The Superintendency of Banking, Insurance and AFP (SBS) intervened today in the Caja Municipal de Ahorro y Crédito Sullana because the financial company reduced its assets by more than 50% in less than 12 months, thus violating numeral 4 of article 104 of the General Law of the Financial System – Law No. 26702, explains Elena Vera, a business law specialist at the Ugaz Zegarra firm. However, the savings of its clients would not be affected.
“It is important to highlight that tomorrow, through a contest organized by the SBS itself, the winning municipal bank that will receive the assets and liabilities of Caja Sullana will be announced. To do so, The solvency and quality of risk management of participating financial institutions will be evaluated”the specialist noted for La República.
Let us also remember that this has already happened in previous years, with the Caja Señor de Luren in Ica, for example, where the entire portfolio was sold and all assets and liabilities were transferred to another financial institution, through the intervention and regulation of the SBS.
On the other hand, the specialist emphasizes that Caja Sullana, along with many other municipal banks, was subjected to a program to strengthen its assets due to the pandemic. Along these lines, The Peruvian Federation of Municipal Savings and Credit Banks – FEPCMAC assured that this sector will remain stable.
How to choose a financial institution to deposit my savings?
The representative of the Ugaz Zegarra studio recommends verifying the solvency of the fund where the investment will be made, starting by corroborating that it is duly regulated by the SBS. Also, It is important to note that the institution offers a government-backed Deposit Insurance Fund (DIF).
The FSD implies coverage of around S/124,000 per saver, in case the institution presents financial problems. In addition, it has no cost for depositors and when the dissolution of the company is declared, the SBS provides a period of 60 days for the liquidators to send the list of covered persons. However, It should be emphasized that not all institutions regulated by the SBS have this protection, as is the case with cooperatives.
Source: Larepublica
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