Resolution JPRFM-2026-011-F: Amendment of Loan Term Limits for Social and Public Interest Housing

RESOLUTION No. JPRFM-2026-011-F
THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting under a state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 of the same instrument states that Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 of the constitutional norm determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Branch;

That, on October 13, 2025, the Organic Reformatory Law of the Organic Monetary and Financial Code was published in the Sixth Supplement of Official Registry No. 142;

That, Article 13 of the Organic Monetary and Financial Code creates the Board of Financial and Monetary Policy and Regulation, part of the Executive Branch, as an organ with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Board of Financial and Monetary Policy and Regulation shall be the highest governing body of the Central Bank of Ecuador;

That, Article 17 of the aforementioned Code, in its pertinent part, determines that:

"(...) For the fulfillment of these functions, the Board shall issue regulations in matters within its competence, without altering legal provisions.
The Board of Financial and Monetary Policy and Regulation may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Board of Monetary Policy and Regulation, the Board of Financial Policy and Regulation, or the Board of Monetary and Financial Policy and Regulation.
All norms and policies issued by the Board of Financial and Monetary Policy and Regulation in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)";

That, Article 18 of the same instrument establishes the specific functions of the Board of Financial and Monetary Policy and Regulation in the financial sphere; in particular, in its items 2, 3, and 10, it empowers it to issue regulations that allow maintaining the integrity, solidity, sustainability, and stability of the national financial systems in accordance with what is provided in Article 309 of the Constitution of the Republic of Ecuador, to issue micro-prudential regulations; and to issue the prudential regulatory framework to which financial entities must adhere, which must be coherent and not give rise to regulatory arbitrage;

That, Article 24 of the same Code provides that the acts of the Board of Financial and Monetary Policy and Regulation enjoy the presumption of legality and shall be expressed through resolutions that will have mandatory force, which will govern from their publication in the Official Registry, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That, Article 25.2 of the same instrument determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports supporting regulatory proposals, providing technical and administrative support to the Board of Financial and Monetary Policy and Regulation, and the others assigned to it by said Board;

That, Article 130 of the same legal body provides that the Board of Financial and Monetary Policy and Regulation will establish the interest rate system for active and passive operations of the national financial system and the other interest rates required by law;

That, the Twenty-Ninth General Provision of the Organic Monetary and Financial Code states: "In existing legislation where mention is made, indistinctly, of the Board of Monetary and Financial Policy and Regulation, the Board of Monetary Policy and Regulation; or, the Board of Financial Policy and Regulation, replace and understand as 'Board of Financial and Monetary Policy and Regulation';"

That, Executive Decree No. 316, published in the Sixth Supplement No. 236 of the Official Registry on March 4, 2026, reforms the Regulation on Social and Public Interest Housing, in order to generate more favorable conditions for credit subjects, guaranteeing the sustainability of the system and access to adequate and dignified housing;

That, Article 3 of the aforementioned Executive Decree grants the Board of Financial and Monetary Policy and Regulation a term of fifteen (15) days, counted from the publication in the Official Registry, to make the necessary normative reforms to adjust the conditions for access to mortgage credits destined for social and public interest housing, in accordance with the new term established in Article 1 of said Decree;

That, Article 11 of the Regulation on Social and Public Interest Housing, reformed by Executive Decree No. 316, establishes that the beneficiary may request a mortgage credit with a preferential interest rate, with a term of up to 30 years. The applicable preferential interest rate will be determined by the governing body of financial and monetary policy and regulation;

That, Article 17 of the aforementioned Regulation, reformed by the cited Executive Decree, provides that the Board of Financial and Monetary Policy and Regulation will determine the applicable preferential interest rate for mortgage credits for the third housing segment. The maximum term for the mortgage credit will be up to 30 years;

That, Chapter XI "Norm for the financing of social and public interest housing with the participation of the public, private, popular, and solidary financial sector, and non-financial public sector entities", Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, contains the regulation relative to the financing of social and public interest housing;

That, the First Transitory Provision of the Organic Reformatory Law of the Organic Monetary and Financial Code determines that the members of the Board of Financial and Monetary Policy and Regulation, sworn in on September 16, 2025, by the National Assembly, will continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That, through Office No. T.233-SGJ-25-098, dated September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Board of Financial and Monetary Policy and Regulation was sent; as well as, the temporality of their stay within the initial period;

That, the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Board of Financial and Monetary Policy and Regulation, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; and, María Isabel Camacho Cárdenas;

That, the Board of Financial and Monetary Policy and Regulation, through ordinary session No. 008-2026, under hybrid modalities, on March 23, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0092-M, dated March 16, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation; as well as, Technical Report No. BCE-GEEE-019-2026 / BCE-SEPM-018-2026, dated March 11, 2026; and, Legal Report No. BCE-GJ-2026-0026-M, dated March 16, 2026; and,

In exercise of its functions and in attention to Article 24 of the Organic Monetary and Financial Code, the Board of Financial and Monetary Policy and Regulation,

RESOLVES:

Article 1. - Substitute item 5 of Article 4 of the section "For Social Interest Housing" of Chapter XI "Norm for the financing of social and public interest housing with the participation of the public, private, popular, and solidary financial sector, and non-financial public sector entities", Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, with the following text:

"5. Term: minimum 20 (twenty) years or maximum up to 30 (thirty) years;".

Article 2. - Substitute item 5 of Article 4 of the section "For Public Interest Housing" of Chapter XI "Norm for the financing of social and public interest housing with the participation of the public, private, popular, and solidary financial sector, and non-financial public sector entities", Title II "National Financial System", Book I "Monetary and Financial System" of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, with the following text:

"5. Term: minimum 20 (twenty) years or maximum up to 30 (thirty) years;".

FINAL PROVISION. - This resolution will enter into force from its issuance, without prejudice to its publication in the Official Registry.

The publication on the institutional website and the updating of the Codification of Monetary, Financial, Securities, and Insurance Resolutions is entrusted to the General Secretariat of the Central Bank of Ecuador.

COMMUNICATE AND PUBLISH. - Given in the city of Guayaquil, on March 23, 2026.

THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila

The aforementioned resolution was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the city of Guayaquil, on March 23, 2026.- I CERTIFY.

TECHNICAL SECRETARIAT
Mgs. Jennifer Mishel Carrillo Rosales