Cooperatives will be able to access the guarantee program for loans from the financial system

The Executive Power issued an emergency decree on Monday that establishes extraordinary measures to strengthen the system of savings and credit cooperatives not authorized to attract resources from the public (Coopac).

The Urgency Decree No. 111-2021 is intended to allow access to the National Government Guarantee Program for Financial System Companies to savings and credit cooperatives not authorized to attract Level 3 and Level 2 public resources.

In this way, it indicates that entities must have total assets greater than 32,200 UIT up to 65,000 UIT and must be registered as such in the National Registry of Savings and Credit Cooperatives Not Authorized to Capture Resources from the Public and Centrals, at position of the Superintendency of Banking, Insurance and Private Pension Fund Administrators.

The official provision indicates that exceptionally, the aforementioned entities will have until December 31, 2022 to access the Guarantee Program of the National Government to the Companies of the Financial System.

Likewise, the rule is based on the fact that during the current situation, the Coopac may require to have extraordinary sources of liquidity in the savings and credit cooperative system because the clients of the system have seen their ability to comply with the payments of obligations affected. assumed.

It also mentions that the current context increases the need for families and other creditors to use resources deposited in the aforementioned entities, in order to maintain their level of consumption.

On the other hand, it should be noted that the National Government Guarantee Program for the Credit Portfolio of the Companies of the Financial System was created by Legislative Decree No. 1508, issued on May 11, 2020, with the aim of establishing measures that allow financial institutions increase their capacity to face scenarios of greater demand for liquidity.