Credicoop Arequipa points out that SBS contradicts itself in intervention

According to officials and advisers of the cooperative Credicoop Arequipa, the intervention made on Tuesday by the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS), would be contradictory with its actions in recent months. They give as an example the elevation to cooperative level 3. Although in recent days, the superintendent of the SBS Óscar Basso asserted that this did not necessarily mean a good health of the cooperative.

In June, Credicoop was raised to level 3, as its assets were over 65,000 UIT or 286 million soles. This is indicated by the SBS intervention resolution itself. “If this was so (the insolvency of the cooperative), Why did the SBS initiate the level raising procedure, why did they not reject it rather”, Questioned Credicoop’s legal advisor, Jesús Alfaro.

However, the same office that notifies the elevation to level 3, indicates that Credicoop could only continue to operate as level 1. The deputy superintendent of the SBS Óscar Basso, reported on Wednesday that Credicoop Arequipa could not manage the amount of assets indicated. He added that recognizing level 3 assets does not mean that it was better or more profitable.

Another question from the legal advice area of ​​Credicoop Arequipa is that Law 30822 establishes an intervention regime for level 1 and 2 cooperatives. However, in its intervention act, the SBS relies on the complementary provision of Resolution SBS 5076-2018, which specifies that until December 31, 2022, level 3 cooperatives will apply level 1 and 2 rules.

Fund accounting

The mayor of Cooperatives of the SBS, Mario Zambrano, declared on Wednesday that since last year the entity sent letters to Credicoop so that they would not continue to raise funds. The general coordinator of the José Martín Castillo cooperative, said that The finance company needed to continue raising funds to meet obligations and the SBS was informed of this, which did not respond.

“We were working with the analyst Luis Gonzáles (from the SBS), who told us rather to lower our deposit rate,” Castillo said.

Finally, the advisor Jesús Alfaro argued that the intervention is a blow against the entire cooperative system, since it sowed mistrust in favor of traditional banking.

Meanwhile, the affected partners yesterday again carried out a march asking the SBS and Credicoop for the return of their savings.