The Superintendency of Banking, Insurance and AFP (SBS) declared the subjection to the intervention regime of the MF Savings and Credit Cooperative because it is subject to the cause of total loss of social capital and the cooperative reserve.
According to the resolution published in El Peruano, it is stated that, as of March 31, the cooperative had a negative equity amounting to one million 977 thousand 379.86 soles, thus showing the total loss of social capital and the cooperative reserve.
The cooperative began operations in May 2014.
They have seven agencies, most in the rural jungle. According to the cooperative’s website, 68% of members are women and 50% of their loans were granted to clients in rural areas.
In September, the cooperative presented its defenses regarding the observations identified on the financial statements as of March and stated that it was facing a difficult economic situation, and reported the loss of the documentary information required by the SBS.
The resolution details that the entity did not present any support to prove that it had adopted actions that have effectively reversed the insolvency situation identified by the control body.
The SBS appointed Rocio La Rosa Leon and Luis Vaiz Neyra as interveners, main and alternate, respectively, so that, on behalf of the SBS, they carry out the necessary acts to carry out the operation.
WHAT THE COOPERATIVE SAID
Amid the uncertainty of the members, the cooperative issued this statement:
1. In accordance with the constitutional mandate to protect savings, in strict application of Law No. 30822 (COOPAC Law) which granted the SBS the mandate to supervise the savings and credit cooperative system since January 2019, through SBS Resolution N*03676 -2024 the MF SAVINGS AND CREDIT COOPERATIVE has been intervened because it is subject to the cause of total loss of social capital and the cooperative reserve.
2. The intervention of the MF SAVINGS AND CREDIT COOPERATIVE. which implies – among other consequences – the suspension of operations of the aforementioned COOPAC, also entails the following prohibitions:
-Make payments, advances or compensation, or assume obligations on behalf of the intervened cooperative, with the funds or assets that belong to it and are in the possession of third parties.
– Establish precautionary measures against assets of the intervened cooperative.
DATA
– Members who require information can call the national toll-free telephone line: 0-800-10840 (Monday to Friday from 8:30 a.m. to 6:00 p.m.).
-Another service channel is the SBS website.
Now available in Yape! Find us at YAPE Promos.
