For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.
In Costa Rica, the 30 cooperatives under the supervision of the Superintendent of Financial Institutions (Sugef) exceed in value the assets and loan portfolio of the "private bank BAC San José and are below the banks, Banco Nacional, Banco de Costa Rica and Banco Popular which are funded by public capital. "
Costa Rican credit unions pay up to 4.25% more than banks on term deposits in local currency.
After two years of low rates, return on certificates of term deposits (CDP in Spanish) is rising and the best deals are with savings and credit unions (CAC in Spanish), which exceed those of the banks by 4.25 percentage points.
The financial Superintendence (Sugef) has intervened Coopemex, a savings and loans cooperative, for hiding losses.
With this decision, 88.000 investors will lose access to their funds at the entity, for at least 90 days.
From Nacion.com: “Sugef stated that Coopemex had an off-balance-sheet loan portfolio, in which delinquent debtors were not reported. This enabled the cooperative to show a delinquency situation better than the real one”.
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