TECHNICAL STANDARDS FOR THE GRANTING OF LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

• CL -
  DEPARTMENT OF FINANCIAL SYSTEM STABILITY
  FINANCIAL STABILITY AND PUBLIC POLICIES MANAGEMENT DECEMBER 2025

INDEX

1. GENERALITIES ........................................................................................................ 1
   1.1 BACKGROUND ................................................................................................. 1
   1.2 LEGAL BASIS ........................................................................................................ 1
   1.3 SCOPE OF APPLICATION ................................................................................... 1
   2 OBJECTIVE ................................................................................................................... 1
   3 DEFINITIONS ............................................................................................................ 2
   4 GENERAL STANDARDS ................................................................................................. 3
   5 SPECIFIC STANDARDS ............................................................................................... 4
   5.1 LIQUIDITY CREDIT APPLICATION ............................................................. 4
   5.2 CONDITIONS OF THE LIQUIDITY CREDIT ..................................................... 5
   5.3 APPROVAL OF LIQUIDITY CREDIT APPLICATION ................................ 6
   5.4 LIQUIDITY CREDIT COLLATERAL ........................................................... 6
   5.5 DISBURSEMENT AND REPAYMENT OF THE LIQUIDITY CREDIT .......................... 8
   5.6 SPECIAL CONDITIONS DURING VALIDITY ........................................ 8
   5.7 MONITORING AND REPORTS ............................................................................... 9
   6 SPECIAL PROVISIONS ..................................................................................... 9
   7 VALIDITY, DISTRIBUTION AND DISCLOSURE ............................................................. 9
   MODIFICATION CONTROL TABLE…………………………………………… ………………….. 11 ANNEXES

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
1/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

1 GENERALITIES

1.1 BACKGROUND

The Central Bank of Reserve of El Salvador aims to maintain the most favorable financial conditions for the liquidity and stability of the financial system.

In February 2011, reforms to the Organic Law of the Central Bank of Reserve of El Salvador entered into force, according to Legislative Decree No. 595 of January 20, 2011, under which the Central Bank is authorized to grant credits to the financial system, with the resource sources established in said law.

1.2 LEGAL BASIS

These technical standards are issued based on what is stipulated in Articles 2 and 11 of the Law for Financial System Stability and Deposit Guarantee, articles 3 letters d), e), g) and j); 23, letters g) and j); and 71 of the Organic Law of the Central Bank of Reserve of El Salvador.

1.3 SCOPE OF APPLICATION

These technical standards will be applied by the Presidency, the Financial Stability and Public Policies Management, the Financial Operations Management, the International Management, the Financial Risks Management, the Compliance Office, and the Legal Management in their operations arising from the granting of liquidity credits to banks, savings and credit societies, and other regulated banks in accordance with current laws, excluding institutions that are not members of the Deposit Guarantee Institute, as established in Article 2, second paragraph, of the Law for Financial System Stability and Deposit Guarantee.

2 OBJECTIVE

Regulate the liquidity credit operations that the Central Bank of Reserve of El Salvador carries out with solvent financial entities that face temporary resource needs, according to the situations provided for in Article 11, letters a), b), c) and d) of the Law for Financial System Stability and Deposit Guarantee.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
2/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

3 DEFINITIONS

3.1 Financial Entities: Banks regulated by the Banks Law, Savings and Credit Societies, and other banks regulated in accordance with current laws, excluding institutions that are not members of the Deposit Guarantee Institute, as established in Article 2, second paragraph, of the Law for Financial System Stability and Deposit Guarantee.

3.2 BCR: Central Bank of Reserve of El Salvador.

3.3 Solvent Financial Entity: An entity will be considered solvent if it presents a ratio of at least the minimum legal requirement between its Equity Fund and its Risk-Weighted Assets or another higher percentage required by the Superintendence of the Financial System in accordance with current laws, according to the latest Equity Fund requirement report published by the Superintendence of the Financial System on its website.

3.4 Board of Directors: The higher direction and administration of the BCR, to which correspond the exercise of the attributions and functions entrusted to it by the Law.

3.5 Liquidity Credit (LC): Financial assistance that the BCR will provide to those solvent financial entities that experience temporary liquidity problems.

3.6 GOF: Financial Operations Management.

3.7 GEFPP: Financial Stability and Public Policies Management.

3.8 AML/CFT/FP WMD: Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing of Weapons of Mass Destruction.

3.9 Compliance Office: Advisory unit of the Central Bank of Reserve of El Salvador.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
3/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

3.10 Required Equity: The amount equivalent to the sum of primary capital and complementary capital defined by the Superintendence of the Financial System in accordance with what is established in current laws, according to the latest Equity Fund requirement report published by the Superintendence of the Financial System on its website.

3.11 SSF: Superintendence of the Financial System.

4 GENERAL STANDARDS

4.1 The resources that the BCR will use to grant LC to financial entities will come from international or regional financial organizations, Central Banks, or other States.

4.2 A financial entity may request support from the liquidity credit for a maximum amount of up to 100% of its Required Equity. For this maximum, other existing modalities of liquidity assistance with the BCR and assistance with resources coming from the State will also be counted.

4.3 Upon receipt of the applications, the BCR will determine the amount, interest rate, and term to which the liquidity credit will be granted in accordance with compliance with the requirements contained in these standards and in conformity with resource availability.

4.4 Prior to carrying out each LC operation, the BCR will request the SSF to issue a report on the financial situation of the requesting financial entity that addresses solvency, liquidity risk, credit risk, profitability, and other relevant aspects that the SSF considers necessary for the purpose of providing the liquidity credit, including its recommendation to grant or not grant said credit. This report will be requested by the GEFPP and the SSF must send it no later than the second calendar day counted from the receipt of the application.

4.5 The BCR will verify compliance with the requirements contemplated in these technical standards.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
4/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

4.6 Financial entities that wish to have access to LC must have previously signed a framework agreement with the BCR, in which the financial entity's disposition to provide guarantees, the identification of these, the assumption of all financial costs incurred by the BCR to carry out the operation, and all necessary information for the signing and monitoring of the LC contract will be established. The signing of this framework agreement will be handled by the Legal Management of the Central Bank.

4.7 The guarantees that requesting financial entities of an LC may offer must meet the characteristics described in these standards.

4.8 These credits, being of last resort, will be granted at penalized interest rates and commissions.

4.9 The requesting financial entity may withdraw in writing at any time from the application made, which will automatically suspend the evaluation process; in such case, the GOF will carry out the corresponding calculation and debit to the requesting financial entity's account for the value of the costs, commissions, penalties, and all those incurred or to be incurred in the future by the BCR, as a consequence of the suspension. The notification of the decision taken by the requesting financial entity must be directed to the Presidency of the BCR with a copy to the GEFPP and the SSF.

4.10 Upon arrival at the end date of the LC term, the GOF will debit the pending balance of the credit (including the interest rate, commitment commissions, disbursement commissions, and other commissions and surcharges) from the deposit account that the requesting financial entity maintains at the BCR.

4.11 In the event that the financial entity cancels the LC before the maturity date, the GOF will carry out the corresponding calculation and debit to the requesting financial entity's account for the amount equivalent to the financial costs incurred by the BCR with the financing source as a result of the prepayment. The notification of the early cancellation must be directed to the Presidency of the BCR with a copy to the GEFPP and the SSF.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
5/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

5 SPECIFIC STANDARDS

5.1 LIQUIDITY CREDIT APPLICATION

5.1.1 In the event that a financial entity wishes to use this mechanism, it must send the application to the BCR when it is using the resources of the second tranche of its Liquidity Reserve.

5.1.2 The BCR's Compliance Office will carry out due diligence on the financial entity and any related counterparties in this operation. If it is identified that any of these represents a level of exposure to AML/CFT/FP WMD risk that cannot be mitigated or managed, or is on lists issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, or public lists issued by international bodies and binding for El Salvador related to terrorism or affiliated groups, or has a conviction or sentence against them for crimes related to AML/CFT/FP WMD; the procedures established in the Manual for the Prevention of Anti-Money Laundering and Terrorism Financing and Proliferation Financing of Weapons of Mass Destruction risk must be carried out.

5.1.3 Requesting financial entities must present a certification issued by the legal representative of said entity confirming the origin and destination of funds for liquidity credits and the application of prevention controls executed by their compliance units. The latter must be signed by the Compliance Officer of each institution.

5.1.4 Requesting financial entities must direct their application, accompanied by the corresponding documentation, as established in Annex No. 1, to the Presidency of the BCR, with a copy to the GEFPP and the SSF, indicating the required amount and term, as well as the guarantees offered in pledge.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
6/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

5.1.5 Requesting financial entities may request an LC on any calendar day through a written application to the email address asistencia_liquidez@bcr.gob.sv

5.2 CONDITIONS OF THE LIQUIDITY CREDIT

5.2.1 The interest rate in LC operations will be the financial cost (including interest rates, commitment commissions, disbursement commissions, and other commissions and surcharges) for the BCR plus 500 basis points.

5.2.2 The term of each LC granted will be up to 180 calendar days, which may be renewed for another period not greater than 180 calendar days, which must be authorized by the BCR Board of Directors.

5.2.3 For a new LC application, the requesting financial entity must send the corresponding application no later than six calendar days before the expiration of the current LC, in accordance with the format presented in Annex No. 1, except for the documentation in paragraphs 7 to 10 if there have been no changes.

5.3 APPROVAL OF LIQUIDITY CREDIT APPLICATION

5.3.1 Prior to the approval of the LC operation, the GEFPP within the report to be prepared, will verify compliance with the general and specific standards listed above, in coordination with the GOF, International Management, Financial Risks Management, Compliance Office, and Legal Management.

5.3.2 The Board of Directors will decide whether to approve or not the granting of the LC and the general conditions of the operation, taking into consideration the proposal of the GEFPP which will include the opinions of the Legal Management, the GOF, the International Management, and the Compliance Office and of the Superintendence of the Financial System.

5.3.3 The Secretary of the Board of Directors will communicate to the requesting financial entity the approval or denial of the requested LC.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
7/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

5.4 LIQUIDITY CREDIT COLLATERAL

5.4.1 The LC may be guaranteed by:

5.4.1.1 Securities issued by the BCR valued at market price, with a coverage of one hundred five percent (105%) of the credit amount.

5.4.1.2 Foreign debt securities valued at market prices that meet the parameters established in the BCR's International Reserves Investment Policy, with a coverage of one hundred ten percent (110%) of the credit amount.

5.4.1.3 A1 category credit portfolio with deposit guarantees, with a coverage of one hundred ten percent (110%) of the credit amount.

5.4.1.4 A1 category credit portfolio with mortgage guarantees, with a coverage of one hundred fifty percent (150%) of the credit amount.

The Liquidity Credit will have the same payment priority as the credits referred to in letter d) of Article 65 of the Law for Financial System Stability and Deposit Guarantee.

In the event that the LC is approved, these guarantees will be constituted simultaneously with the signing of the corresponding credit contract. These guarantees will be proposed as an annex to the credit application and will be backed by a document signed by the President or Chief Executive Officer and certified by the Internal and External Auditors of the requesting financial entity. Additionally, it must be certified that none of the guarantees are related to AML/CFT/FP WMD crimes or sanctions or convictions.

5.4.2 In the case that the guarantee is through securities issued by the BCR, these must meet the conditions to execute the operation safely, must exist and be in the name of the financial entity and free of any type of guarantee or encumbrance. These values will be accepted as collateral at their market price. The financial entity must present a current certificate of legitimacy issued by a specialized society in the deposit and custody of securities.

5.4.3 In the case that the guarantee is through foreign debt securities, these must comply with the BCR's International Reserves Investment Policy, be free of encumbrances, and have been previously transferred to the BCR's international custodian account, which will be verified at the time of presentation of the LC application.

5.4.4 In the event that the guarantee of securities issued by BCR or foreign debt securities suffers deterioration, the financial entity must compensate for the deficiency by contributing new guarantees or their equivalent in cash, for which the BCR will make the respective communication.

5.4.5 In the case that the guarantee is A1 category credits, these must have a residual term greater than one year and less than three years on the date of the LC application. Only when the portfolio is insufficient to meet this criterion can a portfolio with residual terms greater than three years be delivered. These credits must exclude those granted to related parties. Additionally, any other condition required by the provider of funds to the BCR must be considered.

5.4.6 The GEFPP will request the SSF to verify the characteristics of the guarantees indicated in paragraphs 5.4.1.3 and 5.4.1.4 and that, during the validity of the LC, it periodically verifies that the credit portfolio pledged as collateral covers at all times the percentages established in paragraph 5.4.1, a situation it will report promptly to the GEFPP. In the event that, according to the SSF report, that percentage is not covered, the GEFPP will notify the requesting financial entity of the coverage deficiency, so that it proceeds to substitute the guarantees, in order to reach said percentages, no later than the calendar day following the notification made by the BCR. The foregoing will also be communicated to the SSF.

CENTRAL BANK OF RESERVE OF EL SALVADOR
TECHNICAL STANDARDS FOR THE GRANTING OF
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM

DEPARTMENT OF FINANCIAL SYSTEM STABILITY
PAGE No
8/13
CODE
99050 6
REVIEWED
Manager of Financial Stability and Public Policies

APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5

5.5 DISBURSEMENT AND REPAYMENT OF THE LIQUIDITY CREDIT

5.5.1 Once the LC is approved by the Board of Directors, the Legal Management will proceed to review the credit contract and other pertinent documents of the guarantees. After doing so, the contract will be signed by the President of the BCR or an authorized representative with powers to do so and the legal representative or authorized representative of the requesting financial entity.

5.5.2 The disbursement of resources will be carried out by the GOF by crediting the deposit account that the financial entity maintains at the BCR.

5.5.3 The day after the LC maturity date, the BCR will proceed to automatically debit, through the Real-Time Gross Settlement System (RTGS), the requesting financial entity's account for the agreed amount which will include capital, interest, and commissions. The requesting financial entity will give its consent to this procedure through the LC contract.

5.5.4 After the payment referred to in the previous point, the necessary actions will be taken to release the guarantees that were constituted in support of the operation.

5.6 SPECIAL CONDITIONS DURING VALIDITY

5.6.1 The destination of the LC funds will be to attend to deposit withdrawals and operations that negatively affect their liquidity cannot be carried out, especially:

5.6.1.1. Granting new credits.

5.6.1.2. Granting additional financing to societies of the conglomerate or head office.

5.6.1.3. Making early payments of obligations.

5.6.1.4. Carrying out extraordinary expenses or purchases.

5.6.1.5. Granting bonuses, benefits, or additional remuneration to their employees, different from those established in

BANCO CENTRAL DE
RESERVA DE EL SALVADOR
TECHNICAL STANDARDS FOR GRANTING
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM
FINANCIAL SYSTEM STABILITY DEPARTMENT
PAGE No
10/13
CODE
99050 6
REVISED
Manager of Financial Stability and Public Policies APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5 the respective contracts, appointments or internal labor regulations.
5.6.1.6. Declare and pay dividends.
5.6.1.7. Payments or direct or indirect financing to related parties
by ownership or administration with the Institution.
5.6.2 The provisions established in paragraph 5.6.1 must be included
in the Liquidity Credit (CL) contract. Likewise, the aforementioned contract must include that for the purpose of verifying compliance with these provisions, SSF support may be requested. The same contract must stipulate that in case of non-compliance with the special conditions, the respective liquidity credit will become due.
5.7 MONITORING AND REPORTS
5.7.1 The financial entity will be obligated to report weekly to the GEFPP on the use of funds, the manner in which it will generate income to fulfill the operation, and that it is complying with what is established in paragraph 5.6.1 of these Technical Standards.
5.7.2 Once the CL operations are carried out, the GEFPP will continue with the daily monitoring of the financial entity's liquidity to analyze the effect generated by the CL operations, for which it will prepare a weekly report to that effect.
6 SPECIAL PROVISIONS
6.1 The operational and contingency difficulties that arise in the execution of these technical standards will be resolved by the Presidency of the BCR upon proposal of the GEFPP, GOF, International Management, Legal Management, Financial Risk Management, and Compliance Office in their respective areas of competence. All of the above will be reported to the Board of Directors in the next session following the event.
6.2 Cases or situations not contemplated in these technical standards will be resolved by the Board of Directors.

BANCO CENTRAL DE
RESERVA DE EL SALVADOR
TECHNICAL STANDARDS FOR GRANTING
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM
FINANCIAL SYSTEM STABILITY DEPARTMENT
PAGE No
11/13
CODE
99050 6
REVISED
Manager of Financial Stability and Public Policies APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5
7 VALIDITY, DISTRIBUTION AND DISCLOSURE
7.1 These technical standards will enter into force on December 15, two thousand twenty-five. These Standards repeal and render ineffective those approved in Session CD - 7/20 24 of March 13, 2024.
7.2 The Board of Directors will keep a copy of these technical standards as support for the approval minutes and will deliver the original to the Risk and Strategic Management Department for Custody. Likewise, it will deliver an electronic copy to the Financial System Stability Department and the authorization to deliver electronic copies of these technical standards to the following units:
7.2.1 Presidency.
7.2.2 Vice Presidency.
7.2.3 GEFPP.
7.2.4 GOF.
7.2.5 International Management.
7.2.6 Legal Management.
7.2.7 Payments and Values Department.
7.2.8 Financial Department.
7.2.9 Financial Risk Management Department.
7.2.10 International Reserves Management Department.
7.2.11 Compliance Office.
7.3 The Board of Directors will send a copy of these technical standards to the financial entities and to the SSF, by notification, and following the distribution and sending control mechanisms already established.
7.4 The Risk and Strategic Management Department is authorized to publish these technical standards in the Administrative Instruments System, for general consultation.
7.5 These technical standards will be disclosed under the responsibility of the GEFPP, through the Financial System Stability Department.

BANCO CENTRAL DE
RESERVA DE EL SALVADOR
TECHNICAL STANDARDS FOR GRANTING
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM
FINANCIAL SYSTEM STABILITY DEPARTMENT
PAGE No
12/13
CODE
99050 6
REVISED
Manager of Financial Stability and Public Policies APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5
7.6 These technical standards will be published in full on the BCR website, for the knowledge of the general public.

BANCO CENTRAL DE
RESERVA DE EL SALVADOR
TECHNICAL STANDARDS FOR GRANTING
LIQUIDITY CREDIT TO THE FINANCIAL SYSTEM
FINANCIAL SYSTEM STABILITY DEPARTMENT
PAGE No
13/13
CODE
99050 6
REVISED
Manager of Financial Stability and
Public Policies
APPROVED BY:
Session No. CD -34 /202 5 of December 4,
202 5
MODIFICATION CONTROL TABLE
No.
Revision
Previous Version
(Identification of section and content)
Approved Version
(Identification of section and content)
Approver and
Date

ANNEXES
Annex No. 1
LIQUIDITY CREDIT APPLICATION TO THE FINANCIAL SYSTEM San Salvador, dd of mmmm of 20 XX Doctor(s), Lawyer(s), Engineer(s) ------------------ President(s) Central Reserve Bank of El Salvador Present.
Dear Doctor(s), Lawyer(s), Engineer(s) ---------------- :
Based on the provisions contained in Article 11 of the Law for the Stability of the Financial System and Deposit Guarantee and the Technical Standards for Granting Liquidity Credit to the Financial System approved by the Board of Directors of the Central Reserve Bank of El Salvador in Session No. CD - 34 /20 25, dated December 4, 20 25, and as Legal Representative of the financial entity (or attorney) , in compliance with the Board Agreement No. XXX, taken in session XXXX, of XXXXXX of the month of XXXXX of 20 xx, I request an amount of US$_, (amount in letters)_______________________________________________, for a term of ____ calendar days, for which I offer as collateral the documents detailed below:
Attached please find:

1. Certification of the minutes point of Board Agreement in which the authorization agreement to carry out the liquidity credit operation is recorded, accompanied by the board election credential duly registered in the Commerce Registry.
2. Original of the legitimacy certificate issued by a specialized society in the deposit and custody of securities, of the list of securities issued by the BCR that are offered as collateral, in case the collateral is securities issued by the BCR.
3. List of Credit Portfolio Collateral, signed by the Legal Representative, the General Manager and certified by the Internal Auditor and External Auditor, which is accompanied by the contracts and other original documentary evidence of the credit portfolio offered as collateral. The credit portfolio list is additionally presented on an electronic device in Excel format containing the following fields: Ref. No., NIT (or DUI) No., amount granted, outstanding balance, risk category, grant date, maturity date, type of collateral, in case the collateral is a loan portfolio.
4. List of foreign-issued titles to be delivered as collateral, signed by the Legal Representative and certified by the Internal Auditor, in case the collateral is foreign titles.
5. Latest audited and published financial statements, as well as the latest published quarterly financial statements.
6. Compliance Plan specifying how resources will be used, how the necessary income will be generated to fulfill the liquidity credit operation, and what measures will be taken to overcome the liquidity shortage situation.
7. Notarized copy of the Deed of Constitution and modifications, if any, duly registered in the Commerce Registry.
8. Copy of the Legal Representative's credential or copy of power of attorney, notarized, which accredits the signatory of the application.
9. Photocopy of the DUI and NIT of the legal representative or attorney.
10. Photocopy of the NIT of the financial entity.
11. Copy of the document informing the Superintendent about the assets to be pledged.
12. Certificate issued by the legal representative regarding the confirmation of the source and destination of the funds.
13. Certification of the application of AML/CFT/CPF controls signed by the Compliance Officer.
14. Balance of all encumbered assets held by the entity as of the close of business on the day prior to the application.
15. Weekly equity fund with figures as of the last close of business on the day prior to the application, as well as a projection thereof.
    I declare under oath that the securities are not pledged, attached, or encumbered and that the requested amount does not violate paragraph 4.2 of the Technical Standards for Granting Liquidity Credit to the Financial System. Sincerely, _____ _____________________ Legal Representative or Attorney

ANNEX 2
LIQUIDITY CREDIT CONTRACT TO THE FINANCIAL SYSTEM We: ________________ , of _______________ years of age, ___________, from the domicile of San Salvador, with unique identity document number ______________, acting in name and representation, in my capacity as ___________________ of the financial entity ___________, from the domicile of San Salvador, with tax identification number ______________, which in this instance may be referred to as "Soliciting Financial Entity" or "The Debtor""; and _____________ of ____________ years of age, from the domicile of ____________, with unique identity document number ______________________________, acting in name and representation, in my capacity as ______________________ of the CENTRAL RESERVE BANK OF EL SALVADOR, an autonomous public institution of a technical nature, from the domicile of San Salvador, with Tax Identification Number zero six one four – zero one zero seven seven four – zero zero six – two, which in this instrument may be referred to as "the Central Bank", "BCR" or "The Creditor"; by means of this instrument WE GRANT:
LIQUIDITY CREDIT CONTRACT
I. OBJECT
The object of this contract is to regulate the liquidity credit that the Central Bank will carry out by granting Liquidity Credit to the soliciting financial entity, which will be aimed at protecting banking liquidity, in accordance with what is established in Article 11 of the Law for the Stability of the Financial System and Deposit Guarantee and the Technical Standards for Granting Liquidity Credit to the Financial System.
II. AMOUNT AND INTEREST RATE
The Central Bank has approved a credit of US$, to the financial entity, which will generate an interest rate of ____(this rate will be defined at the time of authorization of the liquidity credit).
In the event that the financial entity withdraws the submitted Liquidity Credit Application or prepays the approved debt, the amount of costs, commissions, penalties, and all other amounts incurred or to be incurred by the BCR as a consequence of the suspension or prepayment will be calculated, proceeding to debit from the deposit account that the soliciting financial entity maintains at the BCR, for said amount.
III. TERM
The term of this Liquidity Credit contract is ________ - calendar days.
Its maturity will always be on a banking business day and may not be later than the maturity date of the offered securities.
IV. COLLATERAL
The Liquidity Credit will be guaranteed by Category "A1" Credits, which must have a residual term greater than one year and less than three years as of the date of the liquidity credit application, only when the portfolio is insufficient to meet this criterion, portfolios with residual terms greater than three years may be delivered; these credits must exclude those granted to related parties, and must also consider any other condition required by the provider of funds to the BCR. - securities issued by the Central Bank and foreign debt securities that comply with the Central Bank's Internal Reserves Investment Policy, which will be backed by a document signed by the President or Executive Director and certified by the Internal and External Auditors of the soliciting financial entity, which forms an integral part of this contract. The Soliciting Financial Entity commits that the approved liquidity credit amount must be backed at all times by collateral equivalent to 105% in the case of securities issued by the Central Bank, 110% in the case of foreign debt securities that comply with the Central Bank's Internal Reserves Investment Policy, 110% in the case of Category A1 credit portfolios with time deposit guarantees, and 150% in the case of Category A1 credit portfolios with mortgage guarantees; for which the collateral must be substituted as they deteriorate or lose liquidity. In the event that the collateral suffers a deterioration, the financial entity must compensate for the deficiency by providing new collateral or its equivalent in cash, for which the BCR will issue the respective notification.
V. DECLARATION OF OWNERSHIP
The soliciting financial entity is the owner and current possessor of the Category "A1" credits, foreign debt securities, or securities issued by the Central Bank detailed below:
(Table, list, etc. of offered portfolio, or table or list of securities as applicable).
The ownership of the securities is proven with the valid Legitimization Certificate of the securities delivered as collateral, issued by the Depository or the Legal Representative of the Soliciting Financial Entity in case they hold them under their own custody; or certificate issued by the Central Bank if they were custodied by it. This certificate forms part of the annexed documents of this contract as an integral part thereof.
VI. DISBURSEMENT AND CANCELLATION OF OPERATIONS
The disbursement of resources will be carried out by the Financial Operations Management of the Central Bank hereinafter "the Management", by crediting the deposit account in which the Liquidity Reserve that the Soliciting Financial Entity maintains at the Central Bank is constituted, and will be effective only if the Central Bank can verify that the depository has registered the encumbrance of the securities in favor of the Central Bank in the annotations registry, or that the physical securities are in its possession. On the maturity date of the Liquidity Credit, the Central Bank will debit, through the Real-Time Gross Settlement System (LBTR), the deposit account of the soliciting financial entity and credit the agreed balance, which will include principal, interest, and commissions, to the account indicated by the Central Bank for such effect.
VII. AUTHORIZATION
The Debtor authorizes the Central Bank to debit, through the Real-Time Gross Settlement System, from its deposit account, the agreed amount, which will include principal, interest, and commissions, if any, in the event that it does not make the corresponding payment for the Liquidity Credit, subject of this contract.
VIII. DEFAULT
In the event that payment is not made by the debtor, or if he does not have sufficient funds in the Central Bank deposit account to make the payment for the operation, the operation will be considered in default. In that case, the ownership of the offered collateral will be transferred to the Central Bank, with the soliciting financial entity committing, by virtue of this contract, to carry out a) endorsement of the securities, b) dation in payment of the values given as collateral in favor of the Central Bank, c) signing the necessary notarial instruments to make effective the assignment of the credits given as collateral, and d) any management that might be necessary to formalize the transfer of ownership of the collateral in favor of the Central Bank.
IX. SPECIAL CONDITIONS
The Debtor, during the validity of this Liquidity Credit contract, may not liquidate or alienate the assets given as collateral, nor carry out operations that negatively affect their liquidity such as:
a) Granting new credits b) Granting any type of additional financing to its conglomerate companies or parent company c) Making advance payments of obligations d) Making extraordinary expenses or purchases e) Making luxurious expenses or purchases f) Granting bonuses, benefits, or additional remuneration to its employees, other than those established in the respective employment contracts or appointments g) Declare and pay dividends h) Payments or direct or indirect financing to natural or legal persons related by ownership or administration with the Institution. The carrying out of any of the aforementioned operations will be considered a breach of contract and will give rise to the enforcement of the collateral, in accordance with clause VIII of this contract. For the purpose of verifying compliance with the aforementioned conditions, the Central Bank may request support from the Financial System Superintendence. IX) JURISDICTION AND APPLICABLE LAW For the jurisdictional purposes of this contract, the parties submit to the current legislation of the Republic of El Salvador, the application of which will be carried out in accordance with the Law for the Stability of the Financial System and Deposit Insurance and the Technical Standards for Granting Liquidity Credit to the Financial System. Likewise, they designate as special domicile that of this city, subject to the jurisdiction of whose courts they submit. X) NOTIFICATIONS All notifications regarding the execution of this contract will be valid only when made in writing to the addresses of the contracting parties, for which purposes the parties designate as the place to receive notifications the following:
a) Soliciting Financial Entity XXXX in ______________________ b) Central Reserve Bank of El Salvador, Juan Pablo II Building, Juan Pablo II Avenue, between 15th and 17th North Avenue, San Salvador.
IN WITNESS WHEREOF, we sign, in triplicate, this instrument, in the city of San Salvador, on the _________ day of the month of __________ of the year two thousand _______.- ______________________ _____________ _______ _________ XXXXX Central Reserve Bank of El Salvador In the city of San Salvador, at the __________ hours of the day __________ of _________ of two thousand _______.- Before me, ____, notary, of this domicile, appear, on the one hand, the gentleman , of ___________, _______________, from the domicile of ____________, whom I know, with unique identity document number __________________________, acting in name and representation, in his capacity as ________________ of the Financial Entity ________________, financial institution, from the domicile of San Salvador, with tax identification number __________________, and on the other hand ________________________ - , of ____________ years of age, (profession) from the domicile of _________, whom I know, with unique identity document number __________________, acting in name and representation, in his capacity as ___________, of the CENTRAL RESERVE BANK OF EL SALVADOR, an autonomous public institution of a technical nature, from the domicile of San Salvador, with tax identification number zero six one four – zero one zero seven seven four – cero zero six – two, and THEY SAY: That the signatures placed at the foot of the previous CONTRACT

LIQUIDITY CREDIT, are AUTHENTIC, having been placed in my presence by the appearing parties, who in the capacity in which they act recognize them as theirs, as well as all obligations, conditions, stipulations contained in the instrument preceding, granted in this city, on the day of today, drafted in _________ sheets of bond paper, which I have signed and sealed, in which the appearing parties literally DECLARE: “”””””””””We: ________________ , of _______________ years of age, ___________, from the domicile of San Salvador, with unique identity document number ______________, acting in name and representation, in my capacity as ___________________ of THE FINANCIAL ENTITY ___________, , Financial Institution, from the domicile of San Salvador, with tax identification number ______________, which in this instance may be referred to as "The Soliciting Financial Entity" or "The Debtor""; and - _____________ of ____________ years of age, from the domicile of ____________, with unique identity document number ___________________________________, acting in name and representation, in my capacity as ______________________ of the CENTRAL RESERVE BANK OF EL SALVADOR, an autonomous public institution of a technical nature, from the domicile of San Salvador, with tax identification number zero six one four – zero one zero seven seven four – zero zero six – two (or it may be the Vice President or a Special Attorney), which in this instrument may be referred to as "the Central Bank" or "The Creditor"; by means of this instrument WE GRANT:
___________________________________________________________________ _____________________________________________________________ ______ ___________________________________________________________________ ___ ________________________________________________________________ __________. - ””””””””””” I, the undersigned notary, GIVE WITNESS: A) That the signatures at the foot of the preceding document are AUTHENTIC, having been placed in my presence by the appearing parties, who also recognized as theirs the obligations contained therein. B) That the authority with which the _____________ acts, in the indicated capacity of the soliciting financial entity , , is legitimate and sufficient having had in view: 1) ; C) That the legal authority with which _____________ ___ appears, (authority representative of the CENTRAL RESERVE BANK OF EL SALVADOR,) Thus the appearing parties expressed themselves, to whom I explained the legal effects of this notarial act, which consists of ____________ sheets and having been read by me the writing in its entirety and in a single act without interruption, they ratify its content and we sign. - GIVE WITNESS. - _______________________ _____________________________ Soliciting Financial Entity xxxxxxx Central Reserve Bank of El Salvador