issued by other financial institutions including the Central Bank, was and is a usual practice of financial institutions in Uruguay.70 71. Moreover, the certificates of deposit or the shares in them were often offered by the Banco de Montevideo based on the condition that the client could withdraw all his funds at any time before the date of maturity.71 However, in an e-mail sent by the General Manager of the Banco de Montevideo on February 25, 2002, the bank’s officials were instructed to renew the deposits and investments automatically (including the Trade & Commerce Bank certificates of deposit), unless the client communicated directly with the Banco de Montevideo indicating the contrary.72 In addition, also by e-mail, the early buyback of deposits or investments with later dates of maturity was prohibited, “without exception,” because of the situation that the Uruguayan financial system was experiencing.73 72. By paying off the Trade & Commerce Bank’s obligations with those who had acquired the said shares in deposits, the Banco de Montevideo was granting this institution a credit; consequently, as of June 20, 2002, while it was being overseen (supra para. 67), the Banco de Montevideo ceased lending financial resources to the Trade & Commerce Bank on the date of maturity of the certificates of deposit issued by that institution.74 73. On July 5, 2002, a decision of the High Court of the Cayman Islands ordered the provisional liquidation of the Trade & Commerce Bank, and this became final in August 2002.75 At the time of the liquidation, the Banco de Montevideo managed and had custody of US$97,000,000.00 (ninety-seven million United States dollars) in credits corresponding to clients of the Banco de Montevideo with regard to the Trade & Commerce Bank.76 file, volume III, folio 1137). See also affidavit of Jorge Xavier dated February 16, 2011 (merits file, volume III, folio 1118) 70 Cf. Affidavit of the witness Fernando Barrán dated February 16, 2011 (merits file, volume III, folio 1177); affidavit of the witness Rosolina Trucillo dated February 16, 2011 (merits file, volume III, folio 1134). 71 Cf., inter alia, the files before the Central Bank of the following persons: Raúl Montero (File No. 2003/0469) (file of attachments to the application, volume XVI, attachment 12 (J), folio 11785); Clara Jasinski (File No. 2003/0637) (file of attachments to the application, volume III, attachment 12 (B), folios 3482 to 3484), and Marta Cázeres (File No. 2003/0598) (file of attachments to the application, volume IV, attachment 12 (B), folios 3820 to 3821). 72 Cf. E-mail of February 25, 2002, from Marcelo Guadalupe, General Manager of Banco de Montevideo and e-mail of March 5, 2002, from Javier Carlevaro, of the Branches Department of Banco de Montevideo (file of attachments to the application, volume VIII, attachment 12, folios 6680 and 6681). In addition, in an e-mail of April 29, 2002, regarding the renewal of TCB certificates of deposit, it was required that they should be documented “without fail, the day they matured” and it was “reiterate[d] that the deposits of clients who have not contacted the Bank must be renewed […] automatically.” Cf. e-mail of April 29, 2002, on the renewals documentation of the Trade & Commerce Bank (file of attachments to the application, volume VIII, attachment 12, folios 6682 to 6687). 73 Cf. E-mail of February 25, 2002, from Marcelo Guadalupe, General Manager of Banco de Montevideo (file of attachments to the application, volume VIII, attachment 12, folio 6680). In this regard, to subsequent e-mail indicated that the prohibition of early buy-back was in force, even when “the practice of the market and of our bank in particular has been to inform the client that, if he needed liquidity at any moment, the buy-back option existed; however this is under normal market conditions, which do not operate today.” E-mail of Javier Carlevaro with no recorded date, in response to Marcelo Guadalupe’s e-mail (file of attachments to the application, volume VIII, attachment 12, folio 6683). 74 Cf. Affidavit of the witness Jorge Xavier dated February 16, 2011 (merits file, volume III, folio 1119). 75 Cf. Affidavit of the witness Jorge Xavier dated February 16, 2011 (merits file, volume III, folios 1120 and 1123). 76 Cf. Affidavit of the witness Jorge Xavier dated February 16, 2011 (merits file, volume III, folio 1123). 24