from the date on which they receive the assistance those entities use the funds to grant financings to the Mipyme under the conditions of this point and ii) they have a special report from external auditor –registered in the Registry of Auditors of the SEFYC–, which complies with what is provided for in point 7.2.1. This deduction may not exceed 4% of the concepts in pesos subject to requirement on average, of the month prior to the computation, expanding to 6% if they are the following financings agreed from 01/07/2020:

• clients who received the assistance provided for in point 7.2.1., up to the total amount equivalent to the monthly payroll (without bonus) to be paid by the applicant; and
• clients who have not received this special assistance, according to the destinations admitted in this point. 7.2.3. Special within the framework of Decree 332/2020 (and modifications). The requirement will be reduced by an amount equivalent to: i) 60% of the sum of Zero Rate Credits, Subsidized Rate Credits for Enterprises and Zero Rate Culture Credits agreed within the framework of Decree 332/2020 (and modifications) and disbursed by 05/11/2020; and ii) 24% of the Subsidized Rate Credits for Enterprises disbursed from 06/11/2020 at a nominal annual rate of 27%. Their monthly average balance in the period prior to the computation of the requirement will be considered.

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7.2.4. Special within the framework of Decree 512/21. The requirement will be reduced by an amount equivalent to 60% of the sum of the Zero Rate Credits 2021 agreed within the framework of Decree 512/21. Their monthly average balance in the period prior to the computation of the requirement will be considered. The financings computed for the deduction of points 7.2.1. to 7.2.4. may only be computed in one of the cited points. The imputation of the financings of points 7.2.1. and 7.2.2. will be adjusted as follows: i. Financings granted by 15/10/2020 inclusive: it will continue to be computed, for the corresponding deduction, its monthly average of daily balances in the previous period. In the case of financings disbursed from 09/10/2020 and up to 15/10/2020, in both cases inclusive, they may not be imputed for the deductions of points 7.2.1. and 7.2.2. the financings to individuals –natural or legal– that: − belong to sectors of economic activity that have not been considered eligi- ble for any of the benefits of the Emergency Assistance to Employment and Production Program (ATP) created by Decree 332/2020; and/or − after 19/03/2020 have imported final consumer goods, except that they are products and/or medical supplies. ii. Financings granted from 06/11/2020 inclusive: may not be imputed to the deductions of points 7.2.1. and 7.2.2. 7.3. Decrease in the minimum cash requirement in pesos based on the balances of the finan- cings granted by the financial entities covered by the TO on Financing Line for Productive Investment of Mipyme and disbursed by 31/03/24. The requirement will be reduced by an amount equivalent to 40% of the financings provided for in point 4.1. of the Financing Line for Productive Investment of Mipyme that are agreed at a nominal annual interest rate that does not exceed that provided for in point 5.1.1. of those norms, measured by monthly average of daily balances of the previous month. 7.4. Decrease in the minimum cash requirement in pesos based on the balances of the finan- cings granted within the framework of the AHORA 12 and CUOTA SIMPLE programs and disbursed by 23/05/24. 7.4.1. For those financial entities that are adhered to the AHORA 12 program, the requirement will be reduced by an amount equivalent to:

• 50% of the sum of the financings in pesos granted from 01/10/2020 and up to 31/01/22, and
• 40% of the sums of the financings in pesos that they grant from 01/02/22.

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In all cases: a) As provided by the AHORA 12 Program referred to in Joint Resolution 671/14 and 267/14 of the former Ministry of Economy and Public Finances and the former Ministry of Industry, respectively, whose destination is the acquisition of goods and services included in the cited resolution and its complementary norms. To this effect, the balance of the covered financings of the period prior to the computation of the requirement that meet the requirements indicated will be considered. b) To non-financial companies issuing credit cards at an interest rate of up to 17% nominal annual, insofar as those companies have adhered to the AHORA 12 Program. To this effect, the financings of the period prior to the computation of the requirement, measured by monthly average of daily balances, will be considered. The financial entity must require and have documentation that certifies that the borrowing company has used the funds to grant financings under the conditions of the cited program. To this effect, the financings of the period prior to the computation of the requirement, measured by monthly average of daily balances, will be considered. The financial entity must require and have documentation that certifies that the borrowing company has used the funds to grant financings under the conditions of the cited program 7.4.2. For those financial entities adhered to the CUOTA SIMPLE Program –established by Resolution 7/24 of the Ministry of Economy and its complemen- tary norms– the requirement will be reduced by an amount equivalent to:

• 30% of the sums of the financings in pesos that the entity grants up to 21/03/24.
• 15% of the sums of the financings in pesos that the entity grants up to 23/05/24. To this effect, the balance of the covered financings of the period ante- rior to the computation of the requirement that meet the requirements indicated will be considered. The deductions contained in this point may not exceed 8% of the concepts in pe- sos subject to requirement, on average, of the month prior to the computation. 7.5. Deposits in the "Special Account for Asset Regularization" –point 3.16. of the TO on Savings, Salary and Special Accounts– will be considered as demand deposits for the purpose of the minimum cash requirement –point 1.3.2.–. For cases of deposits in foreign currencies other than the US dollar, the require- ment must be imputed to US dollars.

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7.6. Financings granted by the financial entities covered by the Minimum Mipyme Quota. The requirement will be reduced by an amount equivalent to 40% of the financings provided for in point 6.4.1. that are agreed at an average term equal to or greater than 36 months, weighting for this purpose the capital maturities, measured by monthly average of daily balances of the previous month based on the residual balances of the financings agreed by 31/12/24. The balances of the financings computed for this deduction may be computed for the deduction of point 1.5.1. 7.7. Decrease in the minimum cash requirement in pesos for financial entities that have implemented the remote and in-person opening of the Universal Free Account (CGU) provided for in point 3.11. of the TO on Savings, Salary and Special Accounts in function of the residual balances of the financings agreed by 31/12/24. The requirement will be reduced by an amount equivalent to 50% of the financings in pesos grant- ed from 01/03/24 and agreed by 31/12/24 to natural persons and Mipyme –according to the definition contained in the TO on Determination of the Condition of Micro, Small or Medium Enterprise– that have not been reported by financial entities in the Central of Debtors of the Financial System (CENDEU) in June 2024, provided they have been agreed at a nominal annual interest rate that does not exceed, at that time, the rate established in point 2.1.1. of the TO on Interest Rates in Credit Operations. The monthly average balance of the covered financings of the period ante- rrior to the integration of the requirement will be considered. This deduction may not exceed 3% of the concepts in pesos subject to requirement, on average, of the month prior to the integration. 100% of the residual balances of the financings in pesos granted by 29/02/24, will continue to be computed as a decrease in the minimum cash requirement in pesos until their maturity. The financings computed for this deduction may not be computed for the deduc- tions of other points. 7.8. Until 09/30/25, financial entities may compute for the Minimum Mipyme Quota –provided for in Section 6. and in point 1.5.1.– the assistance agreed to natural persons and legal entities domiciled in areas affected by the storm and floods unleashed on 07/03/25 in the city of Bahía Blanca insofar as they are new financings or refinancings for the capital balances owed in that or another financial entity –in the latter case, with direct payment to the creditor entity–, granted from 14/03/25. The intervening financial entity must archive in the credit file of each debtor a copy of the certification issued by the corresponding jurisdiction from which it emerges that the person was affected by the catastrophe.

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MINIMUM CASH ORDERED TEXT ORIGIN NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para. 1. 1.3.7. "A" 3549 According to Com. "A" 4179, 4388, 4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526, 6532, 6616, 6706, 6728, 6740, 6817, 7016, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7614, 7637, 7717, 7767, 7775, 7923, 8061 and 8124. 1.3.8. "A" 4754 6. According to Com. "A" 5356, 5980, 6195, 6526, 6532, 6616, 6728 and 7536. 1.3.9. "A" 5945 4. According to Com. "A" 6069, 6204 and 6616. 1.3.10. "A" 6341 According to Com. "A" 6616. 1.3.11. "A" 6069 4. According to Com. "A" 6616. 1.3.12. "A" 6992 According to Com. "A" 7988, 8000, 8119 and 8189. 1.3.13. "A" 8000 1. According to Com. "A" 8119. 1.3.14. "A" 7429 1.3.15. "A" 7556 4. According to Com. "A" 7570 and 7571. 1.3.16. "A" 6526 According to Com. "A" 6532, 6550, 6587, 6616, 6706, 7016, 7290, 7511, 7536, 7611, 7637, 7767 and 8134. 1.3.17. "A" 6550 According to Com. "A" 6556, 6559, 6575, 6587, 6616, 6706, 6738, 6740, 6817, 7018, 7029, 7047, 7092, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7573, 7614, 7717, 7775, 7923, 8061, 8124, 8134, 8189 and 8252. 1.3. Ante- penulti- mate "A" 7717 According to Com. "A" 8061. Penulti- mate "A" 6526 According to Com. "A" 6532, 6556, 6569, 6575, 6587, 6616, 6628, 6740, 7016, 7290, 7295, 7511, 7536, 7573, 7637, 7767 and 8061. Last "A" 7742 Includes regulatory clarification. 1.4. "A" 3905 3. According to Com. "A" 4179, 4449, 4473, 5671, 5740, 6232, 6349, 6719, 6871, 7046 and 8246. 1.5. "A" 5356 2. According to Com. "A" 5471. 1.5.1. "A" 5356 2. According to Com. "A" 5471, 5623, 6531, 6703, 6705, 7430, 7432, 7758 and 7983, 8021, 8124 and 8159. 1.5.2. "A" 6740 1. According to Com. "A" 7254, 7536, 7661 and 7795.

MINIMUM CASH ORDERED TEXT ORIGIN NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para. 4. 4.1. "A" 3274 II 4. 4.1. 5. 5.1. "A" 3274 II 5. 5.1. According to Com. "A" 3498, 5693 and 6832. 5.2. "A" 3905 5. According to Com. "A" 5356 and 5693. 5.3. "A" 3905 5. According to Com. "A" 4449, 6167 and 7944. 6. 6.1. "A" 7983 1. 6.2. "A" 7983 1. According to Com. "A" 8018. 6.3. "A" 7983 1. 6.4. "A" 7983 1. 6.4.1. "A" 7983 1. 6.4.2. "A" 7983 1. According to Com. "A" 8021. 6.4.3. "A" 7983 1. 6.5. "A" 7983 1. 6.5.1. "A" 7983 1. 6.5.2. "A" 7983 1. 7. 7.1.1. "A" 5246 3. 7.1.2. "A" 5312 According to Com. "A" 5333. 7.2. "A" 7536 2. 7.2.1. "A" 6858 1. According to Com. "A" 6901, 6907 and 7536. 7.2.2. "A" 6937 2. According to Com. "A" 6943, 7054, 7140, 7155, 7536 and 8252. 7.2.3. "A" 6993 2. According to Com. "A" 7082, 7157, 7536 and 8252. 7.2.4. "A" 7342 2. According to Com. "A" 7536. 7.2. last "A" 6858 2. According to Com. "A" 6965, 6993, 7006, 7140, 7132, 7155, 7157, 7161, 7254, 7342 and 7536. 7.3. "A" 7983 3. 7.4. "A" 5631 1. According to Com. "A" 5638, 6217, 6531, 6857, 6910, 6937, 7114, 7334, 7448, 7951, 7983 and 8026. 7.5. "A" 8062 2. According to Com. "A" 8124. 7.6. "A" 7161 5. According to Com. "A" 7432, 7459, 7474, 7491, 7536, 7561, 7983 and 8159. 7.7. "A" 7254 1. According to Com. "A" 7287, 7536, 7970, 8057 and 8159. Includes clari- fication regulatory. 7.8. "A" 8215 1.