Coopemex Under
Financial Regulator's Control
The financial co-operative, Coopemex, is
today under the control of the
Superintendencia General de Entidades
Financieras (Sugef), after the government
regulator found that the financial
institutions was below the minimum levels on
January 31.
The Coopemex will be under the regulators
control for the next 90 days.
Sugef officials said that the Coopemex
indicator was 7.7% when the minimum for
financial institutions is 10% and the reason
for the intervention to protect assets and
loss to depositors. The Conassif
intervention means that the government
regulator takes possession of all the
Coopemex assets for 90 days.
Francisco Lay, head of the Sugef, said that
in inspecting the records of Coopemex,
regulators found an imbalance in the
co-operative's credit portfolio, of debtors
who were far behind in their payments and
not reported to the Sugef.
Lay said that in December the found
weaknesses with the co-operative's credit
operations, among other items that include
the sale of commercial properties owned by
the Coopemex.
The Sugef director assures that the
intervention is preventive and that it does
not suggest that the financial system is in
jeopardy or affect any other financial
institution in the country.
Coopemex officials have not commented on the
regulator's action. |
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