The Superintendence of Banking, Insurance and Pension Fund Administrators (SBS) has intervened the Rural Savings and Credit Cooperative of Abancay after confirming a critical financial deterioration that left the institution with a negative net worth of over S/984,000 as of March 31, 2025.
The intervention, formalized through SBS Resolution No. 01222-2026, was triggered by the cooperative’s total erosion of social capital and cooperative reserves, a condition explicitly defined under Article 4-B, literal b, subparagraph 1 of the Twentieth Fourth Final and Complementary Provision of the General Cooperatives Law.
According to the regulator, the entity failed to reverse its financial decline despite prior supervisory observations and corrective measures. The SBS cited significant accounting irregularities, including improper provisioning, cash shortages, unrecognized transactions by members, unsupported assets, and omissions in credit and provision records.
The cooperative, registered in the National COOPAC Registry in 2019 under Level 1 of the modular framework, had been subject to enhanced monitoring due to inconsistencies in its quarterly financial reporting, which is required under the COOPAC Accounting Manual.
Even as the intervention does not equate to dissolution, the SBS emphasized that other cooperatives have previously undergone similar processes and successfully recovered. The measure aims to protect members’ interests and stabilize the institution under special administration.
The decision underscores ongoing efforts by Peruvian financial authorities to enforce accountability and transparency in the savings and credit cooperative sector, particularly among entities not authorized to capture public funds.
