Following the intervention of the Caja Rural de Ahorro y Crédito Raíz (Caja Raíz) in August, the Superintendency of Banking, Insurance and Administrator of Pension Funds (SBS) declared on September 15 the dissolution of eight savings and credit cooperatives (Coopac ) located nationwide, according to the legal regulations bulletin of the Official Gazette El Peruano. Next, we will tell you which of them were closed and what motivated this decision by the SBS.
SBS closes 8 cooperatives: which are they?
In accordance with the resolutions published in the Standards Bulletin of El Peruano on September 18, the SBS ordered the closure of eight savings and credit cooperatives because they were in a situation of inactivity. Below is the list of these companies:
- Business Savings and Credit Cooperative (Moquegua)
- Savings and Credit Cooperative of Avon workers (Lima)
- Savings and Credit Cooperative of the collaborators of Natura Cosmticos SA Limitada (Callao)
- Credialtoque Perú Savings and Credit Cooperative Limited (Puno)
- Cash Global Savings and Credit Cooperative of Peru (Lima)
- Ayni Savings and Credit Cooperative (Cusco)
- Eurocredit Savings and Credit Cooperative Limited (Puno)
- San Antonio Savings and Credit Cooperative (San Martín).
SBS closes 8 cooperatives: what were the reasons?
The Superintendency of Banking, Insurance and AFP indicated that these cooperatives will be closed due to inactivity. This is configured when the condition of not submitting the financial statements is proven, in accordance with the ‘Accounting manual for savings and credit cooperatives not authorized to raise resources from the public’.
Said inactivity occurs when companies do not submit their financial reports for two consecutive periods within one year or for four alternating periods within two years. The latter occurs when the Coopac present their statements every three months.
La República spoke with economist Ronald Casana, who assured that the current state of the Coopac has been critical since 2019 because many do not meet the minimum requirements established by the SBS and the most affected are those of smaller size that are within the level 1.
“During that period, more than 100 cooperatives have dissolved. Level 1 entities represent approximately 200 entities and manage around 5% of the credits granted to microenterprises throughout the Peruvian territory,” he said.
SBS ordered intervention by the La Solution cooperative: for what reason?
The SBS also announced the submission of Coopac La Solution de Arequipa LTDA to the intervention regime due to the “cause of total loss of social capital and the cooperative reserve established in current regulations.”
In SBS resolution No. 02997-2023, the entity specified that said cooperative submitted its financial statements as of June 30 of this year on August 21, 2023. In addition, it reported a negative equity of S/1 million 434,745.41. Likewise, two auditors were appointed who will carry out the necessary acts established by the SBS in these cases.
This is the resolution of the SBS that declares the intervention of the La Solution Savings and Credit Cooperative of Arequipa. Photo: The Peruvian
Source: Larepublica
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