Resolution SBS No. 02347-2026: Approves the Regulation for the Management of Liquidity Risk of Savings and Credit Cooperatives Not Authorized to Capture Public Funds

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Lima, September 23, 2026 RESOLUTION SBS No. 02347-2026 The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, Law No. 30822 modified the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking, Insurance, and Private Pension Fund Administrators, Law No. 26702 and its amendments (hereinafter, General Law), replacing the Twenty-Fourth Final and Complementary Provision, establishing new provisions regarding the regulation and supervision of savings and credit cooperatives not authorized to capture public funds (hereinafter, Coopac);

That, in item 4-A-1 of the Twenty-Fourth Final and Complementary Provision of the General Law, it is established that in matters of regulation, the Superintendence of Banking, Insurance, and AFP issues the norms necessary for the compliance with what is established in said final and complementary provision, as well as other aspects necessary for the supervision and regulation of Coopac, which are consistent with the modular scheme contemplated in item 2 of said final and complementary provision. The norms issued by the Superintendence of Banking, Insurance, and AFP must respect the cooperative and proportionality principles applicable to supervision;

That, through Resolution SBS No. 480-2019 and its amendments, the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds was approved, which contemplates some guidelines on liquidity indicators, establishes liquidity ratios and the liquidity coverage ratio, as well as the calculation methodology, applicable limits, and adaptation schedules for the convergence of Coopac to their compliance;

That, through Resolution SBS No. 13278-2009, and amendments, the Regulation on Integral Risk Management was approved, which establishes that Coopac must have an integral risk management adequate to their size and the complexity of their operations and services;

That, the regulatory framework related to risk management must be complemented with specific norms that establish guidelines for each type of significant risk;

That, among the risks faced by supervised Coopac in the development of their activities is liquidity risk, which can arise from the possibility of losses due to failing to meet financing and fund application requirements arising from cash flow mismatches, as well as from not being able to quickly close open positions in sufficient quantity and at a reasonable price, and with poor management without a risk appetite framework, governance, and treatment;

That, for the purpose of collecting opinions from the general public, the draft was pre-published through Resolution SBS No. 01680-2026, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, the Fifteenth Complementary Final Provision of Law No. 30822, as well as Supreme Decree No. 009-2024-JUS;

Having the previous technical and positive viability report of the norm from the Assistant Superintendence of Cooperatives and with the approval of the Assistant Superintendences of Cooperatives and of Regulation and Legal;

And,

In exercise of the powers conferred by items 7 and 9 of article 349 of the General Law, as well as in item 4-A of the Twenty-Fourth Final and Complementary Provision of the General Law;

RESOLVES:

Article First.- Approve the “Regulation for the Management of Liquidity Risk of Savings and Credit Cooperatives Not Authorized to Capture Public Funds”, in the following terms:

REGULATION FOR THE MANAGEMENT OF LIQUIDITY RISK OF SAVINGS AND CREDIT COOPERATIVES NOT AUTHORIZED TO CAPTURE PUBLIC FUNDS

TITLE I
GENERAL PROVISIONS

Article 1°.- Scope
The provisions of this Regulation are applicable to Savings and Credit Cooperatives Not Authorized to Capture Public Funds with Level 3 and 2—as referred to in item 2.11 of clause 2 of article 7 of the Unified Ordered Text of the General Law of Cooperatives, approved by Supreme Decree No. 001-2026-PRODUCE—and Central Savings and Credit Cooperatives—that operate exclusively with their members (hereinafter, the Coopac, the cooperative, or the cooperatives).

Savings and Credit Cooperatives with Level 1 may voluntarily adhere to the provisions of this Regulation.

Article 2°.- Definitions
For the application of this Regulation, the following definitions must be considered:

a) Early liquidity risk alerts: Preventive thresholds established within the tolerance range, which are activated when liquidity indicators approach internal limits, without yet constituting a non-compliance, and which trigger reinforced monitoring and the adoption of timely preventive measures.

b) Liquidity risk appetite: The level of liquidity risk that the cooperative is willing to assume expressed in alert thresholds, limits, and metrics in its search for profitability and value.

c) BCRP: Central Reserve Bank of Peru.

d) Liquidity risk capacity: The maximum level of liquidity risk that the cooperative can support, considering its size, financial structure, asset quality, and access to financing sources, without failing to meet its obligations or compromising its continuity.

e) Specific crisis: A stress situation affecting only one cooperative, originating from internal factors or specific to the entity, such as management, financial, or reputational problems. It causes significant fund outflows or liquidity restrictions without affecting the rest of the system.

f) Systemic or regional crisis: A generalized stress situation affecting the financial system and/or the cooperative system as a whole, or a specific region of the cooperative system, originating from external factors (economic, financial, social, health, or others) that deteriorate confidence and/or restrict financing sources. It can generate simultaneous liquidity tensions in multiple entities.

g) Maturity mismatch: The difference between the average maturity of loans and the average maturity of deposits and allows identifying structural gaps in the cooperative's balance sheet and its potential impact on liquidity.

h) Volatile funding: A set of financing sources whose permanence is unstable or susceptible to withdrawal in the short term, particularly in response to changes in market conditions, deterioration in risk perception, or episodes of liquidity stress. This type of funding includes, among others, savings with low historical stability, very short-term deposits, large-sized deposits concentrated in few depositors, institutional or corporate captures, short-term inter-cooperative financing.

i) Responsible officials or professionals: Managers and other officials who participate in liquidity risk management.

j) Liquidity risk management: The process consisting of the identification, measurement, evaluation, treatment, control, information, and monitoring of liquidity risk. This process aims to ensure that the cooperative has sufficient resources to face a set of expected and unexpected events that affect its liquidity, such as the loss or decrease of financing sources.

k) Internal liquidity risk limit: Minimum or maximum values established by the cooperative for its liquidity indicators, whose non-compliance is not permitted and which seek to ensure prudent management of liquidity risk, in accordance with its risk profile and regulatory requirements when applicable.

l) Liquidity: The capacity to generate or obtain cash or its equivalent in sufficient quantity, in a timely manner and at a reasonable price, which allows the cooperative to meet its commitments and finance new business activities.

m) Residual maturity term: The remaining time until the maturity of a liability (e.g., deposits) or asset (e.g., loans). It is measured from the evaluation date to its effective maturity (the date when collection or payment is expected) and differs from the original term, which corresponds to the term agreed upon at the start of the operation.

n) Weighted average maturity of loans: The weighted average term in which outstanding loans generate cash flows (monthly), considering their amounts and residual maturities, and which approximates the time in which placed resources convert into liquidity.

o) Weighted average maturity of deposits: The weighted average term in which obligations to members become due, considering their amounts and residual maturities, and which approximates the time when cash outflows (monthly) must be met.

p) Regulation on Integral Risk Management: Regulation on Integral Risk Management for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds, approved by Resolution SBS No. 13278-2009 and its amendments.

q) General Regulation: General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved through Resolution SBS No. 480-2019 and its amendments.

r) Liquidity risk: The possibility that the cooperative does not have sufficient liquidity or cannot obtain it in time to meet its obligations promptly under normal or stressed conditions, due to maturity mismatches, unexpected withdrawals, or difficulties in converting assets into cash without incurring significant losses.

s) Superintendence: Superintendence of Banking, Insurance, and Private Pension Fund Administrators.

t) Liquidity risk tolerance: An acceptable range of deviation from internal liquidity limits, within which the cooperative can operate without incurring non-compliance, but which requires monitoring, control, and, if necessary, corrective actions.

TITLE II
LIQUIDITY RISK MANAGEMENT

CHAPTER I
INTERNAL ENVIRONMENT

Article 3°.- Responsibilities of the Board of Directors
Cooperatives are responsible for conducting liquidity risk management adequate to their size, the complexity of their operations and services, and the level of risk faced. For this purpose, and in compliance with what is established in this norm and other related norms, it is the responsibility of the Board of Directors:

a) Approve the levels of appetite and tolerance for liquidity risk based on business objectives, direction, and strategy. Tolerance must guarantee that the Coopac carries out solid liquidity management under normal and stressed conditions.

b) Establish an appropriate organizational structure for liquidity risk management.

c) Establish a robust liquidity management framework that guarantees sufficient liquidity in the Coopac, including a cushion of high-quality liquid assets to face a stress scenario.

d) Approve and review periodically, at least annually, the strategies, policies, manuals, and procedures for liquidity risk management, based on changes in the Coopac's risk profile and events affecting the macroeconomic situation and the market in which it operates. Specific liquidity risk management policies must contain, at a minimum, aspects related to: the composition and maturity term of assets and liabilities; diversity and stability of financing sources; liquidity management approach in national and foreign currency and business lines; daily liquidity management approach, and especially in scenario simulation.

e) Be informed of the liquidity risk to which the Cooperative is exposed, as well as its evolution.

f) Be informed of the report on monitoring internal limits and early warnings for liquidity risk management.

g) Be informed of the results of scenario simulations and the corresponding corrective actions.

h) Approve the liquidity contingency plan and order the activation of said plan.

i) Monitor that General Management effectively implements the policies and procedures for liquidity risk management, in accordance with the cooperative's liquidity risk appetite.

j) Ensure compliance with the provisions contained in this norm, without prejudice to the obligations on the matter established by other norms.

Article 4°.- Responsibilities of General Management

4.1 It is the responsibility of General Management to implement the liquidity risk management strategy in accordance with the provisions approved by the Board of Directors.

4.2 The strategy implemented by General Management, previously approved by the Board of Directors, must consider the content of the specific liquidity management policies.

4.3 The implementation of the strategy by General Management must take into account liquidity needs under normal conditions and during periods of stress.

Article 5°.- Organization, delimitation of responsibilities, and segregation of functions
Coopac must establish an appropriate organizational structure, delimit the responsibilities and segregation of functions of the areas involved in liquidity risk management. The level of segregation of functions must be in accordance with the size, the complexity of their operations and services, and the level of risk faced.

Article 6°.- Committees

6.1 The Board of Directors may constitute the committees it deems necessary to comply with the provisions contained in this regulation and the responsibilities indicated in Article 3°.

6.2 For Level 3 and Level 2 Coopac with total assets greater than 32,200 UIT, the constitution of a Risk Committee with functions in liquidity risk management is mandatory. Level 2 Coopac with total assets equal to or less than 32,200 UIT may opt for said committee when they consider it pertinent within their structure and integral risk management system. Additionally, the Superintendence may require the creation of this committee when it observes in the exercise of supervision an increase in exposure to liquidity risk or circumstances that warrant the activation of said committee for its adequate management.

6.3 For Level 3 and Level 2 Coopac with total assets greater than 32,200 UIT, the constitution of an Asset and Liability Committee is mandatory. Level 2 Coopac with total assets equal to or less than 32,200 UIT may opt for said committee when they consider it pertinent within their structure and integral risk management system. Additionally, the Superintendence may require the creation of this committee or others when it observes in the exercise of supervision an increase in exposure to liquidity risk or circumstances that warrant the activation of said committee to strengthen management.

The Superintendence may consider, among others, the following situations for the creation of the aforementioned Committees:

a) Structural maturity mismatch: when an average maturity mismatch between loans and deposits greater than two (2) years is verified for six (6) or more months within the last year, or when said mismatch is considered persistent according to the Coopac's business model and risk appetite.

b) Signals of tension or deterioration in metrics or limits: when there is non-compliance, or recurrent proximity (repeated events) to internal or regulatory liquidity limits, or the need to activate corrective measures for deviations from approved tolerances.

c) Concentration and/or volatility of funding: when high concentration of liabilities (by counterparties, products, or terms) or a material dependence on potentially volatile funding sources is observed, which increases the Coopac's vulnerability to idiosyncratic or systemic stress scenarios.

6.4 Coopac must maintain, available to the Superintendence, the calculation form for the weighted average maturity of loans and deposits.

Article 7°.- Asset and Liability Management Committee

7.1 The Board of Directors must constitute an Asset and Liability Management Committee, in the cases provided for in Article 6°, to fulfill strategic and executive functions of management and monitoring of liquidity risk. This Committee must be composed of responsible persons from the risk, business, finance, and/or treasury areas.

7.2 The Asset and Liability Management Committee must have functions and responsibilities distinct from those assigned to the Risk Committee, and communication channels between both committees must be established, so as to contribute to efficient and coordinated management of liquidity risk.

7.3 The Asset and Liability Management Committee must meet at least once a month, and all agreements taken must be recorded in minutes, which will be available to the Superintendence. Likewise, said Committee must establish efficient communication channels with the Board of Directors, in order to keep it informed about the strategies adopted in asset and liability management related to the liquidity risk assumed by the cooperative.

Article 8°.- Functions of the Asset and Liability Management Committee

8.1 The Asset and Liability Management Committee will perform the following functions regarding liquidity risk management:

a) Establish general asset and liability management strategies.

b) Analyze and monitor commercial and financial strategies, and the level of liquidity risk assumed.

c) Analyze the impact of new products and services on asset and liability management.

d) Establish objectives and guidelines for asset and liability management, as well as the modifications made to them.

e) Coordinate with the different areas of the cooperative for a better understanding and application of policies related to liquidity risk.

f) Analyze the current and projected liquidity position, and define the cooperative's strategies and financing sources.

g) Evaluate the financial impact of maintaining liquidity available versus other investment alternatives.

h) Analyze and monitor the results of asset and liability management strategies and decisions implemented by the cooperative.

i) Analyze the results of scenario simulations and, if necessary, propose modifications to asset and liability management strategies based on the results obtained.

8.2. For Coopac regarding which the constitution of the Asset and Liability Management Committee is not mandatory according to what is established in Article 6°, the functions assigned to said committee will be exercised by General Management.

Article 9°.- Risk Committee

9.1 The Board of Directors must constitute a Risk Committee, in the cases provided for in Article 6°, to fulfill functions of integral supervision of liquidity risk, approval of the management framework, monitoring, identification of significant risks, and taking corrective actions. The composition of the Risk Committee is subject to what is established in the Regulation on Integral Risk Management, and must have at least one member of the Board of Directors.

9.2 The Risk Committee must meet at least once a month, and all agreements taken must be recorded in minutes, which will be available to the Superintendence. Likewise, said Committee must establish efficient communication channels with the Board of Directors, in order to keep it informed about the liquidity risk assumed by the cooperative.

Article 10°.- Functions of the Risk Committee

10.1. The Risk Committee, by delegation of the Board of Directors, and within the limits set by it, will assume the following functions regarding liquidity risk management:

a) Propose for approval by the Board of Directors, the policies, manuals, and procedures for liquidity risk management.

b) Propose, for approval by the Board of Directors, the level of appetite and tolerance for liquidity risk that the cooperative is willing to assume in the development of business, including internal limits and early warnings.

c) Approve the methodologies, models, assumptions, parameters, and scenarios that will be used for the measurement and control of liquidity risk proposed by the Risk Unit.

d) Approve the mechanisms for the implementation of corrective actions such as the conditions or scenarios for breach of internal limits or early warnings including the activation of the liquidity contingency plan proposed by the Risk Unit, in case there are deviations with respect to the established levels of appetite and tolerance for liquidity risk.

e) Approve and review the results of scenario simulations and the liquidity contingency plan. It must also be in charge of checking and periodically reviewing the effectiveness of contingency plans.

10.2. In Coopac regarding which the constitution of the Risk Committee is not mandatory according to what is established in Article 6°, the functions assigned to said committee will be exercised by the Board of Directors.

Article 11°.- Functions of the Risk Unit

11.1 The Risk Unit, or whoever assumes said function according to the Regulation on Integral Risk Management, must have functional independence, keeping its responsibilities clearly separated from the business areas and the other operational units.

11.2 The Risk Unit, or whoever assumes said function, of the cooperative must fulfill the following functions regarding liquidity risk management:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

a) Propose policies for liquidity risk management. b) Participate in the design and review of liquidity risk management manuals. c) Develop the methodology for quantifying liquidity risk, in normal and stress scenarios. d) Ensure adequate liquidity risk management, promoting the alignment of risk treatment measures with the cooperative's risk appetite and tolerance levels. e) Permanently evaluate compliance with the policies and procedures established by the cooperative for liquidity risk management. f) Periodically simulate stress scenarios to identify net financing needs. g) Recommend, based on the results of stress scenario simulations, the necessary corrective actions and, if applicable, changes to the liquidity strategy. h) Continuously monitor compliance with regulatory limits, internal limits determined by the cooperative according to tolerance levels, and early warning alerts established for the Coopac. i) Design the liquidity contingency plan and follow up when it is activated.

Article 12.- Board of Directors, officials, and qualified professionals

12.1 The members of the Board of Directors strive to maintain an adequate level of knowledge regarding liquidity risk management that allows them to understand the relevant liquidity risk indicators, reports, and analyses, as well as the reports and analyses presented by the Committees, the Risk Unit, the General Management, and other officials responsible for management and monitoring, to evaluate the actions adopted for the management of said risk, including their impacts on the balance sheet structure and the financial performance of the Coopac.

12.2 The officials and professionals responsible for the areas involved in liquidity risk management must have, as appropriate, adequate training, knowledge, and experience. Likewise, they must maintain an adequate level of professional competence, and perform their functions and responsibilities with integrity and ethics.

12.3 A training plan for the Board of Directors and officials responsible for liquidity risk management must be established, which will be presented to said Board, and approved annually by this governing body.

CHAPTER II
ESTABLISHMENT OF OBJECTIVES

Article 13.- Policies and procedures

13.1 The Board of Directors is responsible for approving the policies, manuals, and procedures for the identification, measurement, evaluation, treatment, control, information, and monitoring of liquidity risk.

13.2 Such policies are oriented to safeguard at all times an adequate level of liquidity of the Cooperative, and must be established according to the size, complexity of operations and services, level of risks faced, and systemic importance of the Cooperative.

Article 14.- Internal limits, tolerance, and early warning indicators

14.1 The Board of Directors, or the Risk Committee by express delegation from the former, is responsible for approving an early warning structure, internal liquidity risk limits, and liquidity risk tolerance, based on the liquidity risk capacity, and the previously defined risk appetite framework. This structure must be consistent with the size, level of liability concentration, and complexity of the Cooperative's operations and services. The Board of Directors, or the Risk Committee, must establish the frequency of review of this structure.

14.2 Internal limits must be established for the global liquidity ratio provided for in Article 22, as well as for the operational liquidity management indicators indicated in paragraph 20.3 of Article 20 of this Regulation. Regarding the defined internal limits, the cooperative must establish acceptable tolerance levels, understood as the ranges of permitted deviation with respect to said limits, within which early warnings are activated for the adoption of preventive measures.

14.3 A set of early warning indicators must be established with the purpose of avoiding non-compliance with limits, which complement liquidity risk management and allow for the timely recognition of the emergence of risks in the cooperative's liquidity position or possible financing needs. Cooperatives must establish early warnings regarding positions that approach the internal limits established by the Coopac.

14.4 Likewise, the Risk Committee, or whoever assumes the risk management functions, is responsible for establishing procedures for the timely reporting of internal limit breaches and the activation or breach of early warnings.

14.5 Such procedures must specify the officials or areas in charge of preparing and sending the explanation of the event, as well as the proposal of corrective or preventive actions to be adopted, and in what situation of internal limit violation the liquidity contingency plan indicated in Article 33 must be activated. Likewise, communication channels and means must be defined, ensuring direct, immediate, and formal communication to the Board of Directors, as well as the identification of the officials and bodies that must be informed of such situations.

14.6 The Risk Unit, or whoever assumes said function, must prepare and maintain a monitoring report of alerts and internal limits in accordance with the liquidity risk appetite framework, which must comply with the format indicated in Annex No. 1 "Monitoring Report of Liquidity Risk Alerts and Limits". Said report and its trend and compliance analyses must be sent, at least monthly, to the Board of Directors and to the corresponding Committees, whose members must take knowledge and adopt the necessary corrective measures, leaving evidence in minutes of their review and of the agreements adopted, especially in situations of deterioration or liquidity stress scenarios. The report must contain, at minimum:

a) Name of the indicator b) Description of the calculation method c) Evaluated period d) Value obtained in the period e) Defined early warning level f) Current internal limit g) Minimum value reached in the last 30 days. h) Maximum value reached in the last 30 days. i) Number of times the early warning threshold was exceeded in the last 30 days.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

j) Number of times the current internal limit was breached in the last 30 days. k) Number of times the regulatory limit was exceeded in the last 180 days l) Opinion of the Risk Unit, or of whoever exercises said function, on the results obtained and recommended actions on the matter.

14.7 The monitoring report of internal liquidity risk alerts and limits must be available to this Superintendence in the means it requires. Likewise, the Superintendence may require the submission of said report on a daily basis when it observes, in the exercise of supervision, an increase in exposure to liquidity risk.

Article 15.- Liquidity risk management manuals

15.1 Cooperatives must have liquidity risk management manuals that must consider, at least, the following points:

a) Policies and procedures b) Responsibilities of Committees and areas involved in liquidity risk management c) Methodologies for measuring liquidity risk d) Structure of internal limits, early warnings, and liquidity tolerance e) Methodologies for scenario simulation f) Liquidity contingency plan, describing the situation of internal limit violation in which the Cooperative will activate said plan.

15.2 Such manuals must be permanently updated and available to the Superintendence.

CHAPTER III
IDENTIFICATION, MEASUREMENT, AND EVALUATION OF LIQUIDITY RISK

SUBCHAPTER I
METHODOLOGIES, SCENARIO SIMULATION, AND LIABILITY CONCENTRATION

Article 16.- Liquidity risk measurement methodologies

16.1 The measurement of liquidity risk requires an integral methodology, since it also occurs as a consequence of the interaction of other types of risks; and prospective, because it depends on the occurrence of possible future adverse events. Thus, cooperatives must have measurement tools that allow them to evaluate their exposure to liquidity risk, covering both short-term operational liquidity and long-term structural liquidity. Likewise, such tools must consider the way in which other risks, such as credit, market, operational, and reputational risks, can affect the Coopac's global liquidity strategy.

16.2 On the other hand, for all relevant business activities, the Coopac must include liquidity costs, benefits, and risks in internal pricing formation processes, result measurement, and approval of new products, in order to align the risk-taking incentives of the different business lines with the liquidity risk exposures that their activities occasion to the Coopac as a whole.

16.3 In this sense, the Risk Unit, or whoever assumes said function, are responsible for elaborating an appropriate methodology to measure liquidity risk, which must be composed of appropriate indicators or simulations, consistent with the size and complexity of the Coopac's operations and services. Such methodologies, as well as their corresponding assumptions, must be clearly understood by the Board of Directors, the Risk Unit staff, as well as by the members of the Risk Committee and the Assets and Liabilities Committee, as appropriate.

Article 17.- Scenario simulation

17.1 The Risk Unit, or whoever assumes said function, must periodically perform scenario simulations to measure the Coopac's liquidity risk. Thus, simulations and impacts on available funds and liquidity position, excluding restricted available funds, must be performed for at least the following scenarios:

1. Withdrawals equivalent to 15%, 20%, and 25% of the balance of capital and accrued interest of obligations with members and Coopac deposits in sight, savings, and fixed-term deposits (independent scenarios)
2. Total withdrawals of funds from the top 10 and 20 depositers considering the balance of capital and accrued interest of obligations with members and Coopac deposits
3. Withdrawals of funding from wholesale funders (from financial institutions, State, other cooperatives, institutional bodies, or other legal entities), considering capital balance and accrued interest.

17.2 The Coopac may establish other scenarios, such as the following:

1. Specific crisis events of the Coopac: Other liquidity stress scenarios, associated with the historical behavior of the cooperative including episodes of reputational or media risk.
2. Systemic or regional crisis events: Fund withdrawals originated by external factors such as pandemics, social conflicts, environmental events, or other relevant changes in external conditions (regional, national, international).

17.3 It is expected that the Coopac, according to the size and complexity of its operations and services, develops other types of stress scenario exercises. These exercises may consider liquidity gap analyses with relevant time horizons. Coopacs must make the methodology and results of these analyses available to the Superintendence.

17.4 Specialized Committees, or whoever assumes the functions, in these cases must take into consideration the results of scenario simulation, to adjust the strategy and policies of liquidity risk management, as well as to perform the evaluation of the effectiveness of the implementation of the liquidity contingency plan.

Article 18.- Liability concentration

18.1 The Risk Unit, or whoever assumes said function, must identify the most important counterparties and currencies on which the Cooperative's funding rests. Likewise, it must identify the main factors affecting the Coopac's capacity to capture funds, monitoring them continuously to ensure the validity of the assumptions used in the estimation of the capacity to obtain financing.

18.2 The Coopac must establish a funding strategy that allows guaranteeing an appropriate diversification of funding sources. Finally, the Coopac must establish indicators, with their respective early warnings, internal limits, to control liability concentration.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

The internal limits established for liability concentration must be based on the potential impact that the sudden loss of funding from counterparties would have.

SUBCHAPTER II
OPERATIONAL LIQUIDITY RISK MANAGEMENT INDICATORS

Article 19.- Operational liquidity management

Cooperatives must have indicators that allow adequate and timely management of their liquidity, which form an integral part of the liquidity risk management system and constitute fundamental tools for continuous monitoring and decision-making. The indicators established in paragraph 20.1 may be used by Coopacs according to their business model, complexity of operations, and risk profile. Without prejudice to this, Coopacs must have, at minimum, the indicators indicated in paragraph 20.3. Additionally, Level 3 Coopacs must calculate the liquidity coverage ratio contemplated in paragraph c) of paragraph 20.1.

Article 20.- Operational liquidity management indicators

20.1 Operational liquidity management indicators comprise the following, whose calculation methodology is developed in Annex No. 02 of this Regulation:

Regulatory liquidity indicators:
a. Liquidity Ratio in Local Currency (MN), which is developed in Subchapter III of Chapter III Identification, Measurement, and Evaluation of Liquidity Risk. b. Liquidity Ratio in Foreign Currency (ME), only for Coopacs that use funding in foreign currency, which is developed in Subchapter III of Chapter III Identification, Measurement, and Evaluation of Liquidity Risk.
c. Liquidity Coverage Ratio in Local Currency (MN) and in Foreign Currency (ME), which is developed in Subchapter IV of Chapter III Identification, Measurement, and Evaluation of Liquidity Risk.

Available coverage and concentration indicators:
d. Cash balance with respect to assets: Measures the proportion of physical cash available in vaults and counters of the cooperative with respect to total assets. An adequate level of cash improves the immediate capacity to attend withdrawals, reducing very short-term liquidity risk. A low level can generate operational restrictions in the face of immediate cash demands. On the other hand, high levels of cash relative to assets can expose Coopacs to a high level of operational risk.

e. Available balance with respect to assets: Evaluates the participation of available liquid assets, which include cash in hand and funds held in the financial system and in the cooperative system. A higher indicator reflects that a larger part of the balance sheet is in highly liquid assets with rapid availability.

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f. Liability coverage: Measures the cooperative's capacity to cover its deposits and other obligations with available liquid assets. Adequate coverage indicates that the cooperative can meet its passive obligations in normal or moderate stress scenarios. Insufficient coverage increases the risk of payment default.

g. Deposit coverage: Measures the cooperative's capacity to cover its deposits with available liquid assets. Adequate coverage indicates that the cooperative can meet its obligations with its members in normal or moderate stress scenarios. Insufficient coverage increases the risk of payment default.

h. Concentration of available funds by credit quality: Measures the degree of available funds that are placed in entities that have a rating equal to or greater than B (B+, B, B-), that currently meet their obligations, with a functioning business model, but under normal and controlled conditions. A lower rating increases the probability of access restrictions or loss of liquidity due to financial deterioration of the depositary entity.

i. Coverage of main depositers: Evaluates the immediate capacity of the Coopac to cover, with its available funds, the balance of the main member depositers—including deposits from other Coopacs, if applicable—considering the ten (10) or twenty (20) largest balances. This indicator allows measuring the entity's exposure to a potential concentrated outflow of funds, derived from the withdrawal or non-renewal of deposits by a small number of depositers. A low coverage level evidences that the available funds could be insufficient to attend significant and simultaneous outflows, increasing immediate liquidity vulnerability and the risk of impact on the Coopac's financial stability.

Funding structure indicators:
j. Concentration of main depositers: Measures the degree of dependence of the cooperative on a small number of member depositers as a funding source. High concentration implies that individual or coordinated decisions of a few members can generate significant resource outflows, affecting liquidity immediately.

k. Concentration of main counterparties: Evaluates the level of dependence of the Coopac on its most relevant counterparties, considering that the liability includes, among others, the main depositers, inter-cooperative fund counterparties, Coopac deposits, and debts and financial obligations. High concentration implies that decisions by few counterparties (withdrawal of deposits, non-renewal of funding) can generate significant and simultaneous resource outflows, directly affecting liquidity and financial stability.

l. Mismatch between weighted average term of credit portfolio and deposits: Measures the difference between the average residual maturity terms of credits and member deposits. If credits have a longer average residual term than deposits, recovery flows are slower than deposit outflows, increasing liquidity risk.

m. Financial leverage: Allows evaluating how much the cooperative is financed with third-party resources in relation to its own resources. Higher leverage implies greater dependence on payable liabilities (deposits, debts, or other obligations), which increases pressure on liquidity. In scenarios of withdrawals or funding restrictions, a highly leveraged cooperative faces greater risks to meet its obligations promptly.

n. Proportion of short-term liabilities: A measure that allows identifying whether the cooperative's obligations mature in the short or long term. A higher level of short-term liabilities implies that the cooperative faces greater fund outflows in near horizons, which increases pressure on liquidity and requires having sufficient liquid assets or funding renewal capacity.

o. Proportion of fixed-term deposits with a residual maturity of 1 year or more with respect to total deposits: Evaluates the degree of funding stability, identifying the participation of deposits with long-term maturities within total deposits. A higher proportion of deposits with long residual maturities reduces the probability of abrupt fund outflows, improves the term matching between assets and deposits, and contributes to more stable structural liquidity management.

p. Gross credit portfolio with respect to deposits: Evaluates the degree of utilization of deposits in credit placements. Since credits are, in general, assets with gradual recovery, this indicator allows analyzing the degree of commitment of deposits in assets that do not quickly convert into cash. High or low values must be evaluated based on the funding structure, maturity profile, availability of liquid assets, and the cooperative's intermediation strategy, seeking an equilibrium between credit placement and the capacity to meet short-term obligations.

Other management indicators:

q. Deposit Coverage Ratio by the FSDC: Measures the proportion of the Coopac's total deposit balance that would be covered by the Cooperative Deposit Insurance Fund, considering the maximum coverage limit applicable to each member; as stated in the Regulation of the Deposit Insurance Fund approved by Resolution SBS No. 5061-2018 and its modifications; therefore, it is an indicator of potential funding stability. High values imply that a larger part of depositers have their resources protected, which reduces the probability of mass withdrawals and mitigates liquidity risk. On the contrary, low values reflect that a relevant proportion of deposits is not covered, which represents greater vulnerability and liquidity risk, especially in scenarios of loss of confidence.

r. Weighted average term of deposits: A measure that estimates the average time in which deposits become payable, calculated from the residual maturity term of each deposit. If deposits mature, on average, at long terms, the cooperative has more stability and less pressure to pay in the short term.

s. Weighted average term of the credit portfolio: A measure that estimates the average time in which credits are paid by members, calculated from the residual maturity term of each credit. If credits present extensive recovery terms, liquidity flows enter more slowly.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 t. Financial spread: The financial spread corresponds to the difference between the weighted average rate of outstanding credits and the weighted average rate of deposits, and reflects the margin generated by financial intermediation activity. An adequate financial spread contributes to the sustained generation of results, which strengthens the cooperative's capacity to absorb liquidity pressures and maintain a more solid financial position over time. Conversely, a reduced or negative spread limits the internal generation of resources and may increase vulnerability to liquidity stress episodes.

u. Variation of main balance sheet aggregates: The variation of the main balance sheet aggregates measures the year-on-year change in the main items of the financial balance sheet — such as assets, cash, credit portfolio, liabilities, deposits, debts and financial obligations, and accounting equity, social capital, among others — of the evaluation period compared to the same period of the previous year. The analysis of these variations allows identifying relevant changes in the cooperative's financial structure. Reductions in cash or accelerated withdrawals in deposits or social capital may constitute early signals of liquidity pressure.

Coopac must define internal variation thresholds for these aggregates, from which early alerts are activated and corrective or preventive actions are triggered, in accordance with their risk profile, size, historical evolution and/or financial projections.

i. Year-on-year variation (%):
Where:
= value of the aggregate in the evaluation period = value of the same aggregate in the same period of the previous year

ii. Year-on-year variation (in amount):
Where:
= value of the aggregate in the evaluation period = value of the same aggregate in the same period of the previous year

iii. The Cooperative may evaluate the variations of the main accounts mentioned above at shorter time frequencies (quarterly and monthly).

20.2 The operational management indicators that Coopac has selected for monitoring must be calculated on a monthly basis. However, the liquidity ratios in national and foreign currency, as well as the liquidity coverage ratio in national and foreign currency, must be calculated on a daily frequency.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
20.3 The liquidity operational management indicators that necessarily must have internal limits and early alerts, in accordance with paragraph 14.2 of Article 14 of this Regulation, comprise the liquidity ratio in foreign currency (ME), exclusively for Coopac that use foreign currency funding; concentration of main depositors, and mismatch between the weighted average term of the credit portfolio and deposits, which are referred to in letters b, j, and l, respectively, of paragraph 20.1 of Article 20.

SUBCHAPTER III
LIQUIDITY RATIOS

Article 21st.- Matching of Operations
Coopac must maintain an adequate correspondence between the terms of their active and passive operations. This correspondence must also apply with respect to their positions in foreign currency.

Article 22nd.- Liquidity Ratios
22.1 Liquidity ratios measure an entity's capacity to cover its short-term obligations, over a horizon of up to three hundred sixty (360) days, using available liquid assets. A low level of these ratios in national, foreign, or global currency indicates a lower capacity to respond to immediate obligations and evidence of pressures on liquidity. Level 3 and Level 2 Coopac must calculate daily the following liquidity ratios:

a) National currency liquidity ratio (RLMN): calculated on daily balances, as applicable, as indicated in Articles 23rd and 24th:

b) Foreign currency liquidity ratio (RLME): calculated on daily balances, as applicable, as indicated in Articles 23rd and 24th:

c) Global liquidity ratio (RLG): Total liquid assets, in national and foreign currency converted at the SBS accounting exchange rate, divided by total short-term liabilities converted at the same exchange rate. The balances are daily, as applicable, as indicated in Articles 23rd and 24th:

Article 23rd.- Liquid Assets
23.1 For the calculation of liquidity ratios, the following concepts must be considered as liquid assets, taking into account the operations that the Coopac is authorized to perform, as well as their accrued earnings:

1. Cash.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000
2. Funds available in Coopac and in companies of the national financial system.
3. Funds available in first-category foreign banks.
4. Net inter-cooperative active funds.
5. Debt securities issued by the BCRP.
6. Debt securities issued by the Central Government.
7. Negotiable deposit certificates and bank certificates issued by companies of the national financial system.
8. Public debt securities and those of the foreign financial and insurance systems, rated with investment grade by at least one risk rating agency to the satisfaction of the Superintendence, and which trade in centralized negotiation mechanisms.
9. Exchange Traded Funds (ETF) composed exclusively of sovereign bonds issued by the Central Government whose assembly (creation) and disassembly (redemption) process is performed intraday, and which trade in centralized negotiation mechanisms.
10. Others determined by the Superintendence through general nature norms.

23.2 For the determination of liquid assets, the following restrictions must be taken into account:

1. Debt securities classified as held-to-maturity investments must not be considered, except if they are securities issued by the BCRP or by the Central Government.
2. Assets subject to or delivered in repo operations must not be included.

Article 24th.- Short-term Liabilities
24.1 For the calculation of liquidity ratios, the following concepts must be considered as short-term liabilities, taking into account the operations that the Coopac is authorized to perform, as well as the associated interest to be paid:

1. Demand obligations, excluding restricted obligations.
2. Obligations with tax collection institutions.
3. Net inter-cooperative passive funds, understood as the difference between the balance of inter-cooperative funds placed by the Coopac to other Coopac and the balance of inter-cooperative funds captured from other Coopac, provided that such difference is negative; otherwise, it is considered zero (0). Funds granted to Coopac in intervention and liquidation must not be considered.
4. Obligations for savings accounts.
5. Obligations for time accounts, when maturity occurs within the next three hundred sixty (360) days, including the balance of deposits for compensation for time of services (CTS) of free availability, and excluding the balance of restricted obligations.
6. Debts and financial obligations with domestic institutions with a residual maturity of up to three hundred sixty (360) days.
7. Debts and financial obligations with foreign institutions with a residual maturity of up to three hundred sixty (360) days.
8. Securities, titles, and obligations in circulation whose maturity occurs within the next three hundred sixty (360) days.
9. Others determined by the Superintendence through general nature norms.

24.2 For the determination of short-term liabilities, paragraph 8 of the previous section must consider the amounts of securities, titles, and obligations in circulation issued by the Coopac on which there are commitments or options for early redemption in favor of the investor or

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 holder of the securities, whose terms or exercise dates respectively, are included within the next three hundred sixty (360) days according to the corresponding currency.

SUBCHAPTER IV
LIQUIDITY COVERAGE RATIO

Article 25th.- Definition
25.1 The Liquidity Coverage Ratio (LCR) aims to ensure that financial entities possess an adequate level of High-Quality Liquid Assets (HQLA) to meet their liquidity needs over a thirty (30) calendar day horizon under a liquidity stress scenario. The LCR is calculated according to the formulas indicated in Article 25.5 of this Regulation.

25.2 The LCR is constructed from a scenario combining idiosyncratic and systemic shocks, such as partial outflow of retail deposits, partial loss of wholesale deposits, partial loss of funding obtained through repo operations, additional cash flow outflows, and non-renewal of liabilities at maturity, unanticipated use of unused credit lines, among others.

25.3 The LCR must be monitored and reported in national currency, foreign currency, and in aggregate (Total). Companies must maintain HQLA consistent with the liquidity risk appetite they have established. In their management of foreign currency liquidity risk, the company must take into account the risk that sudden exchange rate movements could considerably widen the mismatch between HQLA and their liquidity needs, affecting the effectiveness of any operational exchange rate risk hedge.

25.4 The LCR in national and foreign currency are applicable to all Level 3 Coopac that capture deposits from their members. The liquidity coverage ratio is calculated on the balances or flows indicated from Article 27th to Article 31st.

Article 26th.- Criteria that High-Quality Liquid Assets must meet
26.1 HQLA are those assets that can be easily and quickly converted into cash with minimal or no loss of value during a period of stress. HQLA must be low volatility, have low risk and/or low correlation with risky assets, have a simple valuation, and not represent a liability of another financial institution or of a Coopac or other entity that is part of the Coopac's economic group.

26.2 Furthermore, HQLA must meet the following operational requirements:

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 a) Be free of regulatory, contractual, legal, or other restrictions that affect the company's capacity to liquidate, sell, transfer, or assign the asset quickly.

b) When the Coopac is the acquirer in repo operations, the securities listed as HQLA received in such operation are considered as HQLA provided that the acquiring Coopac is legally and contractually authorized to use said securities and they have not been used in another operation.

c) When an asset considered HQLA ceases to be admissible as such (for example, due to a downgrade in credit classification), the Coopac may continue to consider it as HQLA for a period that must not exceed thirty (30) calendar days.

26.3 Additionally, the Coopac must comply with the following:

a) The Coopac must have operational capacity for the liquidation of HQLA. In this regard, it must have adequate procedures and systems to convert them into cash at any time.

b) HQLA must be under the care of the unit managing liquidity in the Coopac (for example, Treasury), so said unit must have authority, as well as legal and operational capacity to liquidate any asset that is part of the HQLA.

c) The Coopac must have policies to identify the bank or custody accounts where HQLA are held.

d) The Coopac must be able to determine daily the composition of its HQLA.

Article 27th.- Composition of High-Quality Liquid Assets
27.1 HQLA are divided into two categories: Level 1 and Level 2, which are composed of the following assets, including their earnings, and their respective weighting factors, regardless of their residual maturity:

I. Level 1, with a factor of 100%:
a) Cash. b) Debt securities issued by the BCRP. c) Debt securities issued by the Central Government.

II. Level 2

1. Level 2A:

• With a factor of 85%:
  a) Debt securities issued by Foreign Governments.
• With a factor of 75%:
  a) Corporate bonds issued by private companies in the non-financial sector.

27.2 Additionally, the Coopac may exchange liquidity from one currency to another for the purposes of constructing the liquidity coverage ratio; however, it must apply a 5% adjustment to the value of the liquidity obtained. Likewise, it must register exchanged liquidity with negative values. In this sense, US dollars may be exchanged for soles (USD for PEN), and vice versa (PEN for USD), registering said amounts taking into account the accounting exchange rate published by the Superintendence corresponding to the reporting date.

Article 28th.- Inflows

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28.1 Inflows are considered those assets (both capital and accrued earnings) that are outstanding, and for which cash inflows are expected in the next thirty (30) days.

28.2 Inflows must not be considered for assets that have been included in HQLA.

28.3 Inflows are calculated by multiplying the amounts to be received by the various categories of assets by the weighting factors indicated in Article 29th, which represent the flows to be received as cash in a thirty (30) day stress scenario.

28.4 Only cash inflows from financial products and services are considered.

28.5 A maximum limit is established on the amount of Inflows recognized for the LCR calculation equivalent to 75% of Outflows.

28.6 Inflows from credits or other assets subject to repo operations must not be included, with the exception of accrued earnings generated by said credits provided that they have not been the subject of the repo operation.

28.7 The acquiring Coopac must not consider as inflow the accounts receivable from securities received that were used to cover its short positions, if applicable.

Article 29th.- Composition of Inflows
29.1 Inflows are composed of the following assets and their respective factors:

• With a factor of 100%:
  a) Cash. b) Funds available in Coopac and in companies of the national financial system. c) Funds available in first-category foreign banks. d) Net inter-cooperative active funds. e) Operations to be settled. f) Active positions in derivatives – Delivery.
• With a factor of 80%:
  a) Accounts receivable – derivatives for trading. b) Accounts receivable – others.
• With a factor of 50%:
  a) Credits.

29.2 Inflows are considered as amounts with a residual maturity less than or equal to thirty (30) days, except for letters a), b), and c) of the 100% factor inflows in paragraph 29.1, for which the total balance must be considered.

Article 30th.- Outflows
30.1 Outflows are considered those liabilities (both capital and accrued expenses) and contingent items for which a cash outflow is expected in the next thirty (30) days.

30.2 Outflows are calculated by multiplying the amounts of certain liability items and off-balance sheet exposures by the respective factors indicated in Article 31st, which

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 represent the proportion expected to be withdrawn or disposed of in a thirty (30) day stress scenario.

30.3 Deposits of the Central Government and Public Sector Entities include deposits of the central government, regional governments, and local governments, regulatory bodies, supervisory bodies, public sector companies including companies under the scope of FONAFE and public universities, among others. It includes deposits of trusts and funds constituted with resources from the Central Government and Public Sector Entities.

Article 31st.- Composition of Outflows
31.1 Outflows are divided into three categories: retail funding, wholesale funding, and contingent obligations.

I. Retail Funding:
31.2 These are deposits of natural persons and include demand obligations, obligations for savings accounts, and obligations for time accounts. Regarding time deposits, the total balance of these deposits is considered as outflows regardless of their contractual maturity.

31.3 Retail funding is composed of stable and less stable funding, with their respective factors:

• With a factor of 7.5%:
  a) Stable funding: Includes the balance of deposits and obligations with natural persons and non-profit legal entities, provided that such deposits are 100% covered by the FSDC.
• With a factor of 15%:
  b) Less stable funding - natural persons and non-profit legal entities: Includes the balance of deposits and obligations with natural persons and non-profit legal entities that are partially covered or not covered by the FSDC. c) Less stable funding - for-profit legal entities: Includes the balance of deposits and obligations with for-profit legal entities that are partially covered or not covered by the FSDC.

II. Wholesale Funding:
31.4 It comprises the total balance of deposits of legal entities (non-profit and for-profit) and legal bodies. Regarding time deposits, the total balance of these deposits is considered as outflows regardless of their contractual maturity, except for time deposits of the Public Treasury auctioned through the BCRP, which will be considered as outflows only when they mature within the next thirty (30) days.

31.5 Likewise, obligations such as inter-cooperative funds, debts, and Coopac deposits that mature within the next thirty (30) days are included, as well as funding with an indefinite maturity term.

31.6 Deposits of legal entities or legal bodies do not include deposits of financial system companies (therefore, deposits of Banco de la Nación, AGROBANCO, COFIDE, nor MIVIVIENDA Fund are not included), Central Banks, Multilateral Development Banks, Central Government, Public Sector Entities, AFP, Insurance and/or Reinsurance Companies, Brokerage

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Agencies, Mutual Funds, Investment Funds, and Savings and Credit Cooperatives not authorized to capture public funds.

31.7 Wholesale funding is composed of the following obligations and their respective factors:

• With a factor of 30%:
  a) Large creditor funding - others. b) Debts and financial obligations with a maturity of 31 to 90 days.
• With a factor of 100%:
  c) Other obligations with the public and tax collection institutions equal to or less than thirty (30) days. d) Net inter-cooperative passive funds. e) Coopac deposits. f) Debts and financial obligations with a maturity equal to or less than thirty (30) days. g) Securities, titles, and obligations in circulation equal to or less than thirty (30) days. h) Accounts payable - derivatives for trading. i) Accounts payable – others. j) Operations to be settled. k) Passive positions in derivatives – Delivery.

31.8 Furthermore, all funding with amortization options that can be exercised at the investor's discretion within the thirty (30) day horizon must be included. In this sense, the total balance of obligations that contemplate a sale or early redemption option in favor of the investor or holder of the securities, according to the modalities that may have been agreed upon, is considered as Outflows, provided that said option can be exercised within the next thirty (30) days following the reporting date. Likewise, the total balance of obligations in debts and issuances must be considered when the creditor has notified the company that it has breached any covenants that activate the early payment clause and said payment is due within a period equal to or less than thirty (30) days.

III. Contingent Obligations:
31.9 The LCR stress scenario considers that a percentage of guarantees, letters of guarantee, letters of credit, and bank acceptances are executed, and a portion of unused credit lines is used. For granted but undrawn credits, a cash outflow equivalent to the amount committed to be drawn in the next thirty (30) days is considered.

31.10 The contingents and their respective factors included in this category are the following:

• With a factor of 5%:
  a) Unused credit lines and granted undrawn credits - natural persons and non-profit legal entities. b) Unused credit lines and granted undrawn credits - for-profit legal entities.

CHAPTER IV
LIQUIDITY RISK TREATMENT

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

Article 32.- Treatment
The Coopac must have investments in liquid instruments as a liquidity management policy, diversify its funding sources, have adequate access to interbank or inter-cooperative lines, diversify deposits from institutional funders, among others.

Article 33.- Liquidity contingency plan
33.1 The Risk Unit, or whoever assumes said function, is responsible for coordinating with General Management, and designing the contingency plan in which the strategy to administer a liquidity crisis is established. General Management, with the support of the business area, or, if it does not have one, the key official or area corresponding according to its organizational structure, is responsible for implementing and executing said plan when it is activated. This plan must help General Management and key personnel have a framework for the execution of actions that allow the cooperative to respond to a liquidity crisis, and must consider, at a minimum, the following aspects:

a) Alert signals
The activation of the contingency plan must be determined by evaluating a set of indicators and alert signals previously defined, which may include, among others, those established in paragraph 14.2 of Article 14°, and others of a qualitative nature. For the indicators, different risk levels must be determined, in such a way that they help identify a possible liquidity crisis. The indicators and alert signals must be continuously monitored by the Risk Unit, or whoever assumes said function, and reported promptly to the members of the Risk Committee, the Asset and Liability Management Committee, if applicable, the Board of Directors, and the personnel of the areas involved in liquidity risk management.

b) Crisis management team
The contingency plan must consider a crisis management team, which must be composed of at least the heads of General Management, the Risk Unit, or whoever assumes said function, and the business area. The names and contact information for locating team members must be clearly identified. This team must evaluate the liquidity problem being faced, decide on the actions to be taken and implement them, monitor changes in scenarios, and take corrective actions when necessary. The responsibilities and authority of each team member must be established in detail.

c) Identification of funding sources, containment of deposit outflows, and liquidation of assets:
The contingency plan must differentiate the funding strategy or containment of deposit outflows during a systemic or regional crisis or a specific crisis of the cooperative. Likewise, the plan must identify and quantify each of the funding sources that could be accessed in each stress scenario, as well as during temporary liquidity problems that the cooperative might face. These sources consist mainly of mechanisms through which liquidity could be obtained quickly and credit lines, as well as internal measures of the Coopac to restrict major deposit outflows and asset liquidations, for example:

• Inter-cooperative Funds
• Extraordinary liquid contributions from members.
• Donations.

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• Savings collection campaigns and renewal of savings deposits, time deposits and/or contributions.
• Temporary adjustments in interest rates.
• Partial sale of the portfolio.
• Restrictions on disbursements.
• Payment rescheduling agreements with creditors (members, workers, landlords, suppliers, etc.).
• Sale of other non-productive assets (real estate, furniture, licenses, etc.).
• Liquidation of positions in the capital market.
• Credit lines from financial institutions or cooperatives with deposit guarantees.
• Credit lines from financial institutions or cooperatives with credit portfolio guarantees.
• Pre-agreed credit lines with potential debt counterparties.
• Committed liquidity lines granted by financial organizations.
  The contingency plan must consider asset management strategies to respond to the liquidity crisis, such as the sale of investment instruments or their use in repurchase operations. Likewise, financing strategies must be established, such as the use of credit lines.

d) Administrative policies and procedures
Policies and administrative procedures to be used during a liquidity crisis must be established in the plan, which must consider, at least, the following:

• The responsibilities of general management.
• The responsibilities of the crisis management team.
• Designate the persons who will be responsible for making external contacts with regulators, analysts, investors, external auditors, press, important clients, among others.
• Coordination procedures between members of the crisis management team and other officials involved in the execution of the contingency plan.
• Generation of management reports that will be sent to the officials involved promptly, allowing their members to understand the severity of the crisis and implement appropriate actions.

e) Communication strategy in liquidity stress situations The Coopac must consider the impact that reputational events may generate on its liquidity position and, consequently, incorporate communication guidelines as part of its liquidity risk management and its contingency plan. To this end, it must contemplate, at a minimum:

• Identification of relevant reputational events that may affect the confidence of members, counterparties or other funding sources and generate liquidity outflows.
• Incorporation of said events in the evaluation of liquidity risk and, when applicable, in stress scenarios and the liquidity contingency plan.
• Basic communication guidelines for liquidity stress situations, which include:
  (i) responsible parties and escalation mechanisms, (ii) internal coordination among key officials (management, risk, finance, legal, member service), and (iii) guidelines for external relations

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

with members and third parties, including physical and digital channels (e.g., institutional communications and social networks).

f) Scenario simulation and action plan
The Coopac must establish an action plan to face a potential liquidity crisis, in accordance with the scenarios established in Article 17°.
For all Coopac, the action plan will include at a minimum the strategy, the funding sources and their associated costs. This strategy must contemplate concrete and feasible measures to be implemented in a crisis situation.
The contingency plan's action plan must be operationally viable, and must specify the available amount of each of the identified resource sources. In the case of credit lines, the available line amount and the utilized balance must be indicated for each of the counterparties. Additionally, the financing cost must be estimated. Furthermore, the cooperative must maintain a continuous presence in the chosen financing markets and close relationships with fund providers, in order to promote an effective diversification of funding sources. Likewise, it must periodically evaluate its ability to obtain funds with certainty from each identified source.

33.2 For Level 3 and Level 2 Coopac, the simulation of scenarios and the liquidity action plan will be updated quarterly. The other aspects of the liquidity contingency plan must be reviewed at least annually, or when requested by the Superintendency.

33.3 The action plan must be signed by the responsible officials such as the General Manager, the Risk Unit or whoever fulfills said function. Coopac must maintain, at the disposal of the Superintendency, evidence of the stress simulation and the action plan.

Article 34.- Activation of the liquidity contingency plan
The Board of Directors, upon proposal of the Risk Committee, or whoever assumes said function, must determine the liquidity risk conditions and establish the levels of violation of internal thresholds or limits that require the activation of the liquidity contingency plan.

CHAPTER V
CONTROL ACTIVITIES

Article 35.- Adequate information systems and/or computer tools
The Coopac must have information systems and support computer tools that allow adequate liquidity risk management, as well as appropriate information security mechanisms. The cooperative must document the processes or automated reports.

CHAPTER VI
INFORMATION AND COMMUNICATION

Article 36.- Generation and distribution of information
The Risk Unit, or whoever assumes said function, is responsible for generating information, at least, on compliance with regulatory and internal limits, and on the level of liquidity risk measurement indicators. Likewise, it is responsible for establishing effective communication channels to transmit said information promptly and regularly to the members of the Committees, and to the personnel of the areas involved in liquidity risk management.

Article 37.- Information to the Superintendency
37.1 The Coopac will present to the Superintendency, via the Coopac Portal (SEI-Coopac), the annexes indicated below, in accordance with their corresponding methodological notes:

For Level 3 Coopac:

• Annex No. 15-A Daily Liquidity Position.
• Annex No. 15-B Liquidity Coverage Ratio.

For Level 2 Coopac:

• Annex No. 15-A Daily Liquidity Position.

37.2 The Coopac must maintain, at the disposal of the Superintendency, the methodologies and/or assumptions used for the preparation of the annexes. Likewise, whenever modifications are made to said annexes, the Coopac must present to the Superintendency the modification made and the justification for said modifications.

Article 38.- Responsibility in the preparation and presentation of information
The head of the Risk Unit, or whoever assumes said function, is responsible for the timely preparation and presentation of the annexes and all information requested by the Superintendency.

TITLE III
MINIMUM REQUIREMENTS

Article 39.- Regulatory limit
Coopac must comply with a global liquidity ratio of at least 10%, calculated in accordance with the guidelines established in Article 22°.

Article 40.- Powers of the Superintendency
When the Superintendency considers that any Coopac, despite complying with the regulatory limit established in Article 39°, presents greater risk in the composition of its financing and/or in the operations it carries out, or presents poor management of liquidity risk, it may establish additional prudential requirements or measures.

Article 41.- Corrective measures and sanctions
41.1 The Risk Unit, or whoever assumes said function, must send to the Superintendency within a maximum period of five (05) business days a plan with concrete and very short-term corrective measures, by the fifteenth (15) day of having sustained for 15 consecutive or non-consecutive days in a thirty (30) day moving window, non-compliance with the regulatory limit established in Article 39°, which must contain, at least, the following points:

• Concrete and very short-term corrective measures to immediately remedy the repeated non-compliance with the regulatory limit.
• The causes that originated the drop of the ratio below the regulatory limit or the materialization of the infringement, identifying the responsibilities corresponding to directors, managers, main officials and workers, as well as the stages of the comprehensive risk management process and the liquidity contingency plan that were violated.

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• Adjustments to the internal processes of the comprehensive risk management system and implementation of controls and tentative very short-term dates to remedy the situation and avoid recidivism.
• Reinforced training plan in liquidity risk management for those responsible for managing this risk in the Coopac.

41.2 Coopac that do not comply with the limit established in Article 39° of the Regulation, for forty-five (45) calendar days, consecutive or non-consecutive, within a moving window of one hundred eighty (180) calendar days, incur a serious infringement of the Regulation of Infringements and Sanctions of the Superintendency, approved by Resolution SBS No. 2755-2018, and its amendments.

TRANSITIONAL COMPLEMENTARY PROVISIONS
SINGLE.- Level 3 Coopac and Level 2 Coopac with total assets greater than 32,200 UIT have until June 30, 2027, to implement the requirements established in the provisions of this Regulation. For Level 2 Coopac with total assets equal to or less than 32,200 UIT, said deadline expires on September 30, 2027.

Notwithstanding the foregoing, the submission of Annex No. 15-A "Daily Liquidity Position", which incorporates the global liquidity ratio, is mandatory from April 01, 2027, with information as of March 31, 2027, for Level 3 Coopac and Level 2 Coopac with total assets greater than 32,200 UIT; and from July 01, 2027, with information as of June 30, 2027, for Level 2 Coopac with total assets equal to or less than 32,200 UIT. The report of Annex 15-B "Liquidity Coverage Ratio" for Level 3 Coopac will be mandatory from the entry into force of the norm.

For its part, compliance with the global liquidity ratio limit provided for in Article 39° is mandatory for Level 3 and Level 2 Coopac from January 01, 2027. Until the submission of the new Annex No. 15-A becomes mandatory, the previous Annex No. 15-A remains in force and in the initial submission frequencies, in accordance with what is stated in the second article of this Resolution.

Article Second.– Modify Chapter V "Information complementary to Financial Statements (Annexes and Reports)" of the Accounting Manuals for Savings and Credit Cooperatives Not Authorized to Capture Public Funds of Level 2 and Level 3, approved by Resolution SBS No. 577-2019 and its amendments, according to the following. The entry into force of the modifications provided for in this article with respect to Annex 15-A is subject to the submission deadlines established for Level 2A, 2B and 3 Coopac in the second paragraph of the Single Transitional Provision:

a) Change the name of Annex No. 15-A to "Daily Liquidity Position" applicable to Level 2 Coopac. This annex contains information on the liquidity ratio in national currency, the liquidity ratio in foreign currency and the global liquidity ratio, and its submission periodicity is daily.

b) Incorporate in section I of Annex No. 15-A "Daily Liquidity Position" for Level 2 and Level 3 Coopac, "Exchange Traded Funds (ETF) composed exclusively of sovereign bonds issued by the Central Government" within the category of Liquid Assets.

c) Incorporate as methodological note 7 of Annex No. 15-A "Daily Liquidity Position" for Level 2 and Level 3 Coopac, the following: "Whose assembly (creation) and disassembly (redemption) process is carried out intraday, and that trade on centralized negotiation mechanisms. Therefore, only the valuation of the multiple of the number of units that allows carrying out said process must be considered".

d) Incorporate as paragraph c) in methodological note 1 of Annex No. 15-A "Daily Liquidity Position" for Level 2 and Level 3 Coopac, the following: "For conversion into national currency, that is, into soles of the daily balances of liquid assets and short-term liabilities in foreign currency, the SBS closing accounting exchange rate of the day is used. For holidays, the information from the immediately preceding day will be considered".

e) Eliminate Annex No. 15-C "Monthly Liquidity Position" and its methodological notes, applicable to Level 3 Coopac.

f) Modify Report No. 13 "Control of Global and Individual Limits" applicable to Level 2 and 3 Coopac, according to the following:

• Eliminate the minimum requirement for liquidity in national currency and the minimum requirement for liquidity in foreign currency.
• Incorporate the Global Liquidity Ratio.
  The aforementioned modifications are attached in the Annex that forms part of this Resolution and are published on the institutional portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 009-2024-JUS.

Article Third.- Modify Annex No. 06 of the Regulation of Infringements and Sanctions of the Superintendency of Banks, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 2755-2018 and its amendments, in the following terms:

1. Modify paragraph 56) of paragraph II "Serious Infringements" of Annex 6 "Specific Infringements for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds and Savings and Credit Central Banks", the following text:

"56) Fail to comply with the regulatory limit of the Global Liquidity Ratio, for forty-five (45) calendar days, consecutive or non-consecutive, within a moving window of one hundred eighty (180) calendar days."

2. Eliminate paragraph 57) of paragraph II "Serious Infringements" of Annex 6 "Specific Infringements for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds and Savings and Credit Central Banks", which corresponded to the non-compliance with the Liquidity Coverage Ratio (LCR) in national or foreign currency.

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Article Fourth.- This Resolution enters into force from December 31, 2026, from which date Subchapter V – "Liquidity Management" of Chapter V "Prudential Norms" and the Twelfth Complementary Transitional Provision "Gradual adaptation schedule for the Liquidity Coverage Ratio (LCR)" of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by Resolution SBS No. 480-2019 and its amendments, are repealed.

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SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKS, INSURANCE AND AFP