SBS intervened in the Quillacoop cooperative in Cusco

SBS is taking steps to protect the interests of depositors and other creditors of the cooperative

The Superintendency of Banking, Insurance and AFP (SBS) has intervened Quillabamba Savings and Credit Cooperative due to the cause of «total loss of capital social and the cooperative reserve».

This intervention, in accordance with the Law 30822 (COOPAC Law – Savings and Credit Cooperatives Not Authorized to Collect Resources from the Public)implies the suspension of operations of the cooperative and the following prohibitions:

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1. Initiate judicial or administrative proceedings against the cooperative for the collection of debts.
2. Execute judicial resolutions issued against the intervened cooperative.
3. To establish liens on the cooperative’s assets as security for its obligations.
4. Make payments, advances or compensations, or assume obligations on behalf of the cooperative with the funds or assets that belong to it and are in the possession of third parties.
5. Build precautionary measures against the cooperative’s assets.

At the Quillacoop offices, a group of users is trying to obtain information about the situation. One of the citizens expressed his surprise: «I have known this cooperative and how it has worked for as long as I can remember. We as employees have taken out loans and everything. I don’t have that much money, but as a contributor I came to pay a debt, but I am surprised that it was closed».