From January of last year to date, the SBS closed at 44 savings and credit cooperatives not authorized to collect deposits from the public (Coopac), according to the resolutions published in El Peruano. Although the SBS maintained that the number of dissolved cooperatives has been 42 in the last 13 months, it explained to Peru21 that two types of causes triggered the closure of these entities.
According to the responses to a questionnaire sent by this newspaper, the regulator specified that the first type of causes for closures is direct dissolution. This measure applies to entities that do not comply with sending their financial statements to the SBS and close their offices for more than 15 days without informing the regulator.
“These causes seek to have updated financial information that allows evaluating and monitoring the economic-financial situation of the entities subject to supervision. And its purpose is to determine the exposure of the Coopac to the different risks it faces, as well as to guarantee adequate attention to cooperative members, avoiding the uncertainty and mistrust generated by an untimely closure of offices,” the SBS stated.
The second is the intervention and subsequent dissolution of the cooperative by the SBS, associated with the poor financial performance of the entities. According to the regulator, this performance is reflected in the significant asset losses of the cooperatives arising, in some cases, from structural management and business model problems and, in others, from bad practices identified and reported.
Identified problems
Also, the SBS stated that, of the structural aspects identified, it is essential that the Coopac work, in a first stage, to organize their accounting, clarify their financial situation, strengthen their solvency and rethink their business models from the management field. prudent risk and self-sustainability. This is in order to have a solvent cooperative system that fulfills the financial and social role that is inherent to them.
“This has been the main supervisory focus in these first years under the supervision of the SBS,” the regulator told this newspaper.
He specified that, in this new stage of supervision, he has identified other relevant aspects on which the Coopac must work to ensure “their long-term viability.” Among these actions he highlighted:
- The professionalization of its technical staff.
- Strengthening your credit processes.
- Strengthening its internal control system and its comprehensive risk management.
- The modernization of its rate setting process that allows sufficient margins to be self-sustainable.
“As a result of the permanent supervision process (…), the Deputy Superintendency of Cooperatives (SACOOP) issues a series of recommendations aimed at the Coopac so that they implement improvements in their management processes, with emphasis on those aspects mentioned, considered of greater materiality. in response to the particular situation of each entity,” he said.
Prioritization of supervision
Regarding the capacity of the SBS to supervise the 240 cooperatives and 2 cooperative centers, the institution indicated that the SACOOP is made up of supervisory departments that are in charge of controlling and monitoring a specific group of entities.
Thus, their supervisory actions are carried out based on the regulatory requirements that apply to them in accordance with their modular level, prioritizing the size of the Coopac, the complexity of their operations, their risk profiles and the availability of resources with those that are counted.
He also explained that the SBS has departments specialized in issues of financial integrity and money laundering, and registration and administrative processes, which support all supervision work.
“Additionally, (the SBS) has specialized advice from other areas of the SBS, such as the Deputy Legal Advisor for legal and regulatory aspects, among others. SACOOP, being part of the SBS, is financed with the institution’s resources,” the regulator noted.
New cooperative members
That 42 or 44 entities close is quite relevant, which is why the question arises as to whether it is feasible to incorporate new members into cooperatives? In this regard, the SBS indicated that in accordance with the principle of open and voluntary adhesion that governs all Coopac, the incorporation of new members is free and in this aspect “the SBS does not exercise interference.”
The institution indicated that the cooperative partners are, together, the owners of Coopac and as such have rights and obligations, so the exercise of these is key to the transparent and adequate development of the entity.
Cooperative insurance fund
On the other hand, the SBS specified that the Coopac Law established the creation of the Cooperative Deposit Insurance Fund (FSDC), in order to protect saving members.
He explained that all Coopac or Centrals registered in the Coopac Registry that collect deposits have the obligation to contribute to the FSDC. The maximum amount of coverage per member of the cooperative insurance fund that includes interest is:
- S/5,000 for level 1 and level 2 Coopac with total assets less than or equal to 32,200 UIT.
- S/10,000 for level 3 and level 2 Coopac with total assets greater than 32,200 UIT.
He said that the FSDC coverage becomes effective once the COOPACs complete contributions for 24 months and the FSDC formally communicates their compliance.
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