Financial Intermediation Institutions - Last Resort Loans by the Central Bank of Uruguay

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Montevideo, September 4, 2026
Ref: FINANCIAL INTERMEDIATION INSTITUTIONS -
Last Resort Loans by the Central Bank of Uruguay.
The market is informed that the Superintendence of Financial Services adopted Resolution SSF No. 2026-558 on August 31, 2026.
2026-50-1-01345
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy JUAN PEDRO CANTERA Superintendent of Financial Services CIRCULAR No. 2512

SUPERINTENDENCE OF FINANCIAL SERVICES – RESOLUTION SUPERINTENDENCE OF FINANCIAL SERVICES VIEWING: Article 692 of Law No. 20.446 of December 16, 2025, which replaced Article 34 of Law No. 16.696 of March 30, 1995, as amended by Article 7 of Law No. 18.401 of October 24, 2008, with the modification introduced by Article 5 of Law No. 18.670 of July 20, 2010, which refers to last resort loans by the Central Bank of Uruguay. RESULTING: That through the aforementioned legal change, public offering values issued by the State or the Central Bank of Uruguay and other public offering values are added as collateral for liquidity assistance, and repo operations are incorporated into the assistance modalities. CONSIDERING: That it corresponds to align the current regulation with the legal change introduced by the article referred to in the VIEWING section, modifying Article 289 of the Compilation of Regulations and Control Norms of the Financial System accordingly. ATTENTIVE: To the provisions of Article 34 of Law No. 16.696 of March 30, 1995, as amended by Article 692 of Law No. 20.446 of December 16, 2025, the powers established in letter A) of Article 38 of Law No. 16.696 of March 30, 1995, as amended by Article 694 of Law No. 20.446 of December 16, 2025, and the reports in file No. 2026-50-1-01345. THE SUPERINTENDENT OF FINANCIAL SERVICES RESOLVES:

1. SUBSTITUTE in Title XIII – Financial Assistance, of Book II – Stability and Solvency of the Compilation of Regulations and Control Norms of the Financial System, Article 289 with the following:
   ARTICLE 289 (LAST RESORT LOANS).
   The Central Bank of Uruguay is the lender of last resort for financial intermediation institutions and in extreme cases may act as such.
   In such capacity, it may enter into buy-sell, repo, discount, or rediscount operations whose object is the values detailed below or make loans secured by real guarantees on the same:
   a) Public offering values issued by the State or the Central Bank of Uruguay. b) Other public offering values. c) Bills of exchange, vouchers, and promissory notes drawn for commercial, industrial, or agricultural purposes, which mature within the following 180 (one hundred and eighty) days and which are endorsed by the RR-SSF-2026-558 Date: 31/08/2026 12:48:11 CIRCULAR No. 2512

financial intermediation institution in favor of the Central Bank of Uruguay.
The operations may never exceed an amount of one and a half times the equity of the assisted institution.
The terms and conditions of the aforementioned operations shall be determined by the Board of Directors, requiring in the case of letters b) and c) the favorable vote of all its members.
In the case of guaranteed loans, the term may not exceed 90 (ninety) days and must be backed by personal or real guarantee of solvency proven by the assisted institution.
To consider a loan with the guarantees established in letters b) and c) of this article, the Board of Directors must have reports from the Superintendence of Financial Services and from the Corporation for the Protection of Bank Savings. The latter may, with due justification, request the Board of the Bank to limit assistance to percentages lower than the previously established cap.
2. COMMUNICATE the resolution via Circular.
JUAN PEDRO CANTERA
Superintendent of Financial Services
RR-SSF-2026-558 Date: 31/08/2026 12:48:11
File 2026-50-1-01345
Publishable: Yes - Signatory: JUAN PEDRO CANTERA SECTION CIRCULAR No. 2512