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

The savers of the liquidated cooperative Credicoop Arequipa they might get some of their money back sooner than they expected. Yesterday the Superintendence of Banking, Insurance and AFPs (SBS) announced that at the end of February they will begin with the return of deposits to the affected members.

This will be possible because the SBS yesterday formalized the dissolution and began the liquidation of the aforementioned cooperative, intervened in November of last year. The resolution was published in the newspaper El Peruano.

The Deputy Superintendent of Cooperatives of the SBS, Óscar Basso, explained to The Republic that the liquidation process involves two aspects: one is the return of the savings to the affected members 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 the established amount is reached, these resources will be apportioned among all the savers to proceed with the return. “We are doing the calculations to determine the amount that will be returned to each saving partner, which will be the same for all,” he explained.

According to Basso, the return will begin 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.

Baso explained that some savers had small amounts of savings, even 100 soles, so it is likely that 100% will be returned to them, but for those who had significant figures, it will not cover everything. The return of the money will be made through the Banco de la Nación.

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 that is the negative equity or loss of the cooperative. Before the intervention of the SBS, Credicoop Arequipa reported that it amounted to S/ 199 million 394 thousand 355. However, after investigations, it was determined that the loss was greater and amounts to S/ 373 million 347 thousand 169. Therefore, since it is the largest amount, savers with high amounts of deposits may not recover all their savings.

The possibility of refloating it moves away

Knowing this new information, the Credicoop partners pointed out that, with this new amount of loss, their proposal to rehabilitate the cooperative is complicated, since they would have to raise more than 373 million soles. Ángel Rivera, president of the Credicoop savers association, pointed out that they expected the amount to be 300 million soles. With the previous projection, they expected that each partner would give at least 60% of their capital to cover the economic forado. Now consider that 80% would have to be requested.