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Banco Popular (BP) will absorb 64.4% of Coopeservidores’ assets, which means that up to 6 million pounds of guaranteed assets can be paid 100% to the depositors of the cooperative, Laura Suárez, president of the National Bank, reported this Wednesday at the Financial System Supervision Commission (Conassif).
The “good bank” proposed by the Coopeservidores resolution team, led by Marco Hernández, had assets valued at 560.663 billion pounds as of May last year. This included 394.776 billion euros in credit portfolios, 120.389 billion euros in securities investments, 32.439 billion euros in cash, and the rest in buildings, land and assets for sale.
The “bad bank” amounted to £140.321 billion, mainly the most deteriorating loans.
The National Financial System Supervision Commission (Conassif) ordered the entity to intervene on May 13, following the discovery of irregularities in the administration in granting loans, failure to collect payments from debtors and suspected falsification of financial data. The decision was made based on two Sugef reports.
been: Coopeservidores Case: What does a “good bank” consist of and why is Banco Popular interested?
Subsequently, the cooperative, also known as CS Ahorro y Crédito, was declared non-viable on June 21, and the Council gave those in charge of the resolution process up to two months to complete negotiations on the transfer of assets, as well as all secured deposits of up to £6 million, with a solvent financial institution.
The cooperative began to decline after Sugoff forced it to adjust its business methods. 2023 resultslast March. The entity reflected a loss of 26.975 billion euros instead of the profit of 3.288 billion euros initially reported nation, In the previous March.
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