Credicoop Arequipa case: SBS will start refunding money to savers at the end of February

This Wednesday, January 19, the Superintendency of Banking, Insurance and AFPs (SBS) published in the official newspaper El Peruano the dissolution and liquidation of the Credicoop Arequipa cooperative, the same one that was intervened in November of last year.

In communication with La República, the Deputy Superintendent of Cooperatives of the SBS, Óscar Basso, explained that the liquidation process that is now beginning involves two aspects: one is the return of the savings to the partners affected by the intervention and the second is that the savers can present a rehabilitation proposal to revive the cooperative.

Regarding the return of the savings, the official stated that the representatives of the SBS will proceed to value the assets that the cooperative had and in a period of approximately 20 days it will be possible to know how much it amounts to. Once said amount is established, the resources will be prorated among all the savers to proceed with the return. “We are doing the calculations to determine the amount that will be returned to each member saver, which will be the same for everyone”, he detailed.

According to Basso, the return will start at the end of February and it is estimated that around 50% of the members will be able to recover 100% of the savings they had in the aforementioned cooperative. This calculation was based on the available resources found in the entity, the number of partners and the amount of deposits.

Basso explained that some savers had small amounts of savings, so it is likely that they will get to return 100%, but for those who had figures in the millions, it will not cover everything.

As the liquidation process advances and those in charge of it sell the remaining assets of the cooperative, a second return may be made.

The official highlighted another aspect, which is the negative equity or loss of the cooperative. Before the intervention of the SBS, Credicoop Arequipa reported that it amounted to S/ 199,394,355. However, after investigations, it was determined that the loss was greater and amounts to S/ 373,347,169.