Article 73 and 74 of the Panamanian banking law states the following:
ARTICLE 73. LIQUIDITY REQUIREMENTS. Banks with a general license and banks with an international license
whose supervisor of origin is the Superintendency, should maintain, at all times, a minimum balance
of liquid assets equivalent to the percentage of total gross deposits that will be set periodically by
the Superintendency. Such percentage will not exceed thirty five percent. As this Law comes into effect
and until the Superintendency resolves otherwise, such percentage will be thirty per cent.
The deposits that banks with a general or international license receive from their headquarters, or a
branch, subsidiary or affiliate overseas, will be excluded from the calculation of the total gross
deposits for the purpose of calculating the percentage of liquidity.
ARTICLE 74. MODIFICATIONS TO THE LIQUIDITY PERCENTAGE. Modifications to the liquidity percentage must
be complied with on the terms indicated by the Superintendency, which will not be less than thirty days.